Catlin Group share price soars: Lloyd’s insurer lures £2.7bn bid from rival Catlin Group December 17, 2014 Catlin Group boss and founder Stephen Catlin stands to reap more than £40m if rival insurance firm XL Group is successful in taking over the massive Lloyd’s insurer. Shares in the group soared by as much as 17 per cent yesterday after the company confirmed that it was in talks with XL over a [...]
Lloyds shares sale: Morgan Stanley takes £1 fee for bank sell-off December 17, 2014 The government is to drip-feed Lloyds shares to the market over the coming six months, cutting its stake in the bailed-out bank bit-by-bit ahead of the election. As much as £3bn of shares could be sold under the scheme. The investment bankers who are handling the sale could normally expect to make millions of pounds from [...]
Greek economy in limbo after failed election bid December 17, 2014 Greece’s economic stability was put in serious doubt last night as the ruling New Democracy party failed in its first attempt to have its presidential candidate elected. A failure to eventually do so will put at risk Greece’s negotiations with the IMF over an extension of its bailout loan. The ruling party’s candidate Stavros Dimas [...]
Yellen pledges patient approach before starting to hike rates December 17, 2014 US POLICYMAKERS yesterday voted not to change its policy stance while also saying they would be “patient” before beginning to raise interest rates. The term “considerable time” was ditched from the Fed’s statement. It was initially used to signal how long rates would stay low for after the asset purchase programme ended in October. Instead, [...]
New WPP chair Roberto Quarta quits top jobs at IMI and Stockwell December 17, 2014 Incoming WPP chairman Roberto Quarta is leaving a second senior position before he takes up the role in June. Quarta has agreed to step down as chairman of industrial group IMI as soon as a successor is found. And City A.M. understands he is also leaving Stockwell, where he acted as an adviser to the firm’s [...]
Balfour Beatty makes a statement with £164m deal for wind farm assets December 17, 2014 Construction giant Balfour Beatty will this morning push ahead with plans to expand its coveted investment unit by revealing a £164m acquisition of assets linked to a wind farm off the coast of Kent. The Thanet Offshore Transmission Project was previously operated by British energy firm Vattenfall. The assets include one offshore and one onshore [...]
Sony hack: Christmas release of The Interview cancelled after Regal Cinemas and AMC Theatres bail December 17, 2014 Sony Pictures late last night cancelled the 25 December theatrical release of its North Korea comedy The Interview, after major US theatre chains pulled out of showing the film following threats from hackers. Regal Cinemas and AMC Theatres were among the cinema chains announcing they will not show The Interview as planned, citing security threats [...]
Rising wages and falling inflation boost workers December 17, 2014 Wages continued to beat inflation in the year to October, official figures revealed yesterday. Regular pay (excluding bonuses) was 1.6 per cent higher in the three months to October than the same period a year ago, according to the Office for National Statistics. Inflation as measured by annual growth in the consumer price index was [...]
Lord Myners’ report could finally ease pressure on Vince Cable over Royal Mail December 17, 2014 Vince Cable knew what he was letting himself in for when he asked Lord Myners to oversee a review of the British government’s privatisations. So the business secretary will, I suspect, be relieved that the independent-minded former City minister has concluded that taxpayers were less short-changed from Royal Mail’s initial public offering (IPO) [...]
Vince Cable warned not to meddle with Tesco business plan December 17, 2014 Vince Cable has been warned not to meddle with the business plan of struggling company Tesco, after the Liberal Democrat minister called for a meeting with top bosses. The Institute of Directors yesterday warned that MPs should steer clear of meddling in the troubled retailer’s future, but added that there are some legitimate concerns that [...]
