What’s next for Stephen Hester? August 25, 2015 WITH Zurich’s takeover of RSA looking increasingly likely, the question remains: What happens to Stephen Hester? Hester, the former boss of RBS, became chief executive of RSA in February 2014. Since then, he has led an ambitious turnaround plan for the ailing insurer, raising capital, reorganising the business and building investors’ trust – despite multiple [...]
The poorest have most to gain from the Financial Conduct Authority making it easier to innovate August 25, 2015 One of the FCA’s statutory objectives is to promote effective competition in the financial services sector in the interests of consumers. As the economy continues to settle into a new phase, it is fair to ask whether the FCA should adjust the balance of its focus on market enforcement and instead ensure resources are [...]
FTSE 100, Dax and Cac rise as hangover sets in after China stock market crash August 25, 2015 After making its worst losses since 2003 yesterday, the FTSE rose almost three per cent per cent in mid-morning trading, nudging back above 6,000. Meanwhile, the Dax rose 3.2 per cent and the Cac rose 3.1 per cent, suggesting that while European markets were nursing a hangover, the worst may be over. The rebound followed [...]
RSA share price leaps 5.3 per cent as Zurich Insurance Group tables revised £5.6bn offer ahead of takeover deadline August 25, 2015 RSA's share price jumped 5.3 per cent at the open after Zurich Insurance Group revealed a revised offer for the British rival, sneaking in ahead of today's takeover panel deadline. The group is now offering 550p per share in cash for the entire issued ordinary share capital of the insurance firm. That values the [...]
Extractive firms lead UK slump as Shanghai slides – London Report August 25, 2015 THE FTSE 100 slumped 4.7 per cent yesterday to its lowest level in almost three years, with all stocks but one in the red and miners leading the slide on growing fears of a China- led global economic slowdown. The blue-chip index was down 288.78 points at 5,898.87, the worst close since late 2012. The [...]
Accounting changes hit Amlin’s first-half profit August 25, 2015 THE BOSS of insurance firm Amlin yesterday said the company is not up for sale, quashing speculation that the group would be the next to be swept up in the wave of consolidation seen in the market over the past 12 months. Chief executive Charles Philipps made the statement while discussing the company’s results for [...]
Insurance firm FBD sees earnings hit by increasingly difficult claims environment August 24, 2015 IRISH insurance group FBD yesterday reported a pre-tax loss of €96m (£71m) for the first six months of 2015, on what chief executive Fiona Muldoon called a “difficult day” for the firm and its shareholders. The company said in a statement: “The previously signalled claims uncertainty in Ireland has continued and deteriorated further. The existing [...]
RSA becomes the only riser on the FTSE as deadline looms for Zurich bid August 24, 2015 RSA became the only riser on the FTSE 100 as the deadline for a bid by rival Zurich loomed. With the cutoff for Zurich to announce its intention to buy the British insurer due at 5pm tomorrow, shares rose 1.5 per cent to 499p in lunchtime trading. If it does not make a formal bid [...]
City Moves for 24 August 2015 | Who’s switching jobs August 23, 2015 BLP The law firm has appointed Geraldine Quirk as a partner in its insurance practice to enhance its non-contentious insurance and financial services regulatory experience. She joins from Clyde & Co, where she was a partner in its corporate insurance team. Legatum Institute The think tank has appointed Jane Siebels to its board of trustees. [...]
Unlimited upsides? Check. Too big to fail? Check. History tells us careful investors could be about to make millions in China August 21, 2015 The Chinese government could be forgiven if it now feels rather pleased with itself. After interventions including banning negative reporting on markets, threatening to prosecute short-sellers, and ordering companies to engage in share buybacks, it has succeeded in arresting a stock market crash – albeit with a few bumps along the way. Not many governments [...]