What the other papers say this morning – 4 February 2014 February 3, 2014 FINANCIAL TIMES Scottish finance fears regulation bill Fund managers based in Scotland face a multimillion-pound bill to pay for a new financial regulator if Scots vote for independence in the September referendum, the trade body for Scotland’s financial services industry has warned. The public intervention by Scottish Financial Enterprise underlines growing concern in a crucial [...]
Smith & Nephew beefs up sports medicine arm February 3, 2014 BRITISH medical equipment company Smith & Nephew yesterday announced the biggest UK healthcare M&A deal so far this year after striking a $1.7bn (£1bn) deal to buy US-based medicine company ArthroCare. The business, led by Frenchman Olivier Bohuon, will pay $48.25 a share in cash for Texas-based ArthroCare, a 20 per cent premium to its [...]
Rexam sells healthcare units for £1bn February 3, 2014 REXAM’S shares rose around 1.4 per cent yesterday, after the manufacturer confirmed the sale of two healthcare units for £492m, leaving it free to focus on its core drinks can business. The FTSE 100-quoted firm has sold the pharmaceutical devices and prescription retail packaging divisions of its healthcare business to Montagu Private Equity and plans [...]
Bank of America pay rise to ease bonus cap blow February 3, 2014 SENIOR staff at Bank of America Merrill Lynch (BAML) are getting a 20 per cent pay rise to make sure they do not lose out as a result of the EU’s incoming bonus cap. Managing directors at the bank’s offices in London and the rest of Europe will now receive a base salary of $500,000 [...]
Watchdog starts to bark after first warning notice is doled out February 3, 2014 THE CITY watchdog yesterday used new powers to issue its first warning notices to two bankers linked to the Libor rigging scandal. The Financial Conduct Authority (FCA), which replaced the Financial Services Authority last year, issued the notices to a unnamed manager at a bank, who the FCA claims condoned traders and submitters to collude [...]
Tim Yeo ousted as candidate in local revolt February 3, 2014 FORMER environment minister Tim Yeo MP was dropped as a parliamentary candidate by his local party yesterday after more than 30 years as their representative. Yeo has held the South Suffolk seat since 1983. The Prime Minister had backed Yeo, who is chairman of the energy and climate change select committee. His views on the [...]
UK factories still growing as euro area speeds up February 3, 2014 MANUFACTURERS reported strong growth again in the UK during January, while the expansion of Eurozone factories picked up speed. The UK’s purchasing managers’ index score fell marginally to 56.7, slightly below the 57.2 recorded at the end of 2013. However, any figure over 50 indicates growth. The sector is still largely being buoyed by domestic [...]
No dividend for Lloyds as PPI bill nears £10bn February 3, 2014 LLOYDS set aside another £1.8bn for PPI compensation claims and £130m for interest rate swaps redress yesterday. The bills wipe out any hope of a 2013 dividend for shareholders, while regulators are considering letting the bank pay dividends at “a modest level” from the second half of 2014. The lender has now set aside £9.8bn [...]
Analyst Views: Is there any room left for Lloyds’ share price to bounce back again? February 3, 2014 IAN GORDON | INVESTEC We welcome the new realism in the unscheduled pre-results update. Before this, we had anticipated only a further £1.2bn PPI charge. With a further margin boost we see potential for upgrades to the 2014 underlying profit before tax consensus of £6.3bn. GARETH HUNT | CANACCORD GENUITY While the market will extrapolate [...]
Bottom Line: Smith & Nephew banking on touchdown February 3, 2014 LATE on Sunday night in New Jersey, the Denver Broncos limped onto the Super Bowl field missing two key players. A foot injury and torn knee ligament respectively saw Ryan Clady and Von Miller miss the crucial match, in which rivals the Seattle Seahawks thrash the Broncos to win 43 – 8. Keeping athletes fit [...]
