Aviva USA sale grows by $800m October 2, 2013 Insurance group Aviva has completed the sale of its American business, Aviva USA, to Athene Holding for $2.6bn (£1.7bn). The deal comes in $800m higher than the $1.8bn that was announced in December resulting from increased estimated earnings for the American business. “This is a solid outcome with transaction proceeds of $2.6bn. The sale of [...]
Firms to invest during recovery October 2, 2013 Britain’s recovery should prompt firms to invest, boosting hiring and increasing wages, Bank of England governor Mark Carney said yesterday. He reaffirmed his pledge not to consider raising interest rates until unemployment falls to seven per cent or inflation creeps up again. But his upbeat message on business investment could strengthen market expectations that this [...]
Solvency II measures delayed October 2, 2013 European insurance rules that have already cost British businesses at least £3bn have been delayed yet again, Brussels officials said yesterday, amid speculation they will never be implemented. The Solvency II measures, which substantially increases insurers’ capital requirements, will now not come into force until at least 1 January 2016. “There is still no guarantee [...]
What the other papers say this morning – 3 October 2013 October 2, 2013 FINANCIAL TIMES FBI raid $1bn Silk Road black market US authorities have seized more than $3m worth of Bitcoins after closing down Silk Road, the online marketplace that allegedly allowed more than a billion dollars of illegal drugs and illicit services to be bought using the virtual currency. As part of the raid, the Federal [...]
Draghi: This is no time for a spending spree October 2, 2013 EUROZONE governments must not relax their efforts to cut deficits just because of hints of an economic recovery, Mario Draghi warned yesterday. It came as ratings agency Standard and Poor’s said it fears complacency among Eurozone politicians. The President of the European Central Bank (ECB) said the recovery is gathering pace in part because governments [...]
BlackBerry eyed by rival bidders October 2, 2013 BLACKBERRY’S stock slide was halted yesterday as reports of further interested parties in the struggling handset maker emerged. Last month BlackBerry accepted a tentative $4.7bn (£2.9bn) buyout offer from Fairfax Financial Holdings after the Canadian firm warned that it expected to report a $950m loss in its second quarter results. Private equity group Cerberus Capital [...]
Ronson seals refinancing for Heron Tower October 2, 2013 PROPERTY tycoon Gerald Ronson’s Heron International is to keep the keys to the Heron Tower in the City after its owners yesterday completed a five-year £370m refinancing deal with Starwood Capital. The US private equity firm is understood to have agreed to provide a £270m loan while the tower’s shareholders, including Ronson, the State General [...]
Hannam’s Afghan deal as court date arrives October 2, 2013 SEASONED City dealmaker Ian Hannam has struck an agreement with Afghanistan’s mining ministry to mine two potentially lucrative sites in the country. His Afghan Gold & Minerals Co is set to develop the sites. Separately, Hannam will appear in court today to appeal a £450,000 fine doled out by UK regulators in 2012.
…as Tesco plans China venture after profits fall October 2, 2013 BRITAIN’S biggest supermarket chain Tesco is pinning its hopes on a new joint venture in China after reporting a sharp slump in European profits and flat UK sales in the first half. Trading profits in Europe collapsed by 69 per cent, dragging Tesco’s overall profit before tax down by 24 per cent to £1.39bn. In [...]
Sainsbury’s wins battle of the big supermarkets with rise in sales… October 2, 2013 SAINSBURY’S chief executive Justin King yesterday conceded that the days of Britons shopping at one supermarket were over as the grocer posted strong second quarter sales yesterday ahead of rivals. King said the growing strength of discounters such as Aldi reflected this change in shopping behaviour. “I should think all of our shoppers are shopping [...]