Vasanta closes in on rescue bid as PwC hovers July 5, 2009 OFFICE supply group Vasanta has said it is at an “advanced stage” of discussions over a restructure of its debts, and dismissed “alarmist and misleading” speculation it is on the brink of bankruptcy. Chief executive at the firm, which is struggling after having its credit insurance to key suppliers withdrawn, Richard Martin said it still [...]
Shrinking economy shakes market but Wolseley grows June 30, 2009 WEAKER than expected consumer confidence figures in the US drove some shares lower yesterday, with banks, miners and food retailers leading the fallers. The FTSE 100 shed one per cent, or 44.82 points, to close at 4,249.21. But the index is up 8.2 per cent on the quarter, the best such performance since the final [...]
CITY MOVES WHO’S SWITCHING JOBS June 30, 2009 TalkTalkThe broadband provider has appointed David Cooper as chief information officer. Cooper will be responsible for the firm’s IT systems and, in particular, will oversee the integration of those systems with Tiscali UK, which it acquired in May for £236m. He previously worked at BT during the 1980s and 1990s, and most recently spent seven [...]
BEST OF THE BROKERS June 29, 2009 ADMIRALCredit Suisse said that Admiral is ideally positioned to take advantage of the improving price conditions in the UK personal car market and upgraded the stock from “neutral” to “outperform” with a target price of 1,097p. The broker said the firm offers a defensive alternative within the insurance sector. DSG INTERNATIONALJP Morgan upgraded its earnings [...]
Tanstaafl: the new buzzword for finance June 25, 2009 THERE are few things I hate more than banning things. But one advantage of the FSA’s decision to prevent Independent Financial Advisers (IFAs) from taking commissions for the sale of investment products, pensions and life assurance is that their costs will become much more obvious. From 2012, anybody who uses an IFA will have to [...]
AIG to float two units to pay back Fed June 25, 2009 AMERICAN International Group (AIG) is to float two of its international life insurance divisions to fund the repayment of $25bn (£15.3bn) in loans it took from the Federal Reserve. The insurance giant, which has received $173.3bn in government bailouts since the onset of the financial crisis, said it would launch initial public offerings for both [...]
Nationwide is most trusted June 25, 2009 NATIONWIDE, the UK’s largest building society, is also its most trusted financial brand, according to Moneywise magazine. The publication’s inaugural Customer Service Awards also saw Swiftcover take the gong for most trusted motor insurer, while Liverpool Victoria was deemed the most reliable home insurer and Legal & General scooped the award for income protection providers. [...]
Transparency best medicine for banks June 22, 2009 WITH Alistair Darling preparing to unveil some of his thoughts on shaking up financial regulation, it is time to get back to basics. The following are some of the lessons we have all been forced to relearn over the past few months; any proposed reform should be assessed in lights of these simple realities about [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 22, 2009 FINANCIAL TIMES BRAMDEAN FUND POSTS HEAVY FALLBramdean Alternatives, the listed fund of alternative funds, has posted its worst monthly fall in net asset value in sterling terms since its inception two years ago. The fund, which is managed by Nicola Horlick’s Bramdean Asset Management, suffered a 7.7 per cent fall in net asset value to [...]
How the King of the UK back office plans to keep his business growing June 21, 2009 IT is fascinating to listen to David Andrews talk about his business. For most of us, back offices may seem deadly boring – but when you discover Andrew’s passion for Xchanging, the FTSE 250 back office outsourcing giant he founded 10 years ago, you suddenly realise just how true it is that finance and corporate [...]