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".
Bankers Pay Back?
Lord Turner, Chairman of the Financial Services Authority, has issued a warning to failed banks that they could be forced to repay two years worth of salary. Lord Turner has followed current US legislation as he has stated he feels that this would be an attractive option to deter banks from taking unnecessary or excessive risks in their business. Business Secretary, Vince Cable, has criticis...Read More
Moneyfacts website defends PPI
As Payment Protection Insurance (PPI) came under fire last month from the Office of Fair Trading (OFT) for lack of clarity, Moneyfacts has defended the scheme as "an invaluable safety net".PPI covers borrowers who find it difficult to manage loan and card repayments because of long-term illness or unemployment.The OFT demanded that the Competition Commission launch an investigation following compl...Read More
Olympics fail to Provide Economic Boost
Analysts have delivered a blow to the hopes that the Olympics would provide the UK with a major economic boost, after it was claimed that the event had not returned significant financial gains to the UK, after £9.3bn was spent in preparing for, and running the games. The construction sector did reap huge benefits from the preparation for the Olympics, and the games also provided a good chance...Read More
Jacqui Smith under serious pressure as heat turned up
Home Secretary Jacqui Smith is this evening sitting on the verge of resigning from her role as Home Secretary. She has become embroiled in a bitter battle of wills with regards to the lucrative expenses claimed by MPs throughout the UK. While already under investigation by the Commons standards committee, regarding her second home allowance, she has now become the subject of a detailed leak from P...Read More
IMF set to issue $1 billion loan to Ghana
The International Monetary Fund (IMF) has today confirmed that over $1 billion will be issued to the government of Ghana in order to stabilise the fragile economy. The country has seen a significant drop in the exchange rate, the budget deficit balloon out of control and an economy which is struggling more than most in the worldwide recession.
Ghana is the second largest cocoa produ...