HSBC in lead on swaps redress May 8, 2014 HSBC is ahead of the other big banks in contacting small firms who were mis-sold interest rate swaps, the Financial Conduct Authority said yesterday. The bank has sent outcome statements to 99 per cent of customers who opted into the scheme. Lloyds is next with 96 per cent, with Barclays at 78 per cent and [...]
Premiums flat for insurer Beazley May 8, 2014 Insurer Beazley announced unchanged overall premium rates on renewal business for its first quarter results yesterday. Gross written premiums amounted to $516m (£304m) compared with $518m for the first quarter of 2013. Chief executive Andrew Horton said the group maintained a flat rate overall in spite of competitive pressure.
FCA rules on fund dealing commissions May 8, 2014 THE CITY watchdog yesterday moved to stamp out the practice of fund managers paying dealing commissions to brokers for access to corporate executives. The Financial Conduct Authority (FCA) issued a new policy stipulating that commissions, which are worth about £3bn every year, should only be spent on corporate research from brokers rather than for setting [...]
Labour to force vote on letting fees for tenants May 8, 2014 LABOUR is to call a vote in parliament next week in a bid to ban letting agents from charging tenants high fees. The party will table an amendment to the consumer rights bill on Tuesday in which they will seek to get rid of the charges, with the support of the other political parties. Labour [...]
US corporate results round up May 8, 2014 The Walking Dead boosts revenues at AMC Networks Cable TV network AMC Networks yesterday reported a 37 per cent jump in quarterly revenue as more people watched the fourth-season finale of its popular show The Walking Dead. Net income rose to $71.4m (£42.2m) in the first quarter from $61.5m a year earlier. Revenue rose to [...]
A Wright good send-off as top PR Diage-goes May 8, 2014 HE MAY have officially left the company at the end of March but Diageo’s veteran PR man Ian Wright only got around to having his farewell soiree this week (it would be a sin not to demand a party at a global drinks giant, surely). Having spent 14 years working for the company, Wright had a [...]
Keen Steen ruins yesterday’s tie guesses but Draghi’s not playing May 8, 2014 MARIO Draghi’s numero uno press man Michael Steen caused a storm on Twitter yesterday by posting a photograph of his boss ahead of a European Central Bank policy decision meeting, because it revealed the colour of his tie ahead of time. Each month people try to guess what colour the ECB president’s tie will be [...]
Number of trips to the UK hits a record of 32.8m May 8, 2014 MORE people travelled to the United Kingdom last year than in any year on record, according to official figures published yesterday, as visits surpass levels seen before the financial crisis. The Office for National Statistics (ONS) says there were 32.8m visits to the UK last year, a 5.6 per cent increase from 2012 and the [...]
Barratt and Derwent benefit from recovery May 8, 2014 BARRATT Developments expects to secure reservations on more than a quarter of next year’s private completions by June as the UK’s housing recovery continues apace. Chief executive Mark Clare said yesterday that rising consumer confidence and better mortgage availability meant sales rates had now reached an “optimum level”, with Barratt registering an average of 0.77 [...]
CVC binges on Asian fast food with KFC deal May 8, 2014 LONDON-based private equity firm CVC Capital continued its Asian fast-food binge yesterday by snapping up the South Korean franchise of KFC. The London-headquartered business, which is currently in the process of floating insurer Saga on the London Stock Exchange and also owns Formula One, will pay 100bn won (£57.7m) to buy the fried chicken franchise [...]
