Lloyds reprivatisation expected to raise over £3.2bn September 16, 2013 A statement from the government agency managing the state's stake in Lloyds has given the green light to the chancellor to begin reprivatising state-backed bank Lloyds. UK Financial Investments (UKFI) has given the nod shortly after the Office for Fair Trading said that TSB should be given more financial help by parent Lloyds. Our banking [...]
Inside Track: Tesco executives ponder a spin-off for Asian business September 11, 2013 IT’S hardly on the scale of Royal Bank of Scotland, but Tesco’s retrenchment from the empire-building of Sir Terry Leahy means it will soon struggle to describe itself using the adjective “global”. Fresh from its exit from Japan, a retreat into a joint venture in China and this week’s announcement of the part-sale, part-closure of [...]
Lloyd’s chief says insurance is set for boom September 9, 2013 THE COMMERCIAL insurance industry is set to triple in size by 2025 as the business benefits from growth in the developing world, the chairman of Lloyd’s of London said yesterday, John Nelson told an audience in Monte Carlo that global demand for business insurance will increase from $600bn (£382bn) to $2 trillion a year over [...]
Bank of the year September 9, 2013 2013 may be remembered as the year the banking sector shook off the shadow of the financial crisis and really came back into its own. Profitability is up, lenders are at last overcoming tough new regulatory hurdles and a stable future could be just around the corner. Here is our pick of the top five [...]
Regional firms see best ever August growth September 8, 2013 ENGLAND’S regions saw the strongest business growth ever recorded in August, as Lloyds noted robust growth around the UK, and booming firms in some areas. Purchasing managers from the north west, south east, south west and east of England all reported the strongest growth ever seen, after a raft of recent surveys and figures which [...]
City Moves for 09 September 2013 | Who’s switching jobs September 8, 2013 Ernst & Young The professional services firm has hired Sheila Nicoll as a senior adviser in its asset management practice. She was most recently director of conduct policy at the Financial Services Authority. Prior to that, she was deputy chief executive of the Investment Management Association. Coutts The private bank has announced the appointment of [...]
The Nominations: A very warm welcome to the shortlists for the City A.M. awards 2013 September 8, 2013 TODAY we kick off the countdown to this year’s City A.M. Awards with the first of the shortlists for an event that has rapidly established itself as a highpoint in the annual calendar. Our awards, now in their fourth year, celebrate all of the City’s main sectors and the people that make sure London remains [...]
Lloyd’s of London boss warns of flood of capital into insurance September 5, 2013 LLOYD’S of London chairman John Nelson last night issued a stark warning about the potential for a new financial crisis if the flow of investment funds into the insurance industry is left unchecked. Low yields on traditional bonds has led investors to seek new locations for their money such as catastrophe bonds, which are eating into [...]
Phones 4u sells off UK’s biggest mobile phone insurer for $160m September 5, 2013 HIGH STREET retailer Phones 4u yesterday dialled up a £100m deal to sell the UK’s biggest mobile insurer to a Wall Street-listed insurance giant. The phone shop’s parent company, Phones 4u Finance, will sell Crewe-based Lifestyle Services Group (LSG) to Assurant for $160m (£107m) after being approached by Assurant to buy the business earlier this [...]
Canopius premiums soar in first half September 5, 2013 Lloyd’s of London insurer Canopius yesterday announced a substantial rise in premiums after its takeover of Omega pushed it to a record set of interim results. Post-tax profits grew by £10m to £42m for the first six months of 2013, while gross written premiums – equivalent to revenue – hit £527m.