African promise for Old Mutual as profits rise August 7, 2013 LONDON-based insurer Old Mutual yesterday said its decision to expand in emerging African markets is paying off as it announced strong first half results. The company, which relies heavily on sales in its South African homeland, has looked to expand across the continent during 2013, buying businesses in Nigeria, Kenya and Ghana. “Sub-Saharan Africa as [...]
Inside Track: Lord Davies still in the running for both RBS and Lloyds August 7, 2013 LORD Davies, the former trade minister and one of the City’s most distinguished bankers, is not a man who gives up easily. So it must have been galling that the share price of Lloyds Banking Group has put on a gallop in recent weeks, faster than the famous black stallion that adorns its logo. Project [...]
Second probe for Grant Thornton August 7, 2013 The accounting watchdog has launched its second investigation in as many days into Grant Thornton. The Financial Reporting Council (FRC) said it was investigating how Grant Thornton audited and accounted for interest rate swap arrangements in Manchester Building Society’s accounts, prompting a financial adjustment last year. The FRC on Tuesday announced an investigation into the [...]
Sherborne rakes in earnings August 7, 2013 Sherborne Investors, the fund vehicle led by activist investor Ed Bramson, yesterday reported gains of £33.9m for the seven months ending in June. The fund, which was raised by Bramson to take over listed private equity company 3i, made £18.8m of this from selling shares in 3i and terminating derivative contracts. Bramson’s vehicle is now [...]
Lancashire goes to Lloyd’s after insurance deal August 7, 2013 INSURER Lancashire Holdings is to belatedly join the Lloyd’s of London marketplace after buying underwriter Cathedral Capital for £266m, it was announced yesterday. The FTSE 250 insurer, which specialises in heavy-duty lines such as oil rigs, property and shipping, has resolutely ignored the London market since it was founded in 2005 but has decided to act in [...]
Cameron: I owe Cruddas an apology August 7, 2013 DAVID Cameron admitted yesterday that he owes an apology to founder of CMC Markets and former Tory treasurer Peter Cruddas. Cameron said in 2012 that Cruddas’s behaviour was “completely unacceptable” after he was accused by a newspaper of dubious fundraising practices. Cruddas resigned, but last week won £180,000 in libel damages over the story.
UK cashpoints sold to US firm August 7, 2013 THOUSANDS of cashpoint machines located in pubs and shops were sold to a listed US company yesterday. The deal, worth £107.5m, sees 7,100 Cashzone ATM machines – which are owned by ultimate parent Payzone – taken on by Nasdaq-listed Cardtronics. Private equity outfit Duke Street is the main backer of Payzone, owning an 80 per [...]
FCA brings in Lloyds banker August 7, 2013 BANKING regulator The Financial Conduct Authority (FCA) has recruited Karina McTeague from Lloyds Banking Group as director of retail banking in its supervisory division. McTeague, who has held a series of risk, policy and general counsel roles at Lloyds, starts in November. The FCA also confirmed three other supervision directors, already acting in the posts [...]
Lift in German industry data August 7, 2013 THE EUROZONE received a modest boost yesterday as positive economic data emerged from its two largest economies, Germany and France. German industrial output shot up at its fastest pace in nearly two years in June, rising 2.4 per cent compared to May. The rebound was partly a correction from the previous month, when it fell due to [...]
Nikkei and yen take a dive August 7, 2013 Japan’s stock market index, the Nikkei, plummeted four per cent yesterday as the dollar slipped to a six-week low against the yen. The strengthening of the yen may undermine Japan’s ability to export, hitting companies like car manufacturers most of all.
