Omega gets bid approach January 10, 2011 SHAREHOLDERS at Lloyd’s of London insurer Omega Insurance are mulling a takeover bid from private equity-backed rival Canopius, it was confirmed yesterday. Omega said it had received an unsolicited approach proposing an unspecified mixture of cash and unquoted shares but an offer would not necessarily be forthcoming. Omega’s board would continue to focus on growing [...]
SMALL BUSINESS AND START-UP NEWS January 6, 2011 SMES BURDENED WITH VAT ADMIN TASKS Small and medium sized businesses (SME) spend up to one day a week on financial admin tasks such as VAT returns, monthly accounts and tax issues according to findings from Regus research. This has been exacerbated by the introduction of further employment laws and the three VAT changes that [...]
FTSE hits 31-month high on first close of 2011 January 4, 2011 LONDON saw a storming start to 2011 as the FTSE moved above the 6,000 level in the year’s first trading session to close at a 31-month high. The FTSE 100 moved up 1.9 per cent or 113.93 points to close at 6,013.87, its highest level since June 2008, buoyed by rises on US and European [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 3, 2011 FINANCIAL TIMES CHINA TRAVEL GROUP PULLS OUT OF AIM Et-China.com International Holdings, the Chinese travel specialist, will today become the first company to quit Aim this year. Shares in the company, which raised £4.4m at 127p a share when it joined Aim in August 2007, were suspended at 103 1/2p in July because of its [...]
Will the weather affect your holiday plans? December 22, 2010 MARTIN ZETTER | LLOYDS “No, I don’t think it will. I’ll be fine this Christmas. I’m staying at home so the weather doesn’t affect my plans.” ALAN DIXON | INTER HANNOVER “I’ll be absolutely fine, I am at home this Christmas. It’s getting to work that is hard!” JACK MANDUIT | DELOITTE “Hopefully the weather [...]
Banks give FTSE a boost as pre-Christmas rally continues December 22, 2010 BRITAIN’S leading share index pushed higher yesterday, supported by gains from banks as reports China is ready to buy Portuguese bonds eased European debt concerns. At the close, the FTSE 100 was up 31.69 points, or 0.5 per cent, at 5,983.49, edging ever closer towards the 6,000 level last seen in June 2008. The blue [...]
Catlin reveals losses for New Zealand quake December 22, 2010 PROPERTY and casualty insurer Catlin published its losses linked to the New Zealand earthquake yesterday, which were $10m (£6.5m) more than previously thought. The Lloyd’s of London insurer said the quake in September leaves it exposed to around $45m of claims, net of reinsurance – $10m more than the group’s earlier figures. The firm said [...]
TEMPERS FLARE AT PWC CAROL SERVICE December 22, 2010 YOU might think that playing the organ at the office Christmas carol service is a pretty uncontroversial activity. Not so for a professional organist (as they’re called) engaged for PricewaterhouseCooper’s annual festive singsong. The stage was set, the decorations tweaked and the set list compiled when all went awry. Details are hard to come by, [...]
What the other papers say this morning December 21, 2010 FINANCIAL TIMES EMERGING MARKETS DEALS LEAD 16 PER CENT RISE IN M&A Dealmaking in emerging markets helped power a 16 per cent rise in global mergers and acquisition activity this year as companies moved to spend their cash piles outside of their home markets. Companies in developing countries struck 2,570 deals worth a total $502.6bn [...]
The City is back but under new management December 21, 2010 BRITAIN’S financial landscape has been transformed since we last shone a light on the City’s most powerful figures two years ago. The City A.M./CityJet Power Hundred 2011 list ranks the most influential figures in UK finance as we head into the new year. It should be no surprise that it is very different from 2009. [...]