BILL OF THE WEEK October 31, 2010 A DISTINCTLY unusual bill this week, courtesy of the Searcys champagne bar at St Pancras. Not because of the healthy amount of fizz consumed – seven bottles of high-quality stuff (a Billecart-Salmon Clos Saint Hilaire 1998, an Henriot Cuvee des Enchanteleurs 1988, and more from the Bollinger and Charles Heidsieck houses), plus a few cocktails and [...]
US economy in slim GDP rise October 29, 2010 US economic growth edged up as expected in the third quarter but not enough to chip away at high unemployment or change perceptions of more monetary easing from the Federal Reserve next week. Gross domestic product expanded at a two per cent annual rate as consumer spending rose at its fastest pace since 2006, the [...]
F&C boosted by jump in assets under management October 29, 2010 F&C Asset Management reported higher-than-expected assets under management in its third quarter, boosted by the takeover of rival Thames River and rising equity and bond markets. F&C said AuM swelled 13.5 per cent to £108.2bn in the quarter to September 30, beating analyst forecasts for between £105bn and £107.7bn after winning £600m of net new [...]
JJB hit with FSA fine October 29, 2010 Sportswear retailer JJB Sports has been fined £455,000 by the Financial Services Authority. JJB said the fine follows the end of an FSA probe into the company’s compliance with the regulator’s disclosure and transparency rules in the lead up to its interim results in September 2008. The 250-store JJB, which teetered on the brink of [...]
Total profit jumps on higher oil prices October 29, 2010 French oil company Total posted a 54 per cent profit rise as higher oil and gas prices and strong refining margins lifted industry earnings worldwide. Total said net income, excluding unrealised gains related to changes in the value of inventories, was 2.875bn euros in the third quarter, boosted by gains from selling oil fields. Stripping [...]
AIA float sees 17 per cent share surge October 29, 2010 AIA Group surged 17 per cent in its Hong Kong debut as investors, chasing exposure to Asia’s fast-growing life insurance business, piled into the record offering in the world’s hottest IPO market. The stronger-than-expected listing is a relief for bailed-out insurer American International Group Inc after a two-year effort to sell its Asian unit, including [...]
AIA float sees investors pile in October 29, 2010 AIA Group surged 17 per cent in its Hong Kong debut as investors, chasing exposure to Asia’s fast-growing life insurance business, piled into the record offering in the world’s hottest IPO market. The stronger-than-expected listing is a relief for bailed-out insurer American International Group Inc after a two-year effort to sell its Asian unit, including [...]
Mortgage aprrovals lowest since February October 29, 2010 Mortgage approvals came in slightly better than expected in September, but still fell to the lowest since February, Bank of England figures showed. The Bank of England said mortgage approvals numbered 47,474 in September, down from 47,498 in August. Analysts had forecast a reading of 46,000, and the equivalent measure from the British Bankers’ Association [...]
BA back in the black October 29, 2010 British Airways expects to deliver further growth in 2011 after posting its first profit in two years, helped by cost cutting and improved demand for premium class travel in the first half. BA, whose merger with Spain’s Iberia completes in January, on Friday reported a pretax profit of £158m for the six months to September [...]
Celebrating the best of the City October 28, 2010 Mayor of London Boris Johnson snapped up the most prestigious gong at CityA.M.’s inaugural awards ceremony last night. A panel of judges, made up of some of the most influential members of the Square Mile’s financial community, voted unanimously for Johnson to be personality of the year, saying that he was a “wild personality” and [...]