Paternoster hires for valuation June 13, 2010 British pension buyout firm Paternoster has hired bankers to put a valuation on the company, the Independent on Sunday reported. It said Deutsche Bank, the largest shareholder, is likely to buy out investors and merge the business into its Abbey Life insurance operation.
Sack unethical bankers, says commission June 13, 2010 BANKERS that have behaved “unethically” should be struck off by a new professional standards board, according to an influential commission into the banking industry. The Future of Banking Commission released its long-awaited report yesterday, with a radical blueprint for the industry in the wake of the financial crisis. It recommends that a new body should [...]
Law on health and safety set to be reviewed June 13, 2010 HEALTH and safety red tape that costs businesses billions of pounds a year could be slashed. The Prime Minister will today announce the appointment of Lord Young as health and safety tsar, charged with finding a “sensible new approach” to avoid “overwhelming businesses with red tape”. Lord Young, who was the special adviser that helped [...]
Top two defence officials given marching orders June 13, 2010 BRITAIN’S top two defence officials will step down later this year, the government said yesterday, but denied they were being blamed for mistakes in Afghanistan or for wasteful military spending. Britain’s most senior military officer, chief of the defence staff Jock Stirrup, and Bill Jeffrey, the top civil servant at the Ministry of Defence, are [...]
Hiking capital gains will just hit aspiration June 13, 2010 CITY A.M. CAMPAIGN LIKE many MPs, I have received an avalanche of letters and emails from angry and perplexed constituents since the rise in capital gains tax was floated. These do not come from the ranks of the super wealthy or short-term City speculators. Instead, my anxious correspondents are predominantly people who have “done the [...]
Business support continues to flood in for CGT campaign June 13, 2010 MORE business leaders have added their voices to the growing body of support behind City A.M.’s campaign against the government’s proposed hikes to capital gains tax (CGT). Ed Wray, the entrepreneur who co-founded Betfair, has backed the campaign, claiming that the planned increases to CGT are likely to be “self-defeating”, discouraging enterprise and investment in [...]
Cowdery set to pay £2.8bn for AXA UK June 13, 2010 RESOLUTION, the insurance buyout vehicle, will ask the London market to suspend its shares this morning as it negotiates a £2.8bn takeover of AXA’s UK life and pensions business. The group, led by entrepreneur Clive Cowdery, will also give a brief update on talks with the French company. But a Rule 2.5 announcement providing full [...]
Zurich mulls Irish move for UK life business June 13, 2010 INSURANCE giant Zurich has taken another stride towards making Ireland its overreaching business hub, approaching the Financial Services Authority with a view to moving the domicile of its UK life assurance business over to Dublin. The move comes after Zurich last year brought all its European general insurance businesses under a single Irish “risk-carrying” domicile. [...]
Sir Stelios to meet easyJet in High Court June 13, 2010 EASYJET founder Sir Stelios Haji-Ioannou will come face to face with the budget airline today in front of a High Court judge over an ongoing branding dispute. Haji-Ioannou, who is expected to give evidence either tomorrow or Wednesday, is taking on the airline he set up more than 15 years ago over a branding licence [...]
Acas offer may help BA ground union dispute June 13, 2010 CONCILIATION services group Acas has sent a proposal to British Airways (BA) and Unite that could see an end to the long running and crippling dispute. It is understood that the proposal from Acas centres on travel perks for BA cabin crew, which were removed by the airline during the March strike and remain as [...]
