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The Business Matrix: Wednesday 2 April 2014
Pru chief picks up £8.6m paypacket
Prudential’s chief executive, Tidjane Thiam, picked up £8.6m in pay and benefits last year as the insurer met its long-term targets. He was handed a salary of just over £1m, with most of his pay made up of long-term incentives. The Pru’s US boss, Mike Wells, received almost £12m.
Stronger pound dents exports
The stronger pound is taking its toll on an export-led recovery, with overseas orders growing at their most sluggish pace for almost a year in March. The latest Chartered Institute of Purchasing & Supply/Markit snapshot of manufacturing activity – where a score over 50 signals growth – eased from 56.2 to 55.3.
Balderton fund raises £183m
Balderton Capital, one of the UK’s best-known venture capital firms, which has backed LoveFilm, Betfair and Wonga, has raised $305m (£183m) in its fifth fund targeting European technology start-ups. The firm has backed the hotel booking site Top10.com and GoCardless, which helps people to use direct debit payments online.
Icap’s global broking takes hit
Icap said revenue from its global broking division fell 14 per cent during the final two months of its year to 31 March. It said trading activity in the division had fallen consistent with market trends, reflecting a slowdown in some financial markets. But its electronic markets unit benefited from volatility around US tapering.
EU jobless total stays high
The unemployment rate across the eurozone remained stubbornly high at 11.9 per cent in February – unmoved since October – despite a 35,000 fall in jobless numbers to 18.97 million. The lowest rates were in Austria and Germany, although Greece and Spain still have unemployment of 27.5 per cent and 25.6 per cent.
Misdeeds may haunt banks
The cost of past financial misdeeds such as the Libor and foreign currency scandals “could be a larger and more uncertain headwind” for the capital position of banks than previously thought, according to the minutes of the Financial Policy Committee’s latest meeting.
Stagecoach keeps rail franchise
Stagecoach has secured an extension of the East Midlands rail franchise through to October 2015. The group has operated the franchise since November 2007, covering routes between London and towns such as Derby, Sheffield, Nottingham and Manchester.
Aberdeen plans cost cutting
Aberdeen Asset Management plans to slash costs after seeing net outflows of £3.9bn from its funds in the first two months of the year due to emerging markets weakness. But money leaving its funds slowed in March, with outflows expected to be around £200m last month.
Findel profits forge ahead
The home shopping firm Findel forecast its annual profits will be “substantially” ahead after second half sales jumped 4.7 per cent. Sales at its two biggest divisions, Express Gift and Findel Education, surged 9.7 per cent and 6.2 per cent respectively.
Rathbone buys Jupiter business
Wealth manager Rathbone Brothers has snapped up two private client businesses from Jupiter Asset Management and Tilney Asset Management. It is paying £43.1m for the Jupiter business which has £2bn under management.
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