A GAGGLE OF SENIOR EXECUTIVES at Royal & Sun Alliance are set to be axed after the publication of a ...
A GAGGLE OF SENIOR EXECUTIVES at Royal & Sun Alliance are set to be axed after the publication of a report by consultants McKinsey and Accenture, drawn up at the behest of chief executive Andy Haste, and as part of the deal to secure a £900m rights issue, says The Daily Telegraph.
Details of the company's plans to return to growth are expected when results are announced on Thursday this week.
A rights issue fell off the rails last year, the paper adds, because shareholders would not back then chief executive Bob Mendelsohn, and the company was instead forced to sell assets, including its Australasian business.
However, analysts say more cash is needed to enable the company to take advantage of the current booming underwriting market, the paper says.
ABERDEEN ASSET MANAGEMENT IS set to declare victory in the battle to take over Edinburgh Fund Managers, says The Scotsman today.
A £30m all-share deal is set to be announced this week, the paper writes, which means ISIS Asset Management and Britannic Asset Management have stumbled at the last hurdle.
The EFM brand will be retained, with the retail and unit trust business being hived off to New Star for another £30m.
Aberdeen will then have to persuade the boards of the 10 remaining investment trusts to retain the EFM mandate, as all have clauses requiring a review of mandates in the event of a takeover of the management.
INTEREST RATES ARE set to remain unchanged across Europe when central bankers meet later this week to set rates for another month, says The Times.
Concerns over levels of household debt in particular are likely to encourage the retention of the European Central Bank's key 2% rate and the Bank of England's 3.5% base rate, the paper says.
Further cuts in the UK are unlikely because it would only encourage further levels of borrowing, the paper quotes analysts.
TAX LAW CHANGES being suggested in Germany could cost the country's insurers billions in extra tax costs at a time when most are struggling to recover from the worst bear market in more than half a century, says the FT today.
The matter forced Munich Re, the world's biggest reinsurer, to take a huge 1.1bn euro tax hit in its figures reported last week.
However, that action has split the German insurance community down the middle because many firms are loath to take the tax hit to their balance sheets ahead of the new rules actually becoming law.
Many believe the new rules can at least be watered down through lobbying MPs in the Bundestag, but Munich Re's action means the industry cannot now present a unified argument against the new taxes.
At stake are changes to capital gains taxes and the use of Spezialfonds, or wrappers used to minimise tax liabilities.
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