Treasury looking to LSE to boost lending to small firms October 30, 2011 BOOSTING access to debt markets and forcing state-owned banks to lend to smaller firms are among plans being discussed by the Treasury to increase lending to small and medium-sized enterprises (SMEs). One idea is to use the London Stock Exchange’s (LSE) order book for retail bonds (ORB) market, allowing smaller debt issuances with lower minimum [...]
PwC report shows remuneration of top asset managers is soaring October 30, 2011 THE total pay package of asset managers has risen to an average of £2m after the industry’s biggest firms won new business. New research from PwC shows asset manager remuneration has typically increased by 18 per cent annually. The study, which looked at 25 of the largest asset managers in Europe, also said funds’ salary [...]
Grant Thornton profits strong in tough climate October 30, 2011 PROFESSIONAL services firm Grant Thornton will announce a slight dip in profits in its UK business this morning, a year after income at the firm leapt by 40 per cent. Pre-tax profits at the firm were £75.2m in the year to 30 June 2011, down 0.7 per cent from the record £79.9m they hit last [...]
CVC in a £4bn bid for RBS’s insurance arm October 30, 2011 PRIVATE equity house CVC Capital Partners is believed to have made a £4bn bid for the insurance arm of Royal Bank of Scotland. The bank was forced by the EU to begin a sale of RBS Insurance (RBSI), which trades as Direct Line and Churchill, after receiving a taxpayer bailout in 2008. CVC is believed [...]
BILL OF THE WEEK October 30, 2011 ZULU KING HRH Goodwill Zwelithini gave Shaka Zulu his blessing when the venue opened in July 2010, and so did eight insurance brokers when they visited London’s largest South African restaurant last Thursday. The City party moved out of their culinary comfort zone by trying sliced springbok loin, roasted ostrich fillet, Cape Malay pickled red [...]
Bakries seek more Bumi loan options October 30, 2011 INDONESIA’S billionaire Bakrie family is believed to have approached China Investment Corporation (CIC), the Chinese sovereign wealth fund, as it looks to refinance a $1.35bn (£870m) loan held against its stake in the FTSE 100 coal mining firm Bumi. Bumi, in which the Bakrie family hold the largest stake of 47 per cent, was brought [...]
HomeServe halts telesales to launch mis-selling review October 30, 2011 EMERGENCY repair and insurance group HomeServe has suspended all telephone sales after it launched a review into whether some of its staff could have been mis-selling products. The company said last weekend that following a comprehensive review it had halted telephone sales and they would not resume until its staff had completed a retraining programme. [...]
Magnolia Petroleum plans equity raising to fund new listing on AIM October 30, 2011 MAGNOLIA Petroleum, a US-focused oil and gas firm, is planning to raise £2m in an equity fundraising and list its stock on the AIM market. The firm says it will use the funds to scale up its operations by acquiring leases to drill and operate new wells on its prospects in the Mississippi formation in [...]
Private equity takes stake in Be At One bars to drive growth October 30, 2011 PRIVATE equity firm Piper has taken a significant minority stake in Be At One, the cocktail chain that runs 12 bars across London. Piper, which founded the Pitcher & Piano bars and invested in the expansion of Mexican restaurant Las Iguanas, has paid £8m for its stake in Be At One, with the cash destined [...]
VESTAS LOWERS PROFIT GUIDANCE October 30, 2011 DANISH wind turbine manufacturer Vestas reported a loss for the third quarter and warned yesterday that full-year 2011 profits and revenues would be lower than forecast due to a delay in commissioning a plant in Germany. Vestas cut its guidance for 2011 revenues to about €6.4bn (£5.6bn) from an earlier forecast of €7bn and lowered [...]
