TNT Post bids to rival Royal Mail’s service March 22, 2012 TNT POST is further encroaching on Royal Mail territory by launching an end-to-end delivery trial in London as part of a long-term plan to rival the government-owned postal service. Following a successful trial in Liverpool, TNT postal workers will hit the streets of west London from mid-April to test the waters for extending the company’s [...]
Miners dent FTSE as UK retail suffers blow March 22, 2012 Miners pegged back the FTSE 100 in early trading as more data suggesting China’s economic growth is slowing took its toll. The first full trading session sine Chancellor George Osborne’s Budget speech saw investors shun riskier assets with banks also being knocked back. Factory activity in China was down for the fifth month in a [...]
Lloyds to sell buyout loans to Bain March 22, 2012 Part-nationalised British bank Lloyds has agreed to sell a £500m portfolio of mostly UK leveraged loans to private equity firm Bain Capital’s Sankaty Advisors unit, according to Reuters sources. Lloyds Banking Group declined to comment on the situation, while officials at Bain Capital’s London office could not be immediately reached for comment. The deal was [...]
Hardy snapped up by US rival CNA in £143m deal March 21, 2012 SHARES in Lloyd’s of London insurer Hardy Underwriting soared yesterday after it said it had accepted a 280p per share cash takeover offer from US rival CNA Financial, valuing it at about £143m. “The board believes that CNA’s offer represents the most attractive outcome for our shareholders and will enhance Hardy’s business,” Hardy chairman David [...]
FTSE 100 ticks higher as boost for Vodafone helps counter commodity drag March 21, 2012 BRITAIN’S top share index posted a fractional gain yesterday after a volatile session as strength in market heavyweight Vodafone countered weaker commodity stocks hit by below par US data that revived concerns over demand for metals. The UK blue chip index closed up 0.54 points, or 0.01 per cent, at 5,891.95, surrendering a 0.3 per [...]
FTSE posts slim gain after Budget March 21, 2012 London’s blue chip index posted a marginal gain on closing after a volatile session as strength in market heavyweight Vodafone countered weaker commodity stocks hit by below par US data which revived concerns over demand for metals. The UK blue chip index closed up 0.54 points, or 0.01 per cent, at 5,891.95, surrendering a 0.3 [...]
Insurer Hardy accepts £143m offer from CNA Financial March 21, 2012 Lloyd’s of London insurer Hardy Underwriting said it had accepted a 280 pence per share cash takeover offer from US rival CNA Financial, valuing it at about £143m. “The Board believes that CNA’s offer represents the most attractive outcome for our shareholders and will enhance Hardy’s business,” Hardy Chairman David Mann said in a statement. [...]
Miners peg back FTSE as UK inflation dips again March 20, 2012 Miners pegged the FTSE 100 back in early trading as fears that demand from China for metals was falling sapped investor confidence. BHP Billiton, the world’s biggest miner, fell 1.9 per cent after saying it was seeing signs of “flattening” iron ore demand from China. The sector is pinning its hopes on continuing fast growth [...]
Carlyle in key European hire March 19, 2012 US private equity firm Carlyle Group has hired Alexander Pietruska as the European head of its financial services group as it looks to grow its activities in the region. Pietruska will be based in London and begin his role as managing director and European head of Global Financial Services Partners in early April, the company [...]
CITY MOVES | WHO’S SWITCHING JOBS March 19, 2012 Patron Capital The pan-European institutional investor has appointed Mark Collins as chairman of its UK investment division, as it looks to invest over £1bn in the UK market over the next year. Collins will also become a partner of Patron Capital Advisers, the investment adviser to Patron’s funds. Collins was formerly managing director of the [...]