Aviva disposes of US operations in £1.1bn deal December 21, 2012 Insurer Aviva today said it had agreed to sell its US operations for $1.8bn (£1.1bn). Britain’s number two insurer, which will dispose of its US operations to Athene Holding, will retain its US asset management operations. The sale forms part of an overhaul launched by Aviva in July to offload 16 businesses aimed at bolstering [...]
FTSE 100 down as US budget deal hopes fade December 21, 2012 The leading share index slipped back this morning – the final full trading day before Christmas – and fell 0.7 per cent in early deals, as a deal on the US budget looked less likely. US Republican lawmakers have rejected party leader John Boehner’s proposal in the fiscal cliff talks, leading to fears that $600bn [...]
UK economy grew by 0.9 per cent in second quarter December 21, 2012 UK GDP grew by a less-than-expected 0.9 per cent in the third quarter of 2012, marking a greater challenge for the economy to expand in the last three months of the year. The official figures from the Office for National Statistics were revised down the original estimate of one per cent. Third-quarter GDP growth was [...]
Nokia and RIM settle patent dispute December 21, 2012 Nokia has settled a patent licence dispute with Blackberry maker Research In Motion over use of its Wi-Fi technology. The agreement will involve a one-time payment from RIM to the Finnish mobile phone maker, but the terms are confidential, Nokia said this morning. The agreement covers all existing patent litigation between the two companies. The [...]
Xstrata ramps up zinc production at Australian mine December 21, 2012 Xstrata Zinc this morning said ore production would jump a further 33 per cent at its Lady Loretta mine in Australia. The miner’s zinc arm said production would hit 1.6m tonnes a year at the Queensland-based mine by 2016, which started production in September. The FTSE 100 miner has spent A$362.2m (£232.7m) on Lady Loretta [...]
BAE Systems snaps up £2.5bn deal with Oman December 21, 2012 Defence firm BAE Systems this morning said it had signed a contract worth £2.5bn with Oman to supply aircraft. The contract, which starts in 2017, will see the FTSE 100 company deliver 12 Typhoon and eight Hawk aircraft. Guy Griffiths, group managing director for BAE Systems’ international business, said that BAE had a long history [...]
ICE snaps up NYSE Euronext in $8.2bn deal December 20, 2012 IncontinentalExchange (ICE) has today agreed an $8.2bn (£5bn) cash and shares deal to buy NYSE Euronext. Atlanta-based ICE will acquire the New York Stock Exchange owner to create a “premier global exchange operator” across markets including commodities, credit derivatives, equities and foreign exchange. The transaction is valued at $33.12 for each NYSE Euronext share, a [...]
Santa rally stumbles as FTSE 100 flat December 20, 2012 The Santa rally stumbled this morning, as the blue chip index remained flat in early trading, stalled by tensions in US budget talks. Yesterday, the FTSE 100 closed just four points behind the year’s highest closing mark. The ongoing Libor scandal, which continued in the spotlight for another day as two UBS traders were charged, [...]
Retail sales flat in November December 20, 2012 Retail sales were flat in November, falling below analyst expectations and a fresh sign that the economy as a whole has stalled in the final quarter. According to official data from the Office for National Statistics out this morning, retail sales were weaker than expected in November and grew only 0.9 per cent annually. The [...]
Insurers count the cost of Superstorm Sandy December 20, 2012 Two British insurers this morning said they would take a combined hit of around $300m (£185m) from Superstorm Sandy. Insurer Amlin estimated its losses from Sandy at around £145m while rival Lancashire estimated a hit of between $40m and $60m, both companies said today. Yesterday, the Lloyd’s of London insurance market said that Sandy claims [...]
