Ex-AIG execs to pay $16.5m August 6, 2009 THE FORMER chief executive of AIG, Maurice “Hank” Greenberg has agreed to pay $15m (£9m) to settle government allegations that he cooked the books to inflate the stricken insurer’s earnings. AIG’s former chief financial officer Howard Smith has also agreed to pay $1.5m to settle Securities and Exchange Commission (SEC) charges relating to his and [...]
Royal Bank of Scotland to return to profit despite new writedowns August 6, 2009 ROYAL Bank of Scotland (RBS) is expected to return to profit today, as it reveals first half profit figures. The bank, which recorded a UK record loss of more than £24bn for 2008, is predicted to reveal first-half pre-tax earnings of £1.2bn, despite impairment charges expected to total £7.9bn. Chief executive Stephen Hester is also [...]
BRUNSWICK CAUSES A STIR WITH PUBLIC AFFAIRS ROLE IN BRUSSELS August 6, 2009 A COUP for City PR outfit Brunswick, which is on the cusp of a lucrative new contract to advise HSBC on its public policy over in Brussels. Brunswick boss Alan Parker has long been chummy with HSBC chairman Stephen Green, so the tie-up shouldn’t come as too much of a surprise. But though some in [...]
Friends Reunited was a squandered opportunity August 6, 2009 THERE’S a recession on, stupid. That was the response Michael Grade gave yesterday when pressed on why the broadcaster flogged its social network Friends Reunited for just £25m, having bought it for £170m less than four years ago. That the downturn has dented the value of the site, along with virtually every other media business, [...]
Advertising slump pushes ITV into red August 6, 2009 INCUMBENT ITV chairman Michael Grade yesterday remained tight-lipped as to any progress made on appointing a successor, as the broadcaster revealed the deepest advertising slump on record had pushed it into the red over the first half. ITV reported a £105m loss for the six months to end of June, after it lost £108m, or [...]
CITY VIEWS: FOLLOWING POOR RESULTS, WHAT ARE YOUR VIEWS ON ITV? August 6, 2009 BENJAMEN PAGE WILLS & CO“They need to commission better programmes if they want to improve but to be honest I think digital is too great a competitor to them these days.” JAMIE MACKINNON BROKER“I think they will be around forever and I still watch their programmes. I’m a big Corrie fan so I won’t give [...]
Virgin Media customers are spending more as the firm mulls a London listing August 6, 2009 VIRGIN Media yesterday said it had narrowed its losses after customers spent more on its services and that it was in talks about listing in London later this year. The firm said its net loss had narrowed to £49m from a £449m loss a year later, when the firm was forced to take a writedown [...]
Cost cutting aids profits for Thomson Reuters August 6, 2009 NEWS and financial data publisher Thomson Reuters reported a better-than-expected second quarter profit yesterday, helped by cost cuts. The firm stood by its forecast that revenue would grow in 2009 and that its profit margin would be similar to last year’s as markets stabilise. However, chief executive Tom Glocer said that the fallout from the [...]
Aviva plans Dutch listing of Delta Lloyd August 6, 2009 INSURER Aviva saw its shares rocket yesterday after it said profits recovered strongly in the first half as it unveiled plans to offer 25 to 30 per cent of its Dutch unit Delta Lloyd to markets in a move that could raise €1bn (£855m). Shares of the firm surged by 9.7 per cent after the [...]
RSA boosts dividend despite a massive drop in its profits August 6, 2009 RSA INSURANCE yesterday posted pre-tax profits down 24 per cent in the first half of the year, as it unveiled a seven per cent dividend hike that it said underlines its positive outlook. The general insurer, which operates the “More Than” brand in the UK, posted profits of £301m, compared to £395m made in the [...]