Business records top quarter for growth in 12 years as 2013 ends January 12, 2014 THE LAST quarter of 2013 saw the biggest jump in business activity recorded in over a decade, as a major survey of firms suggested that the economic climate has warmed across the country. Lloyds Bank’s purchasing managers’ index (PMI) for England and Wales hit 60 in December, with a score over 50 indicating an improvement [...]
City Moves for 10 January 2014 | Who’s switching jobs January 9, 2014 Grant ThorntonThe business advisory firm has announced the appointment of Richard Milnes as a partner in its financial services tax team. He joins from EY, and has previously worked in international tax for Shell and as head of tax planning at Lloyds. CouttsThe bank has recruited Matthew Spencer as executive director and head of intermediaries [...]
Fact or Fiction 2013 December 19, 2013 Six of these stories happened in 2013, six didn’t – can you spot the real ones? 1 Ex-Goldman Sachs-er “Fabulous” Fabrice Tourre pulled out a love letter as part of his defence during his trial in New York. 2 The Lloyd’s of London building was sold to a Malaysian firm for £300m. 3 Tesco was [...]
City Moves for 20 December 2013 | Who’s switching jobs December 19, 2013 Herbert Smith Freehills The law firm has announced the appointments of Sonya Leydecker (right) and Mark Rigotti as joint chief executives. Leydecker joined the firm in 1984 and was promoted to partner in 1991. Rigotti joined in 1988, and has since held senior roles including head of banking and head of corporate. KPMG The professional [...]
Vince Cable is wrong – London’s growth is win-win December 19, 2013 Speaking to BBC Radio 4's Today programme, Vince Cable said that London "is becoming a giant suction machine draining the life out of the rest of the country." The business secretary was discussing the possible expansion of London's Heathrow airport. He added that the country needed to make more use of provincial airports to provide [...]
New issues make a strong comeback in the London market December 18, 2013 As the year comes to an end there’s definitely cause for celebration in London’s new issues or Initial Public Offering (IPO) market. According to figures out today from EY, the advisory firm, there were 14 main market share listings this year, raising £5.2bn. That’s not exactly an avalanche of deals but the total represents a [...]
Japanese firm buys Canopius in £594m deal December 18, 2013 JAPANESE insurance group NKSJ yesterday confirmed its £594m deal to buy Lloyd’s of London underwriter Canopius, becoming the latest firm to make inroads into the City’s historic insurance market. NKSJ will buy Canopius, its biggest ever acquisition, through its Sompo Japan subsidiary. The purchase means a windfall for Bregal Capital, whose funds own just over [...]
Businesses calling for action sooner December 17, 2013 BUSINESSES have renewed their call for faster action on airport expansion as the coalition pledged to wait for the final results of the Davies Commission in 2015 before starting to work on a new runway. “[A]s the business community knows from experience, our airports simply don’t have enough capacity. Howard Davies has done the country [...]
Smashing through the glass elevator December 16, 2013 Inga Beale will be first female chief executive of 325-year-old Lloyd’s of London market LLOYD’S of London yesterday appointed Inga Beale as its new chief executive – the first woman to be given the role in the insurance market’s 325 year history. Beale will take over from Richard Ward in the New Year, and joins [...]
Lloyd’s insurer gets £600m Japanese offer December 16, 2013 ONE OF Lloyd’s of London’s biggest insurers is on the verge of being snapped up by a Japanese insurance giant, in a deal worth around £600m. Canopius Group, which is majority owned by UK private equity firm Bregal Capital, is in talks with Sompo Japan Insurance about the deal, which could be agreed as early [...]