Japan’s M&A push December 15, 2013 Japanese insurers have been searching high and low for revenue growth amid an ageing society – and overseas acquisitions are proving a popular trick. Tokio Marine, Japan’s largest property-casualty insurer, bought a Lloyd’s of London insurer four years ago when it paid £440m to buy underwriter Kiln Group. It also agreed to pay $2.7bn for [...]
City Moves for 12 December 2013 | Who’s switching jobs December 11, 2013 Orchard Street The commercial property investment manager has hired Philip Gadsden as managing partner. He was formerly international director at LaSalle Investment Management, and deputy chief executive at Invista Real Estate Investment Management. Allen & Overy The law firm has appointed Stephen Lloyd as a private equity partner in its London corporate group. He was previously [...]
Ward to be new Brit chairman December 10, 2013 OUTGOING chief executive of Lloyd’s of London, Richard Ward, is to become chairman of Brit Insurance in February 2014. Mark Cloutier, chief executive of Brit said: “Richard’s experience and understanding of the global marketplace is second to none and I am extremely pleased he will be bringing his great depth of experience and knowledge to [...]
What the other papers say this morning – 09 December 2013 December 9, 2013 FINANCIAL TIMES HSBC eyes listing of £20bn UK bank HSBC has sounded out investors about a flotation of its UK arm, in a move that would realise value from its high street banking business and address regulatory pressures. The bank has in recent weeks asked investors whether they would support the sale of a sizeable [...]
South England sees record high in growth index December 8, 2013 FIRMS are reporting healthy growth across England and Wales, with parts of the south of England reporting the quickest improvement in business activity on record. Lloyds Bank’s latest purchasing managers’ index (PMI) came in at or above 60 for the fifth month running, suggesting a rapid expansion, well above the country’s long-term trend. The headline [...]
Inside Track: It’s about time the City’s watchdog got its act together December 4, 2013 WERE British banks engaged in a corrupt pact to bankrupt struggling business customers? The evidence from dossiers compiled by the businessmen Lawrence Tomlinson and Neil Mitchell is superficially shocking, although as yet inconclusive. Anecdotal evidence that Royal Bank of Scotland’s global restructuring group has nudged clients into administration when alternative outcomes were achievable have circulated [...]
City A.M. shadow MPC votes 7-2 to hold again December 4, 2013 ALLISTER HEATH | CITY A.M. “Lift rates by 0.25 per cent. Business surveys are heating up and some economists expect one per cent GDP growth in the final quarter of the year – this is no time for emergency all-time-low interest rates. Furthermore, the situation with the housing market, expecially in London, is worrying.” GRAEME LEACH [...]
Network Rail to open click and collect shops December 2, 2013 COMMUTERS will be offered the chance to pick up their parcels from the train station as part of a trial being run by Network Rail. The rail operator announced today that it will soon open the prototype branch of Doddle, its new delivery shop, in Milton Keynes Central. Visitors to the station, including around 3,000 [...]
Rathbones boss Pomfret to step down next year December 2, 2013 RATHBONE Brothers veteran chief executive Andy Pomfret yesterday said he was retiring from the company next year after a decade at the helm of the investment firm. Pomfret, who became chief executive in 2004 after joining the upmarket fund manager as finance chief in 1999, will stand down at the end February. The company, which [...]
It’s a tough job but someone has got to do it December 1, 2013 The new boss of recruiter SThree tells Marion Dakers how his diverse business is navigating through the economic recovery AS THE festive party season rolls around again, staff at SThree will be looking forward to the office get-together more than most. Over the last few years, the white-collar recruiter has used its annual bash in [...]