IAG to take £157m hit as it exits UK December 14, 2012 Australian insurer IAG this morning said it expects to incur a loss of A$240m (£157m) on the sale of its British operations. The insurance company will sell its Equity Red Star motor unit for £87m to Aquiline Capital Partners, a private equity investment firm specialising in financial services, and the smaller specialist commercial broking business [...]
FTSE 100 creeps up on improved Chinese data December 14, 2012 The leading share index was broadly flat in early deals, edging up slightly after improved manufacturing data from China raised hopes for the global economy. Of the blue chips, Bunzl and Johnson Matthey added 1.13 per cent and one per cent respectively this morning, while miner Xstrata topped the leader board, increasing 1.15 per cent. [...]
Chinese flash manufacturing PMI points to economic recovery December 14, 2012 China’s manufacturing sector expanded at its fastest pace in 14 months in December as new orders and employment rose, a key survey showed on Friday. The HSBC flash purchasing managers’ index (PMI) for December edged up to 50.9, above the critical 50 level which separates growth from contraction. The reading marked the highest level since [...]
Fitch affirms France’s AAA rating December 14, 2012 Fitch Ratings this morning affirmed France’s AAA rating, although it maintained its negative outlook. Fitch is the only ratings agency to maintain its AAA rating on the Eurozone’s second-largest economy. While the agency said that the prized rating was underpinned by France’s “wealthy and diversified economy”, Fitch did highlight the “material” risks arising from the [...]
G4S snaps up South African cash solutions group December 14, 2012 Security firm G4S said this morning it would acquire South African company Deposita for £8.2m. The London-listed firm will acquire an 87 per cent stake in the retail cash solutions company for ZAR114m (£8.2m) post debt restructuring. The acquisition of Deposita, which was founded in 2004, will “significantly” strengthen G4S’s position in the South African [...]
FTSE 100 down as Eurozone outlines banking supervision rules December 13, 2012 The leading share index was trading around 0.2 per cent down this morning, as Europe finance ministers clinched a deal to give the European Central Bank new powers to supervise Eurozone banks from 2014. Energy services firm Wood Group was the biggest blue chip faller, sinking more than 2.5 per cent in early deals. In [...]
Fracking to resume in the UK December 13, 2012 The government confirmed this morning that fracking would return to the UK with immediate effect. Fracking, the process of exploring shale gas, was temporarily banned in in the UK since last summer, after earth tremors were measured near a drilling site close to Blackpool. Energy secretary Ed Davey this morning said the government was lifting [...]
HMV warns on covenant breach December 13, 2012 High street retailer HMV this morning warned that it was likely it would breach its covenants at the end of January, due to difficult trading conditions. “Current market trading conditions result in material uncertainties facing the business,” the entertainment retailer said in its interim results statement this morning. HMV said it was in “constructive discussions” [...]
Europe agrees ECB as chief bank watchdog December 13, 2012 European ministers clinched a deal this morning to give the European Central Bank (ECB) new powers to supervise Eurozone banks from 2014, paving the way for a banking union. Following marathon talks that finished before dawn this morning, EU finance ministers agreed that at least 150 of the Eurozone’s biggest banks will be directly overseen [...]
BG appoints oil veteran Chris Finlayson as new CEO December 13, 2012 BG Group this morning appointed Chris Finlayson as its new chief executive, to begin his role in January. Finlayson is currently managing director of BG Advance and has over 35 years of experience in the oil and gas industry. He joined BG Group in 2010 from Shell. Sir Frank Chapman, current head of BG Group, [...]
