WHAT DOES THE CHANCELLOR’S BUDGET MEAN FOR YOU? March 24, 2010 KATE SOLWAY, 30 FUNDS CONTROLLER AT PRIVATE EQUITY FIRM COGNETAS Kate is single and lives in rented accommodation with flatmates. She also owns two investment properties – one a London flat with a mortgage which she rents out, and the other a holiday home under construction in Cape Verde, which she owns outright and will [...]
Lloyds of London hits record profit March 24, 2010 THE Lloyd’s of London insurance market said its profit more than doubled last year to a new record thanks to a quiet hurricane season and lucrative investments. Pre-tax profit was £3.87bn – up from £1.9bnin 2008, when the market was forced to pay out massive sums after communities and businesses were torn apart by hurricanes [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 15, 2010 FINANCIAL TIMES RBS eyes £10bn debt buy-back as it plans balance sheet shake-up Royal Bank of Scotland is planning a vast balance sheet restructuring in an attempt to boost its capital strength and its standing with bond investors. The move could involve at least £10bn (€11bn) of the bank’s £28bn of debt being bought back [...]
These are the judges who will name the stars of 2010 March 14, 2010 CITY A.M. is looking forward to another scoop later this year: our first-ever awards ceremony where we will be celebrating London’s financial and business community and its most succesful individuals and firms. Our newspaper is delighted to be hosting and organising the awards in partnership with Interactive Investor; we are proud that our awards will be [...]
City mourns Sir Brian Pitman March 11, 2010 SIR Brian Pitman, one of the most respected bankers of his generation, has died aged 78. Pitman, who was latterly chairman of Virgin Money, led Lloyds Bank for 18 years before retiring almost a decade ago. In his time as chief executive and then chairman of Lloyds, Pitman built the bank from a £1bn business [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 11, 2010 FINANCIAL TIMES PUSH FOR CLEARING HOUSES FAILS TO MOVE OIL TRADERS Big oil traders are choosing to keep more derivatives deals private, in spite of a global regulatory campaign to steer such contracts to clearing houses. Their willingness to take on risks viewed as intolerable just a year ago reflects renewed faith in the strength [...]
CAUGHT IN THE THROES OF A NIGHT OF PASSION March 10, 2010 AS AN elite bunch of the City’s most successful ladies and gentlemen left the Mansion House last night after a fundraising “Passion and Performance” evening hosted by Lord Mayor Nick Anstee, they should have been justifiably proud. For between just 320 guests from blue-blooded institutions such as Barclays, Accenture, Linklaters, HSBC, RBS, Lloyds Banking Group, [...]
Chaucer moves into profit and looks to relocate thanks to “high” UK taxes March 8, 2010 Chaucer, the Lloyd’s of London insurer, has reaffirmed plans to move offshore by 2011 due to high UK corporate taxes. The announcement by chief executive Bob Stucherry came on the same day that the Group reported a pre-tax profit of £42m in 2009, compared with a loss of £26.2m the year before. Analysts said the [...]
London developer steps up his bid to buy Rangers March 8, 2010 SCOTTISH league leaders Rangers last night confirmed that majority shareholder Sir David Murray has opened discussions with London-based property developer Andrew Ellis about a possible takeover of the club. The Glasgow club are £31m in debt and under pressure from Lloyds Banking Group to control costs. Rangers say the talks with Ellis are at an [...]
Insurer Chaucer back in the black March 8, 2010 LLOYDS of London insurer Chaucer moved back into the black last year and has tipped the current year as a positive one for growth. The company announced a pre-tax profit of £42m for 2009 – a turnaround after a loss of £26.2m in 2008. Chairman Martin Gilbert said: “We are optimistic for 2010 believing that [...]