Standard Chartered slashes top bosses’ payout and bonus pool March 4, 2014 STANDARD Chartered is set to announce today that it has cut its bonus fund from £840m to £720m this year and slashed a payout to top bosses at the bank. Chief executive Peter Sands and chairman of the bank Sir John Peace are keen to avoid negative publicity around bonus payouts, as other banks including [...]
Bramson buys even more of Electra March 4, 2014 ACTIVIST investor Edward Bramson yesterday upped his stake in listed private equity firm Electra Private Equity. Bramson, through his fund Sherborne Investors, added to a 10 per cent stake he amassed on Friday by taking his holdings to 13.7 per cent. Sherborne previously made a similar play for 3i, taking a stake in the private [...]
Premier Foods secures £1.1bn refinancing deal March 4, 2014 PREMIER FOODS announced it has sealed a £1.1bn refinancing package yesterday, in a major feat for the food company that it says will help “liberate” it from its past and ease its debt-pile. The company behind Mr Kipling cakes and Ambrosia custard confirmed plans to raise £353m via a placing and a rights issue, and [...]
Brit insurance targets £1.1bn April flotation March 4, 2014 SPECIALIST insurer Brit’s private equity owners yesterday announced plans to float 25 per cent of the business on the London stock exchange this April. The group, which currently operates in the Lloyd’s market and specialises in casualty, property and energy insurance, will be selling shares held by existing shareholders – including Apollo and CVC – [...]
Bottom Line: Backers will make a buck – but that’s all March 4, 2014 IF YOU happen to visit Brit Insurance’s website, take a look at the top left corner. Just above the title text you’ll find options to view the page in both Chinese and Japanese – a rare sight on a Lloyd’s member’s homepage. The translated editions appeared sometime around July last year – shortly before reports [...]
Virgin Money’s profits jump on mortgage loans March 4, 2014 BOOMING mortgage lending drove up profits in 2013 at challenger bank Virgin Money, the lender said yesterday. The bank, which was built out of the remains of Northern Rock, made a pre-tax profit of £179.4m in 2013, up 23.5 per cent on the year. Mortgage balances jumped 17 per cent on the year to £19.6bn, [...]
Immigrant entrepreneurs found one in every seven companies March 4, 2014 ONE IN every seven UK firms was set up by a migrant to the country, according to research released yesterday, showing the contribution of entrepreneurs from abroad. A report from the Centre for Entrepreneurs and DueDil, a financial technology firm, suggests that these firms have created 14 per cent of jobs in the UK. “Immigration [...]
Tullett hurt by bank cutbacks March 4, 2014 PROFITS tumbled at interdealer broker Tullett Prebon in 2013 as weak market volumes and falling demand from banks hit revenues. Tullett made £99.6m in the year, down 10.5 per cent on 2012’s pre-tax profits. Analysts blamed the decline on banks’ decreasing use of interdealer brokers, and predicted much of the lost business will not return. However, [...]
East London needs bridge March 4, 2014 A NEW bridge for east London is at the heart of a submission to the government ahead of the budget later this month. The London Chambers of Commerce will present its wish-list at an event today with Labour’s business secretary Chuka Umunna. The submission will focus on how London can grow and prosper, with a new [...]
Builders shrug off wet February March 4, 2014 THE UK’S rapid construction growth continued despite February’s terrible weather, with firms reporting only a minor slowdown in the recent rapid expansion. The headline score of the most recent purchasing managers’ index (PMI) from Markit and the Chartered Institute of Purchasing & Supply (CIPS) was 62.6 for the construction sector. The figure is down from [...]
