UBS decides against pursuing its former directors in the courts December 15, 2009 SWISS bank UBS will not sue its former bosses after risky bets on subprime mortgages and a strategy of helping its US clients dodge taxes by hiding money in secret accounts brought the seemingly invincible group to its knees. Zurich state prosecutors also said they would not open criminal proceedings against UBS employees as there [...]
We’re suffering, says AIG boss December 15, 2009 EXECUTIVES from AIG have been personally struggling financially after the near collapse of the stricken insurance giant last year, chief executive Robert Benmosche said yesterday. But he was confident his firm would be able to pay off taxpayer bailout money in about two years. “Many people think there was no penalty for the executives at [...]
Harding walks to TalkTalk December 15, 2009 DIDO Harding, the former Tesco executive who heads Sainsbury’s convenience stores, is to join TalkTalk as its chief executive when it demerges from Carphone Warehouse. TalkTalk will be Britain’s biggest residential broadband provider when it splits from the retail arm of Carphone Warehouse next year. Harding, who previously held management positions at Thomas Cook and [...]
KPMG turnover falls 1.6pc as M&A weakness cuts tax take December 15, 2009 SERVICES giant KPMG saw UK revenues slip 1.6 per cent for the year to September as a decrease in corporate activity took its toll. The firm blamed fewer mergers and acquisitions for the marginal fall in turnover to £1.6bn. Operating profit was down 1.3 per cent to £382m in a tough year that began with [...]
CITY VIEWS: HAVE THE REVELATIONS ABOUT TIGER WOODS’ PRIVATE LIFE DAMAGED HIS BRANDING POWER? December 15, 2009 FLEMMING BENGTSE | STANDARD BANK “His golfing pedigree won’t be damaged, but commercially he has been a victim of his own success. His clean cut image has definitely gone and as such Nike may want to reconsider their position, like Gillette and Accenture.” ROB MARCHETT | TIKIT “I wouldn’t stop buying Gillette just because of [...]
Inflation continues to accelerate, fuelled by bumper energy prices December 15, 2009 INFLATION accelerated in November to a six-month high of 1.9 per cent as higher energy costs fuelled price rises and pushed the rate closer to the Bank of England’s two per cent target. The retail prices index (RPI), on which many wage negotiations are based, moved back into positive territory for the first time since [...]
Rate of repossessions rises as housing recovery slows December 15, 2009 ALMOST 14,000 Britons lost their homes in the third quarter of 2009 as mortgage lenders increased the rate of repossessions, the Financial Services Authority (FSA) revealed yesterday. Repossessions rose 2.8 per cent on the same period of 2008, but the FSA pointed out that the 13,987 properties taken back by lenders was five per cent [...]
Triple-A nations need to tighten before recovery December 15, 2009 MANY governments that currently enjoy triple-A ratings on their sovereign debt will be forced to implement credible fiscal consolidation programmes before their recoveries are fully secured, ratings agency Moody’s warned yesterday in its outlook for 2010. “It is very likely that most governments will not have the luxury to wait until 2012 to start cleaning [...]
Germans less upbeat December 15, 2009 GERMAN investor confidence declined for a third consecutive month, raising concerns about the outlook for recovery in Europe’s largest economy. The ZEW index of investor and analyst economic expectations fell to 50.4 in December from 51.1 the previous month. For the Eurozone as a whole, the economic expectations fell in December by 3.8 points to [...]
Swiss Life cuts dividend but raises key targets December 15, 2009 EUROPEAN insurer Swiss Life will cut its dividend payout ratio to between 20 and 40 per cent until at least 2012 in a bid to protect its balance sheet. Switzerland’s largest life insurer said the move would strengthen its capital base, an essential step, and restore its “A” credit rating. Currently Swiss Life aims to [...]