Three directors to leave Barclays board as bank faces threat from activist investor Ed Bramson March 6, 2019 THREE directors will leave Barclays in May, the bank said today, as it looks to fight off activist investor Ed Bramson’s bid for a seat on the board. The bank said Mike Turner, former chief executive of BAE Systems, would step down as the arrival of new chairman Nigel Higgins “presented an opportunity to review [...]
Aviva names insurance veteran as new CEO as it aims to boost shareholder returns March 4, 2019 Aviva has appointed a new chief executive five months after sacking former boss Mark Wilson, saying it had “much further to go” to enhance shareholder value. The insurer has named company veteran Maurice Tulloch as its new boss effective immediately, who will leave his position as boss of Aviva’s international business. I am honoured to [...]
Ed Bramson’s Barclays board bid suffers double blow as investment banking unit outperforms European rivals February 22, 2019 Barclays executives doubled down on efforts to scupper activist investor Ed Bramson’s bid to join the board yesterday, armed with better-than-expected results in its investment banking unit. In a further blow for Bramson, who has called for Barclays to scale back its investment bank, one of his key allies in the City, Aviva, said his [...]
A terrible year for deaths in 2018 could boost insurers’ balance sheets February 21, 2019 A grim year for deaths in 2018 could see insurers flush with cash as they release reserves earmarked for paying incomes to pensioners. According to analysts at Royal Bank of Canada (RBC) Capital Markets 2018, was “the worst year for deaths this millennium” with a prediction that the soon-to-be-published mortality tables used by UK insurers [...]
Berry Global gets deadline to hijack Apollo’s RPC Group takeover February 19, 2019 Berry Global, the US firm trying to hijack an agreed £3.3bn takeover of plastic packaging giant RPC Group, has been given a 13 March deadline to announce a concrete intention to make a counter offer. RPC accepted an offer in January by private equity firm Apollo Global Management after months of negotiations. But Berry, another [...]
Mark Kleinman: Aviva’s missed deadline ensures brickbats February 15, 2019 Viva Aviva? For such a stalwart of blue-chip boardrooms, Sir Adrian Montague suddenly can’t put a foot right. Four years after taking over the chairmanship of Aviva when John McFarlane scuttled off to Barclays, he’s ended up in a rather large pickle of his own making. Sacking Mark Wilson as the insurer’s chief executive last [...]
HSBC, Goldman and Lord Fink back City fintech firm Bud February 4, 2019 Fintech startup Bud has closed a $20m (£15.3m) funding round from investors such as HSBC, Goldman Sachs and former Man Group boss Lord Stanley Fink. Other investors included Investec’s INVC fund, ANZ Bank, the corporate venture arm of Banco Sabadell and 9 Yards, the venture capital firm which lists former chancellor George Osborne among its [...]
Plastic packaging giant RPC Group revenues down after weak Christmas, as it ramps up Brexit stockpiling February 1, 2019 RPC Group’s shares fell slightly this morning as the company admitted weak Christmas trading had impacted revenues. The firm, one of Europe’s biggest plastic packaging makers, said Brexit stockpiling had also hit cash flow in the period as it looks to alleviate disruption from the UK’s exit from the EU. Read more: Private equity group [...]
Ollie Phillips: Ireland are favourites but the opening round could shape a tight Six Nations January 31, 2019 The Six Nations finally gets under way tomorrow and the fixture list has thrown up some fascinating ties to kick off with. England travel to Dublin to face defending champions Ireland on Saturday, which I think might actually prove to be a blessing rather than a curse as there is little pressure to improve their [...]
A family affair: England captain Owen Farrell must unlock an Ireland defence organised by father Andy January 31, 2019 England kick off their Six Nations campaign with the toughest test possible when they face Ireland in Dublin on Saturday, but for the Farrell family it is a game with extra meaning. Owen Farrell, England’s captain, will not only be coming up against the world’s No2 side but also his father, Andy, Ireland’s defence coach [...]