Brexit and the City: Business and Brussels – to stay or split? April 27, 2015 HSBC chairman Douglas Flint entered a political firestorm last week when he said Britain’s biggest bank was considering moving its headquarters out of the UK. Speaking at the company’s annual general meeting (AGM) in London on Friday, Flint said the bank was looking to relocate in part due to uncertainty over the UK’s relationship [...]
Alliance Trust preparing for record turnout April 27, 2015 RECORD numbers of shareholders could show up at Alliance Trust’s annual general meeting on Wednesday, at the climax of a battle between the board and activist investor Elliott Advisors. Last year, 143 shareholders came to the event. This year, the investment firm has prepared overflow areas at the Dundee venue, in anticipation of the 400-seat [...]
Warm reception for HSBC boosts chance it will move to Hong Kong April 27, 2015 HSBC’S bosses received a substantially warmer welcome from investors in Hong Kong than at its annual general meeting (AGM) in London on Friday, City A.M. understands. It comes at a crucial time for the UK-based banking giant as it considers moving its headquarters out of the UK, in response to the rising tide of regulation [...]
Elliott Advisors: The activist US hedge fund shaking up Britain April 27, 2015 Elliott Advisors is the UK subsidiary of a much larger American group, which began life in 1977 when it was established by Paul Elliott Singer. Its British arm has a reputation for activism which is not always welcomed by companies’ executives, as the hedge fund analyses performance and pushes for changes to squeeze better returns. [...]
Stephen Hester braced for pay revolt at insurer RSA April 27, 2015 Former RBS chief Stephen Hester could be set for a row over his pay packet at insurer RSA, as activist investor Cevian Capital has indicated it may vote against the remuneration deal. Hester’s package at the FTSE 100 insurer includes provisions for a bonus payment of up to 230 per cent of his £950,000 salary. [...]
BHS hires 250 new staff in food retail push amid withheld credit insurance rumours April 27, 2015 BHS announced its intention to take on 250 staff yesterday, and denied rumours its suppliers were seeing their credit insurance withheld. The struggling department store is hiring the extra staff as it seeks to expand into food retail following a successful trial in its Romford, Staines and Warrington stores. BHS has signed a contract with [...]
Citigroup floods market in Yorkshire Water shares as it prepares to sell £2bn stake April 27, 2015 Yorkshire Water is set to become the focus of an investor scramble for shares after Citigroup announced its intention to sell its £2bn stake in the utilities company yesterday. In what would be one of the largest utilities deals in years, Citi is seeking to offload its 30 per cent holding in the company which [...]
Construction activity grows April 27, 2015 BRITAIN’S economic recovery is driving building growth, the Construction Products Association said yesterday, publishing figures showing strong demand for manufactured industry goods. A net balance of 50 per cent of heavy side firms reported a rise in sales, as did a balance of 29 per cent of light side firms. Heavy side firms produce materials [...]
K&C REIT IPO: London house fund set to list April 27, 2015 A group of City veterans is looking to raise £6m on the Alternative Investment Market (Aim) to kick start a fund which will invest in the central London property market. The K&C REIT (real estate investment trust) issues its intention to float document today, notifying investors of its plans. It hopes to raise £6m at [...]
Big guns Lord Ashcroft and Rupert Murdoch aim fire at David Cameron April 27, 2015 David Cameron recently pledged to serve a full second term as Prime Minister – yet titans of the centre-right are eyeing up a somewhat quicker exit for him. Party donor and keen psephologist Lord Ashcroft is no big fan of Cameron, referring to the Tory leader as “suspicious” in a recent blog post regarding [...]
