The European Commission unveils US-style protection for insolvent companies November 22, 2016 A radical cross-border shake-up of insolvency laws was today proposed by the European Commission. An EU draft directive was issued proposing to give companies more breathing space to sort out debts instead of being forced to cease trading. Similar to US-style Chapter 11 proceedings, companies would be shielded from creditors taking action against a company during a four month window. Such a shield [...]
Big data should be used to discriminate on motor insurance premiums, says FCA chief executive November 22, 2016 Insurers should use big data to identify and reward good drivers, according to the head of the UK's financial watchdog. Speaking today at the Association of British Insurers' (ABI) annual conference, Financial Conduct Authority (FCA) boss Andrew Bailey said the "revolution in our ability to capture and use information" should be encouraged by regulators in certain [...]
Charles Taylor snaps up two of Zurich’s life books but its shares plummet November 22, 2016 Shares in Charles Taylor fell over 13 per cent today after its purchase of two of Zurich's £323m life assurance businesses failed to impress investors. Announcing the acquisition today, the insurance services provider said the purchases – of Zurich International Life Limited and Allied Dunbar International Fund Managers Limited – were part of its strategy to make "tactical [...]
Britain’s insurers pay-out huge numbers to settle claims November 22, 2016 Britain's insurers are writing cheques for a whopping £131m a day according to one of the sector's main industry bodies. The Association of British Insurers (ABI) revealed the news today and while a large proportion of pay-outs are related to long-term savings and pensions, paying out for motoring claims represent a hefty chunk of what insurers must fork-out. Read [...]
Bunzl ploughs on with its international acquisitive expansion November 22, 2016 Outsourcing giant Bunzl showed no signs of stopping its spending spree as it announced two further acquisitions today. French first aid product making firms Prorisk and GM Equipement and Saebe Compagniet, a Danish distributor of cleaning and hygiene related products, will be absorbed into FTSE 100 group. Although transaction values were not revealed, the firms generate in the region of [...]
Sepura’s share price dives following loss-making six months November 22, 2016 Shares in walkie-talkie maker Sepura plummeted as much as nine per cent this morning after announcing a loss-making six months of trading. While shares have regained some ground, they are still trading over six per cent down and at a fraction of their price at the start of the year. Read more: Sepura radios in record revenues [...]
Lady Barbara Judge: More education is needed for trustees to fix pension black holes November 21, 2016 Pension black holes have a history of weighing heavily on big corporations as amply illustrated by former retail darling BHS. The retailer may have disappeared from the high street but its unwieldy £570m pension deficit has yet to be resolved. While the public glare over the BHS fiasco focused on the dealings of Sir Phillip [...]
Academics call for businesses to take a cold hard look at themselves to win back public confidence November 18, 2016 Britain's companies have been urged to perform "trust audits" in order to address rock-bottom public perceptions of business. The bespoke audits would review how companies are perceived by the general public. Once completed, a specific plan of action can be put in place to address concerns. Read more: Aberdeen calls for greater shareholder powers over exec pay The [...]
Sports software company Zwift secures bumper investment from London private equity house November 17, 2016 A software company promising to turn indoor sport on its head announced a $27m (£22m) investment from a London-based private equity house. Zwift, which currently focuses on creating an outdoor virtual reality for indoor cycling, said the cash boost would give them the "powder" to take the business to the next level. Gaming private equity specialist Novator Partners provided the [...]
Not selling itself short: SVG Capital puts the first tranche of its shares up for sale November 17, 2016 The starting gun was today fired on the winding-up of SVG Capital (SVG) following a tumultuous couple of months late this summer. Investors will be able to sell up to £350m of the company's shares from today, priced at 715p each. The offer will be open until 15 December and is part of a series of tender offers that [...]
