Pru buys Swiss Re’s US arm for £400m May 31, 2012 BRITISH insurance giant Prudential yesterday announced the purchase of Swiss Re’s US life insurance business for $621m (£401m) in cash. The deal will be made through Prudential’s American subsidiary Jackson National Life and will see the firm acquire approximately 1.5m policies and assets worth around £6.7bn. “This bolt-on acquisition is in-line with our strategy and [...]
Car insurers set to face inquiry over charges May 31, 2012 THE car insurance industry is set to be investigated by the competition watchdog after it used the cost of repairs and replacement vehicles to jack up premiums by £225m a year. Insurers compete in a “dysfunctional” manner, said the Office of Fair Trading, as it referred the sector to the Competition Commission. The OFT said [...]
HMV OFFLOADS HAMMERSMITH APOLLO May 31, 2012 HMV confirmed yesterday the £32m sale of the Hammersmith Apollo to Stage-C, a company jointly owned by 02 owner AEG and Munich-based CTS Eventim. The music chain said that once the deal is sealed, the group will see £220m in bank loans extended to September 2014. The iconic art deco venue has hosted gigs from [...]
Top insurers to see curb on risky activities May 31, 2012 TOP insurers face curbs within five years on risky “non-traditional” activities, global regulators said yesterday as they seek to avoid a repeat of AIG’s huge taxpayer bailout in the financial crisis. Leaders of the world’s top 20 economies (G20) have asked the industry’s regulators to design tighter supervision for big insurers that pose risks to [...]
Ackermann says goodbye to Deutsche Bank after 10 years May 31, 2012 DEUTSCHE Bank CEO Josef Ackermann stepped down after a decade running Germany’s biggest lender yesterday, telling shareholders the bank is in “outstanding shape”. Ackermann is credited with steering Deutsche through the financial crisis, though, like rivals, it is now suffering from the fall-out of the euro crisis. Ackermann took a shot at more profligate Eurozone countries in [...]
London is ready to party May 31, 2012 Everywhere you turned yesterday there seemed to be rows and rows of festive flags of red, white and blue appearing in place for Queen Elizabeth’s Diamond Jubilee celebrations. People strolling along Oxford Street could hardly fail to notice the abundance of bunting, crowns and token corgis on display as retailers clamour to lure customers in [...]
Brewin offers cocktails and cycling prizes May 31, 2012 INVESTMENT management firm Brewin Dolphin is giving away twenty tickets to City A.M. readers for a special event with sporting heroes and cocktails as part of its fundraising push for the London-Paris 2012 cycle challenge. At the event, the winners of Brewin’s online auction will be announced, with fantastic sporting prizes up for grabs including [...]
CITY VIEWS | WHAT ARE YOU DOING TO CELEBRATE THE DIAMOND JUBILEE WEEKEND? May 31, 2012 AAYUSH GOL STATE BANK OF INDIA My family is coming down to London from Birmingham and I’ll probably take the kids to a funfair that is taking place in my local area in Hounslow high street. I remember when it was the Golden Jubilee and everybody was excited and happy like they are now. But [...]
Home shortage drives prices up, says Nationwide May 31, 2012 House prices are stuck at a high level despite a lack of demand because of a low rate of building, Nationwide said yesterday, arguing that allowing more construction will reduce the pressure of housing costs on households. The building society’s data showed prices rose 0.3 per cent in May, but dropped 0.7 per cent on [...]
Red tape hindering economic growth, warns business group May 31, 2012 THE ECONOMY will barely grow this year if the government does not cut regulation and invest in infrastructure, the British Chambers of Commerce (BCC) warns today. Growth will come in at just 0.1 per cent this year, the business group declared, down from the 0.6 per cent it predicted in its previous quarterly forecast. Weak [...]
