FSA says banking trading warrants tougher action August 25, 2010 ENDING the regulatory dividing line between a bank’s trading and core books would price risk better and help avoid public bailouts sparked by the financial crisis, the markets watchdog said yesterday. The Financial Services Authority unveiled a 126-page discussion paper looking at approaches to tightening up the rules, that would prevent banks from exploiting differences [...]
ABI struggles to save UK insurers from US rules August 25, 2010 UK life insurers could be hit with tens of millions of pounds of costs if they are forced to comply with tough regulations on tax evasion being drafted by US authorities. Companies such as Aviva, Old Mutual and Prudential would be forced to report the tax details of their US account holders every year under [...]
Tullow slides on Ugandan project delay August 25, 2010 OIL explorer Tullow faced tough questions over its plans in Uganda yesterday, as shares dipped despite a 152 per cent increase in pre-tax profit in the last six months. Its $10bn (£6.6bn) project on oil fields once owned by Heritage stalled in January, after the Ugandan government disputed Heritage’s capital gains tax payments on the [...]
ANALYST VIEWS: WHAT DO TODAY’S RESULTS MEAN FOR TULLOW? August 25, 2010 JONATHAN JACKSON | KILLIK The interim results from Tullow were in line with expectations. However, the commentary on Uganda is less positive. While today’s news is frustrating, we believe the potential upside from the region remains intact. IVOR PETHER | ROYAL LONDON ASSET MANAGEMENT There isn’t an awful lot to say about the results, but [...]
Dublin in row with S&P due to downgrade August 25, 2010 A ROW broke out between S&P and Ireland yesterday after the country accused the credit rating agency of “flawed” analysis of its debt position. The war of words broke out after S&P cut its rating for Ireland by a notch to AA- after the markets closed on Tuesday night and placed the country on a [...]
Why are the Irish banks still in such a mess? August 25, 2010 IRISH banks seem unable to shake off the financial crisis, in fact they seem to be in worse shape now then at the start of the year. The main casualty is Anglo Irish Bank, which threatens to squash the economic recovery under an estimated €24bn of bad loans. It has already caused credit rating agency [...]
Deloitte upbeat despite lower partner profits August 25, 2010 DELOITTE, one of the Big Four accountancy firms, has seen UK revenues fall for the second year in a row in the face of challenging markets and a difficult economic environment. The global firm posted £1.95bn in UK revenue for the year ended 31 May, marking a £16m fall from last year. “Despite a second [...]
BHP Billiton stands firm on Potash bid August 25, 2010 INDUSTRIAL giant BHP Billiton posted bumper profits in nearly all areas of its business yesterday, as chief executive Marius Kloppers remained confident over the firm’s $40bn (£25.9m) offer for Canadian fertiliser group Potash. “I have heard all the speculation, but I have only seen one bid on the table. Given the all-cash nature of what [...]
Hammonds in merger talks with American legal rival August 25, 2010 UK law firm Hammonds confirmed yesterday that it is in merger talks with American rival Squire Saunders & Dempsey, marking an increasing trend of trans-Atlantic consolidation within the legal sector. Discussions between the two legal outfits are at an early stage, but should they merge, the consolidated firm is expected to generate annual revenue of [...]
Crystal: Grade still the wrong leader August 25, 2010 Rogue shareholder Crystal Amber has continued its campaign against Pinewood chairman Michael Grade despite the film-studio upgrading its expectations for the year. Crystal Amber has waged a campaign against Grade, whose stewardship of the firm and track record has been called into question. Yesterday a spokesman told City A.M.: “We are pleased to see there [...]