CITY VIEWS: DO YOU FEEL THAT WE ARE OUT OF RECESSION? January 26, 2010 DAVID BAINES | GLOBAL REINSURANCE “I think there are more shocks ahead. People tend to focus on the good news. With today’s announcement people could get carried away and fail to spot the next big shock. I suspect there are dark days ahead.” FRANK SPORTEILLO | NYSE “I certainly don’t feel that we’re out of [...]
Insurers say UK taxes may cause exodus January 26, 2010 INSURERS yesterday warned they could quit Britain unless the government cuts their tax burden as ministers unveiled plans to crack down on corporate tax evasion and improve the tax regime for firms with overseas operations. More companies may join the ranks of those who have already decided to move from the UK to financial centres [...]
Sage reduces debt but sales stay subdued January 26, 2010 BRITISH accountancy software firm Sage Group said yesterday it was trading in line with its own expectations, as growth in subscriptions continued to offset subdued software and software-services markets. Chief executive Paul Walker said he had seen no change in the challenging market conditions in the first quarter, but the group’s large, geographically diverse, customer [...]
Severn Trent sales stable January 26, 2010 RECESSION-hit water customers are getting to grips with bad debts and have eased efforts to cut back on water use, utility Seven Trent said yesterday. Debt owed to the firm by customers stayed at about 2.3 per cent of turnover between 1 October last year and 25 January, the level at the end of the [...]
Ugandan oil field deal worth $1.35bn gets seal of approval January 26, 2010 HERITAGE Oil said yesterday its shareholders had approved the proposed $1.35bn (£835m) sale of its Ugandan assets to either FTSE 100 oil explorer Tullow Oil or Italian rival Eni, as the bidders’ race to secure the support of the country’s government begins to hot up. Well over 99 per cent of Heritage’s investors voted to [...]
Boutique banks feel the benefit of bonus row, City recruiters say January 26, 2010 MAJOR City banks are increasingly losing talented staff to boutique rivals as a result of the bonus row and the flood of more negative sentiment towards larger institutions in the banking sector, recruiters warned yesterday. City headhunters have seen a marked jump in the volume of enquiries about smaller players recently, after the official crackdown [...]
Cheery 2010 for De La Rue as profits rise January 26, 2010 THE world’s largest printer of banknotes yesterday announced robust trading. De La Rue said in its interim management statement that it was confident in its outlook for the rest of the year. It said trading was well ahead of the previous year, although it did not release any figures. Its preliminary results are due to [...]
Aer Lingus changes pricing January 26, 2010 LOSS-MAKING Irish carrier Aer Lingus yesterday took a step closer to the no-frills model of rival and onetime suitor Ryanair with the extension of extra charging under a plan to boost revenue. The former state airline drew a muted response from investors with its offer of basic ticketing plus top-up fees for meals, access to [...]
Buffett takes Munich Re stake for $1bn investment January 26, 2010 BILLIONAIRE US investor Warren Buffett has built a $1bn (£619m) stake in Munich Re, boosting his insurance holdings by taking a three per cent stake in the world’s biggest reinsurer. Munich Re said yesterday Buffett’s shareholding rose just above the mandatory reporting threshold on 18 January and amounted to 3.045 per cent of voting rights [...]
BSkyB wins £200m case against EDS January 26, 2010 RUPERT Murdoch’s satellite broadcaster BSkyB has won a five-year legal wrangle with Electronic Data Systems over an ill-fated IT project. In a decision that could see EDS forced to pay out more than £200m, a judge said EDS lied to Sky to secure a contract to work on the company’s overhaul of its customer service [...]