Aviva boss talks down scale of recovery at UK insurance giant August 8, 2013 AVIVA’S share price hit a two year high yesterday – but the company’s new chief executive insists he has merely made “satisfactory progress” on his turnaround plan. First half pre-tax operating profits at the FTSE 100 insurer were up five per cent to over £1bn, with the stock closing up 7.6 per cent. Mark Wilson, who took control [...]
Swiss Re sees revenues rise August 8, 2013 SWISS Re, the world’s second largest insurance firm, posted positive second-quarter results yesterday – in spite of high payouts for the flooding that engulfed large parts of Europe and Canada earlier in 2013. The firm said that all components of its business had contributed positively as net revenue jumped to $786m (£505m). Although the number [...]
Apollo lift-off hikes dividend August 8, 2013 APOLLO Global Management yesterday reported a tenfold increase in second-quarter profit, in line with analyst expectations, as the value of its funds jumped and it announced its highest ever dividend since it went public in 2011. Economic net income after taxes totalled 50 cents per share, compared with five cents a share a year ago. [...]
Commerzbank shares soar as provisions fall August 8, 2013 COMMERZBANK shares soared by 15.6 per cent to €7.66 yesterday as a pickup in its investment bank and lower provisions for bad shipping loans took the sting out of a sharp fall in quarterly net profit. The bank’s second-quarter results showed net profit slumped to €43m (£37m) from €270m a year ago, but this was [...]
Standard Life hits record sales due to asset management arm August 8, 2013 SCOTTISH insurer Standard Life yesterday reported record new business sales, largely thanks to a strong performance by its fund management division. Pre-tax operating profits rose six per cent to £304m for the first half of 2013, with a substantial jump in the number of customers joining the company through corporate pension schemes. “Standard Life Investments [...]
Henderson eyes overseas push amid record half year profits August 8, 2013 FUND manager Henderson Group yesterday said it will target a bigger push into the US and Asia to help grow the business after surging to record half-year profits. Chief executive Andrew Formica told City A.M. he would like to double the firm’s exposure to those regions in the next three to five years, adding more [...]
Heatwave slows machine sales at Ladbrokes August 8, 2013 LADBROKES said yesterday profits almost halved in the first six months of the year, blaming July’s heatwave as customers shunned gaming machines at its high street outlets. Pre-tax profits at the betting company slumped 48.5 per cent to £55.1m for the six months to 30 June, down from £106.9m in the same period last year. [...]
Bitcoin transfers stopped by money laundering regulations August 8, 2013 MONEY transfer websites have been forced to withdraw support for the fast-growing virtual currency Bitcoin amid uncertainty over money laundering regulations. Leading transfer services, often used to wire traditional currencies to Bitcoin exchanges, told City A.M. they could not continue to operate without revised regulation. “There’s no clear guidance,” said Brett Meyers, managing director of [...]
Blackstone lines up Wall Street banks to float Hilton hotel chain August 8, 2013 WALL Street private equity giant Blackstone is set to float top hotel chain Hilton Worldwide after appointing a roster of banks to prepare a deal. Hilton, which was taken private by Blackstone in a $27bn (£17.4bn) mega leveraged buyout in 2007, has nearly 4,000 properties around the world. The hotel group has appointed Goldman Sachs, [...]
Few opt-out of pensions August 8, 2013 AUTO-ENROLMENT pensions appear to be a success, according to government research released yesterday that shows 90 per cent of employees are choosing to remain within a scheme. Under the systemall workers will be entered into a pension scheme with contributions taken out of their pay unless they opt-out. Currently only firms with more [...]