Direct Line Group severs ties with RBS ahead of float September 3, 2012 DIRECT Line Group yesterday gave the strongest indication yet that the firm is ready to float on the London Stock Exchange as it declared its independence from current owner RBS. “Other than some transitional services provided by RBS Group, we have essentially achieved the goal of operating as a standalone insurance company,” said chief executive Paul Geddes. [...]
Ready to thrive on its own but still waiting for the launch date September 3, 2012 IT IS A slow year for IPOs, so hopes of a Direct Line Group flotation are high, even as it awaits final confirmation. Direct Line is keen to stress the extent to which it has now prepared itself to operate separately from RBS Group, but it should also still benefit from the connection. A five-year [...]
Brooks in court over phone hacking September 3, 2012 FORMER News of the World editor Rebekah Brooks appeared in court yesterday accused of conspiring to hack the phones of hundreds of other high-profile victims. Brooks has denied either authorising or being aware of phone hacking and promised to “vigorously defend” herself. She is due to return for a further hearing at Southwark Crown Court [...]
EU loses stable outlook for its triple-A rating September 3, 2012 MOODY’S moved the EU’s triple-A credit onto a negative outlook last night, based on similar downgrades to key constituent members, as Eurozone figures continued to battle over measures to resolve the euro area’s sovereign debt crisis. Moody’s said it placed the EU on a negative outlook after doing the same to the UK, Netherlands, France [...]
Spain injects capital into Bankia as Andalucia asks for a bailout September 3, 2012 SPAIN’S BANK rescue fund last night approved a capital injection into embattled lender Bankia. The bailout from the Fund for Orderly Bank Restructuring (FROB) will go ahead following approval from the Bank of Spain and the government. And Spain may also need to bail out Andalucia, which became the latest region to request emergency funding [...]
Business bank could raise risk of hit to state coffers September 3, 2012 CITY analysts, consultants and MPs yesterday rejected George Osborne’s plan for a business bank, claiming it would fail to help the economy and could end up doing more harm than good. Conservative Douglas Carswell argued this is not the time for the government to take financial risks by underwriting firms’ debts. “It is not as [...]
European carmakers’ sales slow in August as crisis hits demand September 3, 2012 MONTHLY car registrations fell again in France and Italy in August with mass brands suffering most as Mediterranean countries bore the brunt of the Eurozone debt crisis and its withering effect on consumer demand. French sales tumbled 11 per cent to 96,115 cars in August, for a tenth monthly decline, the CCFA industry association said [...]
Lloyds ploughs £20m into new restaurant fund September 3, 2012 LLOYDS Banking Group’s private equity arm said yesterday it has agreed to provide £20m for a new restaurant fund set up by the former boss of The Clapham House Group. Paul Campbell is setting up the fund through his vehicle Hill Capital in partnership with LDC to invest in restaurant businesses with a small number [...]
St-Johnston and Blain join Mint Partners September 3, 2012 VETERAN financiers Bill Blain and Jim St-Johnston announced yesterday that they are to join brokerage Mint Partners, after leaving previous employers Newedge in July. Blain told City A.M. that Mint, which is a subdivision of New York-based financial services firm BGC Partners, had the “right kind of attitude” and fit with the duo’s “ambition to [...]
Vodafone sets up partnership with Zain in the Middle East September 3, 2012 VODAFONE said yesterday it has struck up a partnership with Kuwaiti-based telecoms operator Zain that will expand its footprint in the Middle East. Under the agreement, Vodafone will work with Zain companies in Saudi Arabia, Bahrain, Kuwait, Jordan and Iraq, to improve network coverage and cuts costs. The deal will also allow Vodafone to offer [...]
