The comeback cad trying his luck in the Med March 2, 2010 JAMES Hewitt – former lover of Princess Diana, ex-solider, comeback cad – throws his head back and laughs at what I have just said. “Yes, I suppose this is like Rick’s in Casablanca,” he says when he recovers. “And everyone comes to Rick’s.” We are having dinner in a corner of Polo House, his bar [...]
Allied Irish Banks in first ever annual loss March 2, 2010 ALLIED Irish Banks posted its first ever full-year net loss, after being hit by a property market crash. The lender, in which the government last year acquired a 25 per cent indirect stake, said it was trying to improve its capital position. It posted a net loss of €2.3bn (£2.1bn) for the 12 months to [...]
Provident see profit slide March 2, 2010 PROVIDENT Financial posted lower-than expected profit in the full year as customers were more cautious in their borrowing habits during the recession. The firm, which specializes in loans to people who usually need to borrow less than £500 and pay it back in weekly installments, posted a 2.4 per cent drop in full-year pretax profit [...]
BBC axes radio stations in spending shake-up March 2, 2010 THE BBC has confirmed plans to axe digital radio stations 6 Music and Asian Network as part of a programming shake-up. Half of the sections on the BBC website are to be axed as part of the overhaul. The budget for US imports will be reduced by 20 per cent, under the measures. BBC Switch [...]
Persimmon back in profit March 2, 2010 HOUSEBUILDER Persimmon swung back into profit last year after writing up the value of its landbank by almost £75m. Pre-tax profits came in at £77.8m compared to a £780m loss in 2008 when lower property valuations took their toll as the sector was ravaged by the recession. The UK’s largest housebuilder completed 8976 homes last [...]
Sports Direct considers bid for Blacks March 2, 2010 SORTS Direct says it is considering a takeover offer for Blacks Leisure. Mike Ashley’s Sports Direct, which has brands including Slazenger and Dunlop, already owns almost 30 per cent of Blacks shares. It said it is “evaluating a possible cash offer for the entire issued and to be issued share capital of Blacks”. The company, [...]
EASTERN PROMISE March 1, 2010 PRUDENTIAL signed a gargantuan deal to buy the Asian assets of American International Group for $35.5bn (£24bn) yesterday, a move that will see it hold a heavily discounted rights issue in May. Chief executive Tidjane Thiam described the merger with American International Assurance as “transformational” as he announced the British insurer had the approval of [...]
EASTERN PROMISE March 1, 2010 HSBC yesterday showed a stronger commitment to emerging markets than ever before, as it revealed that Asia Pacific takings accounted for 130 per cent of headline profits and predicted growth of six per cent in the region over 2010. The bank’s operations in Asia, where one in two people bank with HSBC, posted a pre-tax [...]
Greece told to cut spending March 1, 2010 The European Union yesterday urged Greece to take extra austerity measures within days to tackle a fiscal crisis that has shaken the eurozone, and promised to help Athens overcome its debt problems. EU economic and monetary affairs commissioner Olli Rehn said after a day of talks with Greek leaders that financial markets will be convinced [...]
UK is facing chaos while Asia booms March 1, 2010 WHETHER or not Prudential is overpaying for AIG’s Asian operations remains to be seen. Shareholders, spooked by the prospect of Britain’s biggest-ever rights issue, sent the Pru’s share price tumbling yesterday. But what is not in doubt is just how important Asia is becoming to Britain’s most successful and ambitious companies – and just how [...]