Engineering a big short: Hedgies build £1bn bet against Melrose March 19, 2018 Hedge funds have scrambled to build a £1bn bet against GKN suitor Melrose as Britain’s biggest hostile takeover for almost a decade approaches a critical shareholder vote. Almost a quarter of Melrose’s shares are on loan to short sellers hoping its pursuit of GKN will fail – figures that have risen sharply in the last [...]
City of London Lord Mayor Charles Bowman “confident” government can agree Brexit transition in 13 days March 19, 2018 London’s Lord Mayor is “quietly confident” the government will secure a transitional Brexit deal in the next fortnight to be ready ahead of the one-year marker for the UK leaving the EU. Charles Bowman, who serves as the figurehead for the City of London Corporation’s lobbying efforts, said the government has indicated it will try [...]
Hiscox chiefs miss out on bonuses for 2017 after year of hurricanes and natural disasters March 18, 2018 Senior executives at insurer Hiscox have missed out on bonuses this year after a gruelling 2017 hurricane season. The insurers’ top executives will not receive a bonus for the 2017 financial year after return on equity fell to 1.5 per cent, below the required threshold for a bonus payment. Chief executive Bronek Masojada received £2.3m [...]
Proxy adviser Manifest has just collapsed into administration March 16, 2018 Shareholder advisory group Manifest has today crashed into administration. Moore Stephens has been appointed as administrator of the lead proxy advisor. According to March 2017 accounts – Manifest’s latest filing with Companies House – the firm had £1.3m of debts payable within the next 12 months. Representatives for the administrators were unable to comment on [...]
Divorce and financial planning March 16, 2018 Going through a divorce is a stressful transition but there are some important considerations which can be taken into account early in the separation process in order to minimise complications down the line. The process will probably be overseen by a family lawyer but, given the complexity of any given person’s finances, consulting a financial [...]
Rihanna roils markets as China bags a key element March 16, 2018 Garry White, chief investment commentator, looks at the market moving events that have shaped the UK equity markets this week (March 12 to March 16, 2018). This week, Barbadian singing sensation Rihanna managed to wipe $1bn off the valuation of tech group Snap, the Chinese secured a major cobalt deal to help it produce electric [...]
Aviva boss Mark Wilson is picked by Blackrock as a non-executive March 16, 2018 Blackrock, the world’s largest asset manager, today appointed Aviva chief executive Mark Wilson as a non-executive. The New Zealander will take a seat on the board of the US fund management behemoth with immediate effect. Wilson took over at Aviva in 2013 moving from insurance giant AIA, rebuilding the Asian arm of AIG in the [...]
Bad debt Britain: Credit insurer claims hit highest level since the financial crisis March 16, 2018 Credit insurers are being hit with the highest level of bad debt claims for nine years, a clear indication UK businesses are facing the most challenging trading environment since the financial crisis. More than £4m is being paid out each week, the most since 2009, according to figures released today by the Association of British [...]
Demand for office space in Central London grows year-on -year driven by financial services sector March 14, 2018 Demand for office space in London is up by 76 per cent year-on-year, new data has shown. According to data from real estate firm CBRE, office space under offer in Central London rose by three percent last month to 3.7m square feet (sq ft). This stood ahead of the 10 year average of 2.8m sq [...]
The future of innovation is fintech – and long let the City’s dominance continue March 13, 2018 Fintech is now the firepower of innovation in the City. Such innovation has driven a complete rethink in how firms, governments, and consumers across the world think about finance. From streamlining capital markets, to debunking traditional insurance practices and offering completely new ways to bank, the UK sector has it all. Read more: Fintech leaders [...]