Profit fall at Friends August 8, 2008 Shares in Friends Provident tumbled almost five per cent yesterday as the troubled life assurer disappointed investors by posting a 20 per cent fall in profit while failing to complete the sale of its non-core units. Friends Provident, which has been overhauling its business since the start of the year, said it had not yet [...]
Nomura in bid talks with Collins Stewart August 8, 2008 Cash-rich Japanese bank Nomura is believed to be in talks with small cap stockbroker Collins Stewart, while Australian bank Macquarie and Israeli multi-national Delek Capital, a subsidiary of Israeli conglomerate Delek, are also understood to have shown an interest in acquiring the broker. Collins Stewart said on Wednesday that it had received a preliminary approach, [...]
Passengers desert BA for cheap rivals August 7, 2008 British Airways carried 94,000 fewer passengers in July than in the same month last year. The airline blamed high oil prices, subsequent ticket price increases, and the worsening economic environment. The drop, during what is traditionally peak-season, came from non-premium ticket sales. Passenger load factor – the measurement of how full flights are – dropped [...]
Standard Life boosted by pension sales August 7, 2008 Standard Life announced soaring first-half profits yesterday as it increased pension sales worldwide. Operating profit at the Edinburgh based insurer rose 51 per cent to £535m in the first half, fuelled by pension sales and the transfer of £6.7bn of annuity liabilities to Canada Life International Reinsurance. Worldwide life and pensions new sales rose 5 [...]
Investor backs Michael Page directors August 7, 2008 Michael Page, the recruitment firm that received an approach this week from Swiss rival Adecco, is worth “significantly” more than its current share price, its biggest shareholder said yesterday. Standard Life investment director of UK equities Lesley Duncan said: “We are fully supportive of Michael Page’s management. The strategy they have been pursuing will, we [...]
Freddie Mac posts fourth loss in a row August 7, 2008 Freddie Mac, the US mortgage giant whose near-collapse led US Treasury Secretary Hank Paulson to introduce emergency rescue measures for banks, announced losses of $821m (£421m) in the second quarter yesterday. It was the company’s fourth successive loss, as increasing numbers of homeowners failed to make loan repayments in the worst US housing slump since [...]
Bid looms for Terry Smith’s London bank August 7, 2008 Stockbroker Collins Stewart gets a £250m takeover approach from mystery bidder Small cap stockbroker Collins Stewart, founded by City veteran Terry Smith, has received a preliminary takeover approach from a mystery bidder thought to be at between 110p-115p a share. Shares in Collins Stewart, which have lost nearly half their value in the last six [...]
Why running a spreadbetting giant is just the ticket for this maths buff August 7, 2008 The boss of IG tells Katie Hope how volatile financial markets are boosting his industry Question: what do mathematicians and spread-betters have in common? Answer: quite a lot, it turns out, as exemplified by the man at the very top of the UK’s largest spread betting and contracts for difference firm IG Index. Tim Howkins, [...]
Michael Page rebuffs bid from Adecco August 6, 2008 A bid significantly above £1bn will be needed to secure recruitment firm Michael Page, analysts said yesterday, as Swiss rival Adecco confirmed an approach. Adecco’s bid approach, which it said was at an early stage, was believed to be around 350p a share, a level deemed too low by analysts. “On valuation ,(the) rumoured 350-370 [...]
L&G rises despite fall in first half profit August 6, 2008 Legal & General saw its first-half profits plummet after stock market volatility wiped out the value of its investments, but the group’s shares climbed as it grew new business by 8 per cent. Under European Embedded Value accounting rules, first half post-tax profits fell from £672m to £56m, taking into account the fall in L&G’s [...]