Top bondholder group will back Punch debt plan April 7, 2014 INDEBTED pub chain Punch Taverns has finally secured support from bondholders for its plan to push back any upcoming default and extend the window of negotiations for restructuring its £2.3bn debt. Senior bondholders said they would support the extension until 29 August in order to agree a restructuring of the debt by the end of [...]
Watchdog was warned by Bank over insurer debacle April 7, 2014 THE CITY regulator failed to respond to calls from the Bank of England to clarify details of a looming insurance probe that wiped billions of pounds off the sector last month, adding renewed pressure to under fire officials yesterday. Representatives from the Prudential Regulation Authority, a division of the central bank, contacted the Financial Conduct [...]
Watchdog under pressure after insurance firm fiasco March 31, 2014 THE CITY watchdog will come under renewed pressure from insurers today demanding urgent action from George Osborne to prevent a repeat of the regulator’s mis-step that led insurance shares to plunge on Friday. The industry will write to the chancellor to raise “serious concerns” about the disclosure of information by the Financial Conduct Authority (FCA) [...]
Annuity market to collapse by £8bn because of rule switch March 20, 2014 SAVERS fleeing the pension annuity market will cause it to collapse by two-thirds over the next 18 months, analysts predict, as the fallout from the Budget continued to hit markets. Barclays analysts said the annuity market could shrink from £12bn a year to just £4bn by September 2015, due to changes announced in the Budget, [...]
City Moves for 20 March 2014 | Who’s switching jobs March 19, 2014 Deloitte The professional services company has announced the appointment of Craig Robinson as head of neighbourly matters in its real estate division. He has 20 years’ experience as a chartered surveyor, and was most recently at Savills, where he established and led its rights of light team. Spring Law The law firm has appointed Sven [...]
Sixteen lenders accused of Libor manipulation March 17, 2014 SOME of the biggest banks across the UK, US and Europe are being sued by the Federal Deposit Insurance Corporation (FDIC) in the US over claims their traders manipulated Libor interest rates. The regulator is launching legal action against 16 banks, including HSBC, Barclays, RBS, JP Morgan and Deutsche Bank. The British Bankers’ Association (BBA) [...]
Insurers set to take £1.1bn hit after flooding March 12, 2014 THE WETTEST winter on record and flood and storm damage caused as a result is likely to cost the insurance industry £1.1bn, according to the Association of British Insurers (ABI). A total of 17,500 claims were received in the period between 23 December 2013 and 28 February this year; 9,000 from homeowners, 5,400 for flooded [...]
City Moves for 13 March 2014 | Who’s switching jobs March 12, 2014 Forum Partners The investment management firm has hired George Ahl as managing director for capital markets. He was most recently at M3 Capital Partners, where he was a founding principal. Prior to that, Ahl held senior positions at Security Capital Group and Crimson Capital Corporation. Legal & General Legal & General Investments has appointed Martin Holland as [...]
Bottom Line: Ashley deserves every penny of his reward March 11, 2014 ATOP HIS impressive beer gut, Mike Ashley’s face has the healthy glow of a man who enjoys a carrot. Yesterday, Sports Direct dangled a huge one in front of its chairman in the form of a £67m share bonus – subject, of course, to the company’s profitability over the next two years. On past performance, [...]
Insurers count cost of floods as bill hits £1.2bn March 3, 2014 THE RECENT bad weather could cost UK insurers £1.2bn, according to ratings agency Fitch. Storms and flooding that hit many parts of the country in December and the early part of this year have left households, and ultimately insurers, counting the cost of the damage. The agency estimates that losses to the industry will be “manageable” [...]