Chinese insurance regulators plan to relax rules, giving larger firms the green light to restart overseas investment March 6, 2017 Chinese insurance watchdogs are planning a regulatory shake-up that will reboot larger firms’ ability to expand overseas. Discussions are being held over changing the China Insurance Regulatory Commission (CIRC) from a single body to a tailored framework that takes into account a number of facets of insurers including size, solvency ratios and risk tolerance, sources [...]
More KPMG partners follow Richard Fleming to Alvarez & Marsal in a bid to break the Big Four’s stranglehold March 6, 2017 One year has passed since KPMG big-hitter Richard Fleming shocked the City by walking out on the consultancy giant. Fleming officially joins rival Alvarez & Marsal this month. The firm moved for him and two other partners in early 2016 after KPMG rejected a bid from Alvarez & Marsal for the Big Four giant’s restructuring business. Today, the [...]
Santander wants to reflect its diverse customer base by hiring 400 new apprentices March 3, 2017 Santander will offer 400 lucky youngsters the chance to undertake an apprenticeship with the lender so it can tap into a wider spectrum of future talent. The bank announced the places today, in advance of next week's National Apprenticeship Week. Read more: Now Santander lets you make payments using just your voice And Santander wasn't stopping there. It [...]
21st Century Fox lodges Sky takeover with European Commission with government “minded” to scrutinise deal March 3, 2017 The government has indicated it will likely scrutinise the takeover of Sky by 21st Century Fox. The US media giant notified the European Commission today, which in turn referred the transaction to Culture, Media and Sport secretary Karen Bradley. While the Bradley has 10 days to decide whether or not she will review the deal, [...]
Is Audioboom starting to prove doubters wrong? Revenue jumps after advertising stats leap March 3, 2017 Audioboom's share price rocketed more than 15 per cent this morning after revealing its advertising metrics had leapt over the last quarter, with a fourfold increase compared with the same period 12 months ago. The Aim-quoted firm generated 304 million advertising impressions over the last three months to the end of February, compared with 58m one year ago [...]
Tata Steel bidder Thyssenkrupp comes under pressure from investors to consider alternative strategies March 3, 2017 The German industrial firm vying to pick up Tata Steel is plotting alternative strategies if the deal to save Britain's largest steel operator fails. Thyssenkrupp is considering spinning off its European steel division into a separate company that could be listed, according to reports today by German publication WirtschftsWoche. Read more: Tata Steel pension scheme edges towards safety [...]
London Stock Exchange grows despite noise from “industry-defining combination” with Deutsche Boerse March 3, 2017 The London Stock Exchange (LSE) this morning labelled its merger with Deutsche Boerse an "industry-defining combination" and is hopeful of agreeing a deal, despite staring down the barrel of a collapse. The firm's share price fell nearly one per cent in trading this morning after making the statement as part of its annual results announcement: profits were up and shareholders [...]
Football Pools sale: Sportech agrees £83m deal with Opcapita March 2, 2017 The iconic Football Pools has been sold to the turnaround firm that counts former retailers such Comet and MFI as previous investments in a deal worth £83m. Sportech said today it would sell the firm to Opcapita, after a £100m deal to offload the business to Burlywood Capital fell through last November. The Football Pools, where players select outcomes [...]
Hastings takes £20m discount rate hit but pleases shareholders with preserved dividend March 2, 2017 Insurer Hastings said today it wouldn’t be taking the knife to its dividend, despite this week’s cut to the discount rate that has hit many in the sector. “We've taken the change in the Ogden [discount] rate in our stride,” said Hastings chief executive Gary Hoffman. Read more: South Africans take control of Hastings Annual profits were [...]
KPMG names new UK chairman, who reveals his people priority March 2, 2017 KPMG's new UK boss today revealed his main priority when he formally takes over later this year: to attract the best and the brightest people in order to drive the firm forward. The Big Four firm unveiled Bill Michael, previously the head of its banking audit division, as the person to succeed outgoing chairman Simon Collins. [...]
