RSA Insurance Group’s share price plunges as Zurich tells RSA: It’s not you, it’s us September 22, 2015 RSA Insurance Group’s share price plunged yesterday after rival firm Zurich revealed it was walking away from a £5.6bn takeover bid. RSA’s share price closed down 20.84 per cent as investors digested the shock news. Zurich’s share price was also down, albeit a less remarkable 2.79 per cent. Zurich said it was abandoning [...]
City Moves for 22 September 2015 | Who’s switching jobs September 21, 2015 LEGAL & GENERAL INVESTMENT MANAGEMENT Katharine Photiou has been appointed head of workplace defined contribution, product and proposition, at the investment management firm. She joins from Barclays, where she was head of workplace savings. Photiou has also held roles at Mercer and Friends Provident, latterly as head of defined contribution corporate strategy and design. JP [...]
Andy Murray could be fined for missing ATP World Tour finals for Davis Cup final September 21, 2015 Andy Murray is risking a hefty fine by missing the ATP World Tour Finals in order to help Great Britain overcome Belgium in their first Davis Cup final for 37 years. Read more: Magic Murray earns Britain historic win If Belgium choose to stage the final on clay, Murray suggested he will forego the ATP's end [...]
Banks brace for tax showdown: City giants warn jobs and growth are at risk from Whitehall interference September 21, 2015 Unpredictable and excessive taxes are pushing the British banking sector to the brink, according to a major new report by a leading industry body. The British Bankers’ Association (BBA) and PwC reveal that the UK banking sector contributed an estimated total of £31.3bn in taxes last year, and warn of the risk posed to [...]
The latest challenger is digital bank Tandem September 18, 2015 Digital bank Tandem is expected to join the ranks of challenger banks that are taking on bigger high street lenders next week. Tandem is set to be unveiled by tech investor and co-founder of digital money transfer service Azimo, Ricky Knox, the FT first reported. The challenger will have mobile and digital channels, as well as a [...]
Businesses run the City as Barclays wins the 2015 Bloomberg Square Mile Relay, with appearances from Will Greenwood, Lizzy Yarnold and Michael Bloomberg September 18, 2015 The area around Guildhall was overrun with the City's fastest runners, who switched their suits for running gear to take part in the 2015 Bloomberg Square Mile Relay yesterday. On the eve of the Rugby World Cup, Will Greenwood, part of the England 2003 World Cup winning side, was on hand to start the race [...]
Worldpay confirms intention to float on the London Stock Exchange September 18, 2015 Payments processing company Worldpay has confirmed plans to raise £890m through a float on the London Stock Exchange's main market in October. The company, owned by Advent International and Bain Capital, is expected to have a free float of at least 25 per cent after its listing. "The IPO is an exciting and logical next [...]
AB InBev and SABMiller need to tap into craft beer trend September 18, 2015 The long-awaited announcement that Anheuser-Busch InBev (AB InBev) was officially considering a takeover of rival SABMiller saw the companies’ share prices jump 19.89 per cent and 6.41 per cent respectively. However, yesterday the hangover kicked in, and SABMiller’s shares closed down 0.25 per cent at 3,605p, having dropped as low as 3,593p. The [...]
Best of the Brokers for 17 September 2015 September 17, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com ASOS Berenberg reiterated its “buy” rating on the online retailer, and reduced its target price from 4,700p to 4,100p. The broker said that while currency headwinds are a near-term concern, a strong pound is factored into management guidance, and “the increasing utilisation of [...]
Reinventing the concept of retirement key to solving aging workforce dilemma September 16, 2015 We are in the middle of a fundamental demographic shift that has significant implications for businesses across the UK. By 2022 there will be 700,000 fewer people aged between 16 and 49, yet 3.7m more people aged between 50 and State Pension Age. Meanwhile, the employment rate starts to fall dramatically as people reach their [...]