Lloyds bank set to disinvest stake in esure
Lloyds bank has today revealed plans to sell off its 70% stake in esure at a price which is believed to be in excess of the current book value of £185 million. It is believed that Peter Woods, co-founder and chairman of esure, is to acquire the stake via a new holding company. Those who follow the insurance market may be aware that Peter Woods, originally famed because of his Direct Line insurance creation, set up the esure business with HBOS back in 2001.
However, since HBOS became part of the Lloyds bank group there has been friction between Peter Woods and the Lloyds bank management and the sale of the Lloyds bank stake was expected by many. Esure is a well-known insurance brand in the UK and is also the owner of the infamous Sheilas Wheels brand with its array of striking adverts on the TV.
The company specialises in various niche markets and has made an excellent name for itself with profits topping £38 million in 2008. Quite what Peter Woods has in store for the future remains to be seen but he appears relieved to be on the verge of taking total control of his "baby".
Santander confirms 400 new UK jobs
Spanish banking giant Santander, the owner of Abbey, Bradford and Bingley and the Alliance and Leicester, has today confirmed a further 400 new jobs in the UK. The 400 jobs will be in call centres in Liverpool, Leicester and Glasgow and are on top of the 600 jobs announced in July. It seems that Santander is now making a major push for the UK market at a time when many UK banks are pulling back on...Read More
Northern Rock shareholders lose appeal case
The band of Northern Rock shareholders who took the UK government to court demanding compensation for their shares have today lost the first stage of their appeal against a recent ruling which backed the government's stance. The situation revolves around the financial health of Northern Rock before and after it was placed into administration by the UK government.
The UK government i...
British Airways gets tough with cabin crews
British Airways has taken a very tough stance with cabin crews who are threatening to go on strike this week over changes in working practices. Historically British Airways cabin crews have received discounts of up to 90% on their air travel costs but the company is suggesting that those who take strike action next week may well be stripped of their perks. This is the latest development in the...Read More
Disabled holidaymakers advised to check travel insurance
Disabled holidaymakers have been advised to check their travel insurance to make sure it covers key areas. Brian Seaman, head of consultancy at Tourism for All, said individuals with a disability should ensure they have enough medication with them to last the trip and to check any accommodation they plan to stay in has sufficient facilities to cover their needs. He noted: "You may need to ask a fe...Read More
FTSE 100 bounces on Chinese stimulus package hopes
After a disastrous few days the FTSE 100 index rebounded 3.8% today as traders became aware of the potential for a new Chinese stimulus package which could, along with the US stimulus package, stop the sharp decline in the worldwide economy. Stock markets around the world rallied although there is some scepticism in the Far East as to whether the Chinese authorities are ready to announce a massive...Read More