E.ON cuts prices for residential customers after Ofgem pressure March 8, 2010 ENERGY provider E.ON UK is to cut gas prices to residential customers by six per cent from 31 March, the company said yesterday. Around 1.9m monthly direct debit customers will benefit from a price cut of £42 a year, the utility said. Vulnerable customers on E.ON’s WarmAssist tariff will see larger cuts, with an estimated [...]
Forth Ports sees shares rise in hope of a new bid March 8, 2010 SHARES in bid target Forth Ports closed up 25 per cent amid expectation of a higher bid from a consortium of shareholders. The investors, called Northstream, who already own 27 per cent of the firm, had a bid worth 1,340p a share knocked back. But shareholders are holding out for a higher bid. The latest [...]
Business groups hit out at public sector strikes March 8, 2010 BUSINESS leaders hit out at 270,000 public sector workers who went on strike yesterday over plans to cap their redundancy pay. The dispute, involving workers from courts, tax offices, parliament and border controls, centres on changes to the civil service compensation scheme which would mean workers get less money if they are made redundant. It [...]
CITY VIEWS: SHOULD PUBLIC SECTOR WORKERS BE STRIKING OVER REDUNDANCY PAY? March 8, 2010 ASHLEY FINESILVER | AUSTRALIA BANK “I can see their point and think they have a right to go on strike provided it is for the right reasons and they are not being greedy. There are two sides to every story and redundancy pay is a very sore issue for everyone including those in the private [...]
Alico sale to MetLife gets the go-ahead March 8, 2010 METLIFE is to significantly bolster its international footprint after finalising plans to buy one of AIG’s foreign life insurance units, American Life Insurance Company (Alico) for $15.5bn (£10.2bn). The US insurance giant announced the deal yesterday and will pay $6.8bn in cash and a further $8.7bn in MetLife equity securities for Alico. “With this acquisition, [...]
What business can learn from the Avon lady March 8, 2010 LAST week I spoke to a convention of Avon sales representatives about being an “accidental” business person. The theme seemed to resonate. Many in the predominantly female audience were achieving business objectives without having ever really considered themselves to be “in business”. If you want to set yourself up in business with Avon, you can [...]
Chaucer moves into profit and looks to relocate thanks to “high” UK taxes March 8, 2010 Chaucer, the Lloyd’s of London insurer, has reaffirmed plans to move offshore by 2011 due to high UK corporate taxes. The announcement by chief executive Bob Stucherry came on the same day that the Group reported a pre-tax profit of £42m in 2009, compared with a loss of £26.2m the year before. Analysts said the [...]
Stagecoach revenues are back on track March 8, 2010 STAGECOACH revenues from fares at its rail businesses grew last year while poor weather hit its bus services. Like-for-like revenues at the transport company’s British rail services were up 2.1 per cent in the 40 weeks to 7 February. Meanwhile, Virgin Rail, in which it owns a 49 per cent stake, saw sales growth of [...]
BEST OF THE BROKERS March 8, 2010 LEGAL & GENERAL Nomura has reiterated its “buy” recommendation on Legal & General (L&G) ahead of its results. Nomura expects strong half- year results and have upgraded their earnings dividend forecasts. Nomura said last week there was a positive step towards the removal of a solvency threat to L&G’s annuity book. WPP Royal Bank of [...]
Hurricane specialist gears up for growth after stormy 2009 March 8, 2010 HURRICANE insurance specialist Chaucer had a stormy 2009. It raised £75m in a share placing; fought off two takeover bids; saw private equity house Pamplona become its biggest shareholder; and cleared out the boardroom. Luckily, the hurricane season was unusually calm, helping the Lloyd’s insurer back into the black. Gross premiums also rose by five [...]