TUI Travel enjoys strong summer September 27, 2012 Holiday group TUI Travel said this morning it enjoyed strong trading over the summer season, and was on track to meet full-year expectations. In its trading update ahead of its results, the world’s biggest holiday operator said it had made an encouraging start to the winter period, with strong online performance in the UK and [...]
AIA snaps up stake in Aviva’s Sri Lankan unit September 27, 2012 Asian insurer AIA Group said this morning it had acquired the bulk of Aviva’s Sri Lanka operation, in a deal worth $109m (£67.3m). AIA, formerly part of US insurance giant AIG, has agreed to buy a 92.3 per cent stake in Aviva NDB. The transaction includes a 20-year bancassurance agreement with Sri Lanka’s National Development [...]
Germany takes final step to Eurozone bailout fund ratification September 26, 2012 Germany has taken the final step to ratifying the Eurozone Stability Mechanism, with a cabinet declaration that addresses concerns raised by the country’s constitutional court. The Eurozone bailout fund, which was given the green light by German lawmakers earlier this month, can now go ahead in an attempt to stem the ongoing debt crisis. The [...]
FTSE 100 down following losses in Asia and US September 26, 2012 The leading share index was firmly lower this morning, consolidating losses in the US and Asia as investors worried about global growth amid signs that Spain’s economy is worsening. Miners and insurers dragged the index down. CPP Group was a loser once again, shedding 7.14 per cent in early deals. Fellow insurer RSA Insurance lost [...]
Funding for Lending scheme boosts mortgage availability September 26, 2012 British banks reported a big increase in the availability of mortgages in the three months to September, according to the Bank of England’s quarterly credit conditions survey. The survey reported that banks expect mortgage lending to further increase over the next three months, with the Funding for Lending scheme cited as a contributing factor for [...]
Bumi Resources to act swiftly to resolve investigation September 26, 2012 Bumi Resources, the Indonesian unit of London-listed Bumi, said it would act as quickly as possible to resolve the alleged financial irregularities it was accused of earlier this week. Bumi Resources, which is 29 per cent owned by Bumi, said it received no advance notice of the investigation before the statement was released. The Indonesian-based [...]
Online sales boosts Domino’s September 26, 2012 Pizza delivery giant Domino’s today posted a 5.1 per cent jump in UK like-for-like sales, boosted by a 40 per cent increase in online sales over the third quarter. Domino’s, which operates in the UK, Ireland, Germany and Switzerland, said online sales hit £62.8m over the quarter to reach £184.9m for the year to date. [...]
Lloyd’s swings back to profit September 26, 2012 Insurer Lloyd’s of London today posted profits of £1.53bn for the six months to 30 June, after a quiet six months that saw no major natural disasters. The results mark a return to profit from the second most expensive year on record for the insurance industry last year, when Lloyd’s lost £697m after paying out [...]
BBA to give up Libor supervision September 25, 2012 The British Bankers’ Association (BBA) is poised to give up its responsibility for setting Libor should the Financial Services Authority propose a move. Martin Wheatley, managing director at the City watchdog, will unveil changes to the way the interbank lending rate is supervised on Friday, which is expected to see the BBA relieved of its [...]
FTSE 100 steady on worries over global growth September 25, 2012 The FTSE 100 was modestly up in early deals this morning, as a rally in natural resources and property stocks pulled the index higher, although worries over global growth and Spain’s economy continued to dampen stocks. Spain is due to present its draft budget plan for next year later on this week. Property group Morgan [...]
