Aviva focuses on Europe as rivals go east March 4, 2010 AVIVA’S heavy cost cutting and its successful flotation of Delta Lloyd has paid off as it announced a three per cent rise in operating profits for 2009. The British insurer recorded an end of year operating profit of £3.48bn, up from £3.37bn in 2008. Its Life business arm was a particularly strong performer increasing 11 [...]
Lego grows UK market share March 4, 2010 Toy brand Lego said yesterday that UK sales rose 28 per cent last year after its debut as a board games maker proved successful. The Danish group said it grew its share of the UK market to 4.6 per cent last year, which it said cemented its place as the country’s third largest toy manufacturer. [...]
MetLife gets AIG unit for $15bn March 4, 2010 A tax question holding up American International Group’s sale of its foreign life insurance unit to MetLife is expected to be resolved favourably, clearing the way for a roughly $15bn deal, sources familiar with the matter said yesterday. Timing on the deal for American Life Insurance has not yet been set, but it is expected [...]
ANALYST VIEWS: WHAT DID YOU THINK OF AVIVA’S END OF YEAR RESULTS? March 4, 2010 BARRIE CORNES | PANMURE GORDON “Aviva has reported 2009 results that were well ahead of consensus and above the top end of the range for MCEV and IFRS operating profit. Given the investment risk of the Prudential/AIA deal we recommend a switch into Aviva.” JAMES HUGHES | CMC MARKETS “In London, numbers from Aviva were [...]
Prudential and AIG bosses on charm offensive March 4, 2010 PRUDENTIAL boss Tidjane Thiam is leading a series of “town hall” meetings across Asia to promote his firm’s $35.5bn (£24bn) acquisition of American International Group’s Far Eastern arm. Along with AIG chief Robert Benmosche, Thiam yesterday reassured American International Assurance employees in Malaysia and Singapore there were no planned job cuts for customer-facing staff. Benmosche [...]
Ashcroft is in clear after donor probe March 4, 2010 LORD Ashcroft was yesterday cleared of making illegal donations to the Tory party. The Electoral Commission said that £5.1m of donations made through one of Ashcroft’s firms were “legal and permissible”. Following a fourteen month investigation, the commission concluded that Bearwood Corporate Services was “carrying on business in the UK” – a key condition for [...]
Scottish & Southern cuts prices March 4, 2010 SCOTTISH and Southern Energy (SSE) became the second British energy supplier to cut gas prices, lowering household bills by between 4-9 per cent from 29 March, the utility said yesterday. Its planned pricing adjustments equates to a four per cent or £30 reduction in annual gas bills for standard credit or direct debit customers. Single [...]
London firms prepare for modest recruitment rise March 4, 2010 LONDON employers are not expecting to significantly increase headcount within the next three months, according to new research. Recruitment and outsourcing specialist Manpower found in its quarterly survey that London employers were looking at slow-paced recruitment growth of about two per cent. The survey, which speaks to 2,102 employers across the UK, found that companies [...]
Toyota quick fix may not have worked March 4, 2010 A FRESH wave of pain is threatening to submerge troubled carmaker Toyota after complaints its “quick fix” on faulty accelerators may have failed. At least 10 complaints have been lodged claiming the fault that led to the recall of more than nine milion cars worldwide was still present after being serviced. The US National Highway [...]
China Development Bank to review Barclays tie-up March 4, 2010 CHINA Development Bank (CDB), a former policy lender that has become a commercial bank, yesterday said it will review its strategic tie-up with Barclays, including its equity stake in the British bank. “We are now reviewing our ties with Barclays,” China Development Bank president Jiang Chaoliang said on the sidelines of the Chinese People’s Political [...]