Hodges to head Aviva UK as insurer announces management reshuffle October 6, 2009 Aviva yesterday announced that its head of UK life insurance Mark Hodges is to become chief executive of its entire domestic business, bringing all its UK life and non-life operations under one leader. The move is part of a management shake-up which has been prompted by the retirement of Aviva’s chief executive of North America, [...]
CITY MOVES WHO’S SWITCHING JOBS October 6, 2009 ThreadneedleThe asset management firm has appointed Kris Haber as global head of hedge funds and head of the North American business. Haber, who will report directly to the firm’s chief executive Crispin Henderson, joins after a 13-year spell working for Lazard Asset Management, where he was most recently a managing director for global alternative investments. [...]
BY TORY CUTS MUST GO FURTHER, SAYS CITY October 6, 2009 ECONOMISTS yesterday welcomed Tory plans to cut public spending by £23bn over the next parliament, but warned that the party would need to make much deeper cuts to plug the massive budget deficit. Speaking at the Tory party conference in Manchester, shadow chancellor George Osborne set out plans to shave £7bn a year from existing [...]
Gold surges as traders ditch dollar October 6, 2009 THE PRICEof gold surged to an all-time high of over $1,040 a troy ounce yesterday, as falls in the USdollar caused investors to go on the hunt for alternatives. A surprise interest rate rise in Australia contributed to the US currency falls, as the higher yields on offer Down Under caused traders to ditch the [...]
Economy flat in UK but… October 6, 2009 BRITAIN’S economy failed to expand in the third quarter of 2009, a leading think tank forecast yesterday, dashing hopes that the UK would start to experience modest growth. The National Institute for Economic and Social Research (NIESR) said that the disappointing figures were because of much weaker than expected industrial production in August. Figures from [...]
Osborne’s cuts are merely the first step October 6, 2009 IT was Philip Hammond, the Tory shadow chief secretary to the Treasury, who put it best last night. He readily explained that the package of spending cuts and reforms outlined by his party yesterday were only a start and that there would be more to come. His frankness came as something of a relief after [...]
SocGen ready to repay aid October 6, 2009 SOCIETE Générale launched a €4.8bn rights issue yesterday as it seeks to repay €3.4bn (£3.1bn) worth of state aid and build a war chest for possible acquisitions. The bank joined French rival BNP Paribas in seeking to exit government support, saying that the cash call would allow it to pursue “external growth opportunities”. However, SocGen [...]
…FTSE gains 2.3 per cent October 6, 2009 BRITAIN’S top share index closed 2.3 per cent higher yesterday – its biggest gain since mid-July – as heavyweight commodity and bank issues rallied on renewed hopes over the gathering pace of the global economic recovery. At the close, the FTSE 100 was up 113.65 points at 5137.98, after closing 0.7 percent higher on Monday. [...]
Treasury appoints Alastair Clark October 6, 2009 The Treasury has announced the appointment of ex-Bank of England director Alastair Clark as senior adviser on financial stability issues, working two days a week. Clark has worked at the BoE since 1971, in a variety of roles, including executive director of financial stability and adviser on the financial sector to the governor Mervyn King.
Pepsi bottling profit fizzes October 6, 2009 Pepsi Bottling Group reported a slightly-better-than-expected quarterly profit yesterday, but revenue fell short of Wall Street estimates, hurt by lower volume in the United States, Canada and Europe. Pepsi Bottling said net income rose to $254m (£160m), or $1.14 per share, in the third quarter, from $231m, or $1.06 per share, a year earlier. Net [...]