Facilities Management – The Road to Recovery March 5, 2012 Difficult times: Facilities management providers are supporting UK businesses in unstable economic conditions.
Insurer AIG selling $6bn of AIA shares to repay US government March 5, 2012 Insurer American International Group (AIG) is selling part of its stake in Hong Kong-based AIA Group to raise about $6bn (£3.8bn) to help the firm pay off the US government. AIG is looking to place some 1.7 billion AIA shares in a range of HK$27.15-27.50 per share – a discount of up to 7 per [...]
Credit Suisse to buy back $4.4bn in securities March 5, 2012 Credit Suisse said it planned to buy back up to 4bn Swiss francs ($4.4bn) in outstanding securities in a bid to comply with the new Swiss and Basel III global capital adequacy rules. The tender was for public Tier 1 and Tier 2 instruments, Credit Suisse said. “Credit Suisse continues to take a proactive approach [...]
FTSE pegged back by China growth fears March 5, 2012 Uncertainty over global growth dragged on investor sentiment in early trading along with a a renewed surge in oil prices. Brent crude climbed back up near $124 a barrel as another refiner announced cuts to Iranian imports, feeding fears of a supply crunch as the West presses ahead with sanctions on Tehran. Copper prices, however, [...]
Service sector growth slows March 5, 2012 Britain’s dominant services sector grew less than expected in February, but still indicated the economy is picking up after a slump late last year, a survey showed. The Markit/CIPS Purchasing Managers’ Index (PMI) for services fell to 53.8 from 56.0 in January, which had been a 10-month peak. The latest reading was below forecasts for [...]
China cuts growth target March 5, 2012 Chinese Premier Wen Jiabao cut his nation’s 2012 growth target to an eight-year low of 7.5 per cent and made boosting consumer demand the year’s first priority as Beijing looks to wean the economy off its reliance on external demand and foreign capital. He lowered the target from a longstanding annual goal of eight per [...]
Ocado forecasts faster sales growth March 5, 2012 Online grocer Ocado posted a double-digit rise in first-quarter sales and forecast an acceleration in sales growth as the year progresses, service initiatives kick in and distribution capacity increases. The company, which mostly sells the products of upmarket grocer Waitrose via a fleet of brightly coloured vans, said on Monday gross sales increased 10.9 per [...]
Amlin slumps to loss as claims surge March 5, 2012 British insurer Amlin said it expected to return to profit this year after more than £500m in catastrophe claims pushed it deep into the red in 2011. Amlin, the biggest insurer operating in the Lloyd’s of London market, made a pre-tax loss of £193.8m last year, compared with a profit of £259.2m in 2010, it [...]
Glencore says Xstrata deal fair as its profits rise March 5, 2012 Commodities trader Glencore, which has agreed to a $37bn takeover of miner Xstrata, said the deal was “fair” for all shareholders at current levels, brushing aside hopes of a hint the offer could be sweetened. It made the comments as it said in its 2011 preliminary results that revenue during its first year as a [...]
Putin triumphs in Russia vote March 4, 2012 But elections are marred by claims of widespread fraud VLADIMIR Putin laid claim to a dramatic victory in Russia’s presidential elections last night despite allegations of vote rigging by his opponents. With counting mostly complete, Putin was on course to claim between 58 per cent and 65 per cent of the vote last night and [...]