MetLife’s share price jumps as its found to be too small to count as too big to fail March 30, 2016 Shares in US insurance giant MetLife surged today after a judge overturned the government's decision that the company is a systemically important financial institution (SIFI). The ruling to brand MetLife as an SIFI, originally brought in by the Financial Stability Oversight Council (FSOC), meant it was subjected to increased regulatory oversight and higher capital requirements. Shares climbed by five per cent [...]
Slowing US oil stocks fail to prop up prices March 30, 2016 Oil prices failed to hold on to gains yesterday after rising on the latest data from the International Energy Agency (IEA), showing US crude inventories rose less than expected over the last week. Brent prices initially jumped to $40.54 a barrel in early afternoon trading but by the evening had dropped to $39.27. US benchmark [...]
Takata’s share price is crashing as airbag recall balloons March 30, 2016 Shares in Japanese airbag manufacture Takata have slumped after the supplier warned the recall of its airbag inflators, fitted into millions of cars around the world, would exceed earlier estimates. The total cost of the recall is expected to come in at 2.7 trillion yen (£16.6bn), £5bn more than analysts at Jefferies had previously estimated. Takata, it [...]
I Squared buys Irish energy firm Viridian for €1bn March 29, 2016 US private equity firm I Squared Capital (ISQ) has acquired Belfast-based energy firm Viridian in an all-cash deal. City A.M. understands the deal to be worth €1bn (£780m). “We intend to grow Viridian with the leadership team to achieve its full potential,” said Gautam Bhandari, a partner at I Squared Capital, adding: “The acquisition of [...]
Aviva doubles chief executive Mark Wilson’s pay packet to £5.6m in 2015 after Friends Life acquisition March 29, 2016 Insurance giant Aviva has doubled the pay of its chief executive Mark Wilson to £5.6m in 2015, up from £2.6m in 2014 following the acquisition on rival Friends Life. The company posted a 20 per cent rise in operating profit for 2015, along with a 15 per cent dividend hike to 20.8p. Ballooning executive pay packets have been [...]
Brick maker Forterra lays plans to follow rival onto the London market with £450m float March 29, 2016 Forterra, the second-largest brick maker in the UK, is laying the foundations for a £450m float on the London Stock Market, looking to build on government plans for an increase in house building. Forterra, previously Hanson’s UK building products division, will list on the London Stock Exchange next month with a free float of at least 25 per cent. [...]
Brexit vote puts brakes on City’s huge IPO boom, cutting the amount raised by by almost 75 per cent since the last quarter of 2015 March 29, 2016 The booming London initial public offering market has come to a screeching halt after reaching near record levels in 2015. For the first quarter of 2016 the total raised through IPOs slumped to £1.6bn, down from £4bn in the last quarter of 2015, data from accountant EY has shown. EY also warns that the market for [...]
Half of company boards have yet to consider Brexit risks to business new research reveals March 29, 2016 Company boards are not prepared for the risks that a British exit from the European Union could bring, The Governance Institute and The Core Partnership (ICSA) has warned. According to a poll conducted by the professional governance body, 47 per cent of boards have not considered the result of the referendum on the UK’s membership of [...]
Oil price dips on low volumes as growing stockpiles spook investors March 28, 2016 Oil prices dipped under $40 per barrel yesterday, adding to declines recorded in the tail end of last week. The price of international benchmark Brent crude climbed to $42.51 in early trading last week, before sliding five per cent over four days. Last night the price of a barrel of Brent was trading at $39.92, while [...]
HS2 rail link gets the go ahead, passes commons vote with 399 votes to 42 March 23, 2016 The high speed rail link known as HS2 between London and Birmingham has taken another step towards final approval after it was voted through by MPs in the House of Commons this evening. The project, which sports a price tag of £56bn, passed by a landslide 399 votes to 42, backed by both the Conservative and Labour leadership. It now [...]
