BILL OF THE WEEK September 25, 2011 WHEN ten City boys ventured all the way to Knightsbridge to chew the fat, so to speak, at the Brompton Bar & Grill, they needed to make sure they had adequate sustenance to make the arduous journey back again. Settling in for a long lunch in the bistro’s private dining room they whetted their appetites [...]
NBNK to bid on reduced Lloyds assets September 25, 2011 NBNK is prepping its formal bid for 632 Lloyds branches and a reduced package of assets to cut down the branches’ £20bn funding gap. In a supplementary move, the buy-out vehicle chaired by Lord Levene and led by Gary Hoffman could also make a bid for Northern Rock so as to shave some £6bn off [...]
LDC private equity unit sees its pay costs double September 25, 2011 PAY has doubled at Lloyds’ private equity division, Lloyds TSB Development Capital (LDC), its accounts show. The total cost of compensation for its 89 staff rose from £15m in 2009 to £32.7m last year, while directors’ shared £5m last year, up from £2.3m the year before. The highest paid director saw compensation rise from £606,000 [...]
State Farm pays out $5bn in storm claims September 25, 2011 STATE Farm Insurance has paid $5bn (£3.23bn) to its customers for weather-related catastrophes – damage to cars, homes and other property so far this year – the largest US insurer of homes and cars said yesterday. That payout has been increased by wildfires, tropical storms and hurricanes during the summer, which came after last spring’s [...]
Eurozone leaders carry on muddling through September 25, 2011 AS the weeks go by, the chances of a Greek default are getting higher. The vast majority of guests on my CNBC show agree: something has to give. The sovereign debt crisis is here to stay, and there will be many more conference calls to come. So what are the various potential outcomes? And how [...]
Electric car sales sluggish September 25, 2011 Electric car sales remain sluggish, despite government incentives to encourage their uptake, according to new research from automotive intelligence firm JATO Dynamics. Just 599 electric vehicles were registered in the UK in the first half, with road-users unconvinced by subsidies amounting to around €6,400 (£5473) over the typical five-year life of a vehicle. However, sales [...]
Factories: cut more red tape September 25, 2011 MANUFACTURERS will today urge the government to substantially reduce the burden of regulation that weighs on the industry. While the coalition has “shown positive ambitions” to cut red tape, it must begin “meaningful” action, factory group EEF will state. The government will release today an update on the progress of its “one in, one out” [...]
Inflation hits businesses by £10bn a year September 25, 2011 BRITISH businesses are losing £10.6bn a year due to stubbornly high inflation, research released this morning has revealed. Low interest rates and strong inflation are eroding companies’ bank deposits, according to accountancy group UHY Hacker Young. “While many larger corporations may have treasury departments responsible for managing the company’s cash, most small businesses cannot afford [...]
Gloomy outlook getting worse as confidence falls September 25, 2011 CONFIDENCE data from around Europe will be released over the course of this week, with analysts expecting the worst. Figures to be announced in the UK include the Confederation for British Industry’s (CBI) distributive trades survey, out tomorrow, which measures short-term trends in UK retail and distribution. Weak or falling sales are expected by economists. [...]
Investors defy equities crash in savings drive September 25, 2011 BILLIONS in losses over the summer have not put off retail investors as private buyers sought to take advantage of the current lows in the market, according to new research from Capita Registrars. Small investors lost £20bn in shares from May to August, but still bought £1.3bn-worth over the three month period — the largest [...]
