UK investment banker to follow in Ackermann’s steady footsteps July 11, 2011 AFTER a protracted search for a new chief executive, Deutsche Bank has finally settled on investment banking chief Anshu Jain as being at least half of the solution. The avid cricketer and wildlife photographer is likely to be joined at the helm by Jürgen Fitschen, global head of regional management, in the culmination of a [...]
Peabody and ArcelorMittal make $5bn bid for Australian coal giant July 11, 2011 ARCELORMITTAL and US mining giant Peabody Energy have made a A$4.68bn (£3bn) joint-offer for Australia’s Macarthur Coal, the world’s biggest producer of pulverised coal, as the demand for raw materials used making steel intensifies. The cash offer of A$15.50 a share represents a 40 per cent premium to yesterday’s close and comes just a day [...]
LLOYD’S GETS ANOTHER LIST July 11, 2011 THE Lloyd’s building, the iconic home of the Lloyd’s insurance market, could be granted listed status by English Heritage this year. Designed by Richard Rogers, the £71m building, can be listed now as its construction began 30 years ago, in 1981. English Heritage said the application could take several months as it was “a significant [...]
HSBC sells insurance business July 11, 2011 HSBC exited from the UK car insurance market yesterday with the sale of its closed motor insurance book to US firm Syndicate Holding Corp for £68.5m. HSBC Insurance stopped writing new business in 2009. The policies will largely complete within two years but some accident claims have a longer tail, a bank spokesman said. HSBC [...]
Hiscox adds £100m to capacity July 11, 2011 Lloyd’s insurer Hiscox expects to write £100m more business in 2012 than in the past year, it said yesterday. It expects its Lloyd’s syndicate 33 to need a capacity of £1bn this year, up from £900m in 2011, as it said the market was improving, particularly for reinsurance, and it wanted space available “in the [...]
Lloyd’s pays claims 40pc faster July 11, 2011 A new pilot scheme has allowed Lloyd’s to cut the time taken to pay insurance claims to 15 days from 25. The 40 per cent fall was particularly seen in smaller claims of under £100,000, leaving more time for its staff to focus on the bigger and more complex claims. The pilot Claims Transformation Programme [...]
CKI makes a £2.4bn bid for Northumbrian July 11, 2011 NORTHUMBRIAN Water surged 5.1 per cent yesterday after it received a £2.4bn provisional offer from Hong Kong billionaire Li Ka-shing. Northumbrian will now open its books to Ka-shing’s Cheung Kong Infrastructure (CKI). The 465p a share bid would give a 21 per cent premium to Northumbrian’s share price before reports of a takeover surfaced last [...]
Nestlé spends $1bn to buy stake in Chinese candymaker July 11, 2011 NESTLÉ, the world’s largest food company, is paying a hefty $1.7bn (£1.1bn) for a 60 per cent stake in candymaker Hsu Fu Chi International to move deeper into fast-growing markets in China. Nestlé’s biggest deal in China so far will take it closer to its target of 45 per cent of sales from emerging markets [...]
House market stuck in a rut July 11, 2011 WEAK supply and demand has left the UK housing market in a “stalemate” despite a pick-up in mortgage lending, new data suggests. Demand failed to rise in June while the recent growth in new instructions to market properties ground to a halt, according to the latest survey from the Royal Institution of Chartered Surveyors (RICS). [...]
London’s troubled IPO market sees signs of life July 11, 2011 WHISPER it softly, but there are signs that the iciness that has characterised the London IPO market is beginning to thaw. Over the past couple of weeks, two foreign-based groups, Ophir Energy and Global Ports, have successfully raised funds in the London markets, in contrast to the many groups who have had to pull their [...]
