The man with a plan for your retirement May 5, 2014 The former Barclays banker turned insurance group chief executive thinks he’s found a new direction for LV= WHEN Mike Rogers first heard about chancellor George Osborne’s plans to scrap compulsory annuities, the LV= chief executive was on a train back to London. “I’d been to Bristol for lunch with some of the top performers from [...]
China’s forecast chopped after sluggish output May 5, 2014 CHINA’S manufacturing base showed signs of a further contraction in business activity during last month, adding weight to concerns that the world’s second-largest economy is still slowing down. Markit and HSBC’s latest purchasing managers’ index (PMI) for China’s vast industrial sector came in at just 48.1 yesterday morning, 0.3 points lower than analysts expected. A [...]
Obituary Gary Becker, Nobel-prize winning economist May 5, 2014 US ECONOMIST Gary Becker, one of the 20th century’s most influential economists, died on Saturday at the age of 83. Becker, who picked up the Nobel prize in economics two decades ago, pioneered a rational choice, rigorously microeconomic analysis in what were then novel areas, such as crime, education, discrimination, marriage and childbearing. The recent, [...]
Internet float to test the market after setbacks May 5, 2014 IRISH tech firm Big Red Cloud, a provider of online accounting software, will today announce its plan to raise €5m (£4.1m) from a London float that will test investor’s appetites in a sector that has been hammered in recent weeks by fears of a valuation bubble. Despite jitters in the sector that have sent firms [...]
Mothercare back at the table with its lenders over debt pile May 5, 2014 MOTHERCARE is in talks with its lenders to renegotiate the terms of its banking covenants just seven months after securing a £90m refinancing deal. The mother and baby products retailer has asked its banks HSBC and Barclays for more headroom to help it invest in opening new stores as it seeks to turn around its [...]
Virgin Active’s revenues grow May 5, 2014 GYM GROUP Virgin Active today reported rising revenues across all the countries in which it operates in 2013, led by South Africa. On a constant currency basis, revenues rose five per cent to £653.1m as like-for-like sales rose three per cent. UK revenues rose one per cent, continental Europe’s six per cent, Asia Pacific’s six [...]
UK low-carbon exports to hit £30bn by 2020 May 5, 2014 THE UK’S low-carbon exports could rise to £30bn by 2020 if smaller companies are given more government support, according to a new report commissioned by energy giant Shell. To triple the country’s exports of low-carbon goods and services by the end of the decade, the study identifies a £15bn annual opportunity in four promising markets [...]
Italian lenders tap the market May 5, 2014 ITALIAN bank Banca Popolare di Milano (BPM) yesterday launched a €500m (£411m) capital increase, beginning a new round of fundraising within the sector to meet European Banking Authority stress tests. The issue, which will be open until 23 May, will offer nine new shares for every twenty five owned by investors, priced at €0.43 each. [...]
Clean break for Portugal May 5, 2014 THE PORTUGUESE government will exit its international bailout without a line of credit to fall back on as a precaution, according to the country’s Prime Minister. Pedro Passos Coelho made the announcement on Sunday in Lisbon, after media reports last week. The country will follow the Irish government’s example, leaving the programme agreed with the [...]
City Moves for 06 May 2014 | Who’s switching jobs May 5, 2014 Squire Sanders The law firm has hired Mark Gleeson, formerly head of the data and information practice at Addleshaw Goddard, as a partner in the firm’s global intellectual property and technology practice. Gleeson, formerly head of data protection for Barclaycard, has more than 15 years’ experience within the financial services industry, including time at consulting [...]
