UK economic recovery heads to regions August 11, 2013 BRITAIN’S economic recovery is continuing to intensify, with a raft of surveys this morning revealing increased optimism, growing consumer spending and growth across the UK. In a remarkable development showing that the rebound is now no longer confined to London and its commuter belt, Lloyds TSB’s regional purchasing managers’ index (PMI) for July implied the [...]
City Moves for 9 August 2013 | Who’s switching jobs August 8, 2013 Clayton Euro Risk The risk management company has announced the appointment of Konstantine Pastras as client development and strategy director. Pastras specialises in residential mortgage-backed securities. He has previously held various roles at DBRS Ratings, Fitch Ratings and Investec. Financial Conduct Authority The regulator has appointed four directors in its supervision division. William Amos was previously [...]
Lancashire goes to Lloyd’s after insurance deal August 7, 2013 INSURER Lancashire Holdings is to belatedly join the Lloyd’s of London marketplace after buying underwriter Cathedral Capital for £266m, it was announced yesterday. The FTSE 250 insurer, which specialises in heavy-duty lines such as oil rigs, property and shipping, has resolutely ignored the London market since it was founded in 2005 but has decided to act in [...]
What the other papers say this morning – 5 August 2013 August 4, 2013 FINANCIAL TIMES Lloyds boss targets profit for dividend Antonio Horta-Osorio, chief executive of Lloyds Banking Group, has said he aims to start paying out up to 70 per cent of the bank’s earnings in dividends within three years as he seeks to attract investors ahead of the sale of the government’s stake. Lloyds has not [...]
Any Other Business – 05/08 August 4, 2013 ■ The latest fan of American television show Breaking Bad is none other than the sage of Omaha himself Warren Buffett (pictured). Not only did he recently attend the New York premiere of the show’s final series, but the billionaire also declared the acting to be “superb”. Buffett even got some of show’s stars to [...]
Brit calls on Lloyd’s of London to do more for speciality insurers August 1, 2013 BRIT Insurance, the sponsor of the England and Wales cricket team, yesterday said the new Lloyd’s of London boss must make the market into “a more efficient machine”. Brit chief executive Mark Cloutier told City A.M. that Lloyd’s must make a renewed effort to “help deal with the cost of underwriting” in the historic market. [...]
The wartime story of the Old Lady and the Nazi gold July 30, 2013 THE BANK of England helped Nazi Germany sell looted Czechoslovakian gold in the early stages of the second world war, historical documents released by the central bank on its website revealed yesterday. Senior figures at the institution sanctioned a transfer of stolen Czech gold worth £5.6m at the time to Germany’s Reichsbank on 21 March [...]
What the other papers say this morning – 26 July 2013 July 25, 2013 FINANCIAL TIMES Berkshire Hathaway derided for deal Warren Buffett’s Berkshire Hathaway has been branded “foolish” by an insurance executive for blindly following underwriting decisions taken by Lloyd’s of London rivals. An unusual deal that Berkshire has struck with the insurance broker Aon is likely to “end in tears”, warned Richard Brindle, founder and chief executive [...]
Lloyd’s insurers face investment woes as Lancashire profits drop July 25, 2013 LLOYD’S of London members seem to be set for substantial drops in their investment income this year, after two insurers said they have been hit by losses in the bond market. Lancashire Holdings, a member of the FTSE 250, yesterday confirmed that its net investment income fell 22.6 per cent for the second quarter of 2013. “Treasury [...]
Electra takes hold of Park Resorts July 24, 2013 Private equity firm Electra Partners yesterday took a controlling stake in UK caravan park operator Park Resorts after refinancing the company’s debts. The British firm, which has an investment trust listed on the London stock exchange, will now own 54 per cent of the holiday business, which is based in Hemel Hempstead. The rest will [...]