City leads UK to top spot among financial services exporters July 20, 2015 The City has helped the UK to become the biggest net exporter of financial services in the world, a new report reveals today. The UK exported $95bn (£62bn) of financial services more than it imported in 2014, according to the report from TheCityUK, a lobby group for the City. It is 4.3 [...]
Flybe on the lookout for new execs July 20, 2015 REGIONAL UK airline Flybe said yesterday that its chief commercial officer Paul Simmons is leaving the company in January 2016, for a role at Malaysia Airlines. Flybe is now on the lookout for two new executives after splitting Simmons’ role into two positions. They will report to company chief executive Saad Hammad.
George Osborne set for a grilling over new bank tax July 20, 2015 George Osborne is expected to face a grilling from MPs today over the new bank surcharge – set to be introduced next year – when he appears before a Treasury select committee for the first time since the Budget. Mark Garnier, a Conservative minister on the Treasury select committee, told City A.M. that while [...]
Greek banks dodge disaster after a last minute loan from Europe July 20, 2015 Greece averted further financial ruin yesterday after meeting a major €4.2bn (£2.9bn) payment to the European Central Bank (ECB), made possible by a loan from the EU. If Greece had missed it, the ECB was expected to completely cut off emergency lending to Greek banks, which economists said would be “D-day” for the banking system. [...]
Toy maker Hasbro passes go, collects £200 July 20, 2015 SHARES in toy manufacturer Hasbro, the company behind iconic board game Monopoly, hit a record high of $42.55 yesterday as its quarterly profit and sales blew past estimates. The group is benefitting from a series of film tie-ups, such as its deal to make Jurassic World toys.
Publisher Pearson to consider the sale of the Financial Times July 20, 2015 PUBLISHING giant Pearson is set to explore the sale of the Financial Times, according to reports. The company, which also has a large stake in the world’s biggest book publisher, Penguin Random House, is exploring the option after receiving interest from potential buyers, sources familiar with the matter told Bloomberg. A sale may value the business [...]
Commodities crash to 11-year low as deflation fears grow: Latest price slump complicates backdrop for interest rate hikes July 20, 2015 Global commodity prices have slumped amid a glut of supply and low demand – and now experts are foreseeing the prospect of deflation in the West. A basket of commodities measured by the Bloomberg commodities index has fallen to an 11-year low, and the index is down 42 per cent since its peak in [...]
Seabrook Crisps snapped up in Lloyds buyout July 20, 2015 BRADFORD-BASED Seabrook Crisps has been sold to Lloyds Bank for £35m in a management buyout, after the family-owned manufacturer returned to growth with a post-tax profit of £1.3m last year. Seabrook, which employs 150 staff and produces 20m crisp packets per year, has been bought by its senior management and Lloyds’ buyout branch LDC. LDC [...]
Apax takes control of US-based insurance broker AssuredPartners July 20, 2015 Private equity group Apax has snapped up fast growing US insurance broker AssuredPartners. The broker, which was founded four years ago, was previously owned by buyout firm GTCR and is led by former Brown & Brown executive Jim Henderson. It is currently the sixth largest property and casualty broker in the US, and also has [...]
Aveva share price rises as firm gives up control to French firm Schneider Electric July 20, 2015 British engineering design firm Aveva has sold a majority stake to French rival Schneider Electric in a complex £1.3bn reverse takeover deal. The FTSE 250 firm, which offers software to engineers to design projects like oil rigs and nuclear power plants, will be 53.5 per cent owned by the French firm under the plan’s terms. [...]
