Ex-AIG chief Sullivan to head risk at Willis September 8, 2010 Former AIG chief executive Martin Sullivan, who was ousted three months before the US government bailed the insurer out, is joining Willis Group, the London-based insurance broker said yesterday. Sullivan will head a new unit that will oversee brokerage and risk management advisory services for Willis’ multinational and global accounts. He will also be deputy [...]
Cable says Diamond appointment shows risks in banking sector September 8, 2010 Business minister Vince Cable said Bob Diamond’s rise to the top post at Barclays bank highlights the task the government faces in trying to make the banking sector safer. “We are worried about this combination of the casinos and the traditional banking,” Cable, a Liberal Democrat in the Conservative-led coalition administration, told BBC radio. Cable [...]
UK industrial output up 0.3pc September 8, 2010 UK industrial output was up 0.3pc in July compared with the previous month. Manufacturing output also maintained a healthy pace of growth, rising 0.3pc. Recent surveys – particularly the purchasing managers index – suggested that momentum has slowed a little over the summer. The three-month on three-month rate of growth in manufacturing eased to 0.9 [...]
House prices in slim rise in August September 8, 2010 House prices rose 0.2 per cent in August mortgage lender Halifax has said. Prices rose 4.6 per cent up in the three months to August compared with a year ago and took the average price of a home to £167,953 – nine per cent above its low in April 2009 but still 16 per cent [...]
Japan to tackle soaring yen September 8, 2010 The Japanese yen has hit a new 15-year high against the dollar, despite hints that the government will take action to curb its strength. It rose to 83.4 yen versus the dollar, adding to fears that Japanese goods are becoming uncompetitive. Japan’s finance minister Yoshihiko Noda, had suggested that he would take measures to push [...]
Dana Petroleum turns down hostile bid from KNOC September 8, 2010 Dana Petroleum has rejected a hostile £1.67bn bid from Korea National Oil Corp, citing an independent valuation that said the explorer was worth considerably more. Dana also unveiled the acquisition of North Sea assets from Canada’s Suncor for £240m. Last month KNOC made its 1,800 pence bid direct to Dana’s shareholders after failing to convince [...]
Foster’s rejects £1.6bn bid for wine business September 8, 2010 Foster’s Group, Australia’s largest brewer, knocked back a private equity offer worth up to $2.5bn (£1.6bn) for its wine business as too cheap, but the approach could spark offers for the entire group. The unexpected bid for the world’s second-largest wine business pushed Foster’s shares up six per cent on hopes of better offers for [...]
Barratt warns of tough times despite profit rise September 8, 2010 Housebuilder Barratt Developments said wider economic fears and the lack of mortgage finance meant the market for new housing was still challenging as it reported a jump in profits. House prices fell much faster than expected last month, according to a monthly survey from mortgage lender Nationwide, stoking concerns that the country could be headed [...]
Vodafone sells stake in China Mobile for £4.2bn September 8, 2010 Vodafone has made $6.5bn (£4.2bn) in cash following the sale of its 3.2 per cent stake in China’s biggest wireless operator, China Mobile. The buyers of the stake have not been identified. The 643m shares, listed on the Hong Kong stock exchange, were offered at a 3.4 per cent discount to the market price.
Exodus fears as banks reshuffle September 7, 2010 A SHAKE-UP at the helm of two of the UK’s largest banks is fuelling fears that the country could lose its top banking institutions overseas due to an over-zealous approach to regulation of the industry. Barclays yesterday shocked the markets by appointing Barclays Capital boss Bob Diamond to run the business. Current chief executive John [...]