NICK PRETTEJOHN is to become the new head of Prudential's insurance business by January when current head Mark Wood leaves.
Prettejohn has been chief executive of Lloyd’s since 1999, while Wood has been in his current position at Pru for some four years. Earlier this year Mark Tucker was poached from HBOS to be Pru’s chief executive.
The Times notes Tucker’s comments that Prettejohn has experience of implementing “strategic change” – Tucker, of course, was brought in after former cheif exectuive, Jonathan Bloomer, left under a cloud, including a £1bn rights issue that was not executed to the total satisfaction of some institutional shareholders.
OIL PRICES AND protectionism are threatening world economic growth, according to a statement released at the end of a meeting in China of the so-called G20 group of rich and developing economies, reports The Scotsman
The meeting also resulted in commitment to energy efficiency drives, which also includes countries such as the US and Saudi Arabia – the biggest user and producer respectively of oil – committing to alternative energy sources.
The danger of not looking to ways of dampening the effects of oil prices could be rising inflation, which could choke off global economic growth, the G20 fears.
THAT HIGH OIL price factors as a major reason for criticising Chancellor Gordon Brown’s reaction to the slowing UK economy, criticism outlined by a report from the Ernst & Young Item Club, reports The Scotsman.
The think-tank said Brown could not just blame a high oil price for the estimated halving of the UK’s economic growth rate this year, as previously pegged by the treasury at about 3%.
Instead of dealing with declining consumption – which has propped up the economy in recent years – the Chancellor chose to ‘dress up’ UK finances ahead of the election, the "Club" argues.
Figures quoted by The Daily Telegraph today suggest retailers are facing their worst Christmas in two decades.
The forecast from Verdict Research suggests in value terms shopping will be up just 2.1% in the last three months of this year against the same period last year.
NEW STAR, the asset manager founded by John Duffield, is set to be valued at about £600m when it floats on the AIM market next month, The Scotsman writes.
Directors and employees will place about 5% of their shares, or about 3% of the company’s share capital in the IPO, with the remainder subject to lock-in arrangements running into 2009.
Duffield is not expected to sell any shares, the paper quotes a spokesperson.
Institutional investors, which hold about 40% of the company’s shares, will be free to buy and sell following the listing.
PENSIONS ARE IN the limelight for a different reason today, with The Times reporting work and pensions secretary David Blunkett faces a Tory challenge over a relationship struck up in a Mayfair club.
Estate agent Sally Anderson is claiming that her contact with the Secretary of State came about because of encouragement from the manager of a paternity testing company, where Blunkett was a director while on the backbenches following the public breakdown of a previous relationship.
Although the company, DNA Biosciences still does not have a laboratory in the UK, it was put on a list of 11 centres approved for paternity testing by the Department for Constitutional Affairs in 2003, the paper writes.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Jonathan Boyd on 020 7484 9769 or email [email protected].IFAonline
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