Axa avoids worst of the fallout August 8, 2008 Axa, Europe’s second-biggest insurer, reported lower first-half net profit yesterday although its earnings still managed to beat analyst expectations. Net profit fell 32 per cent to €2.16bn (£1.7bn) partly due to write downs on fixed income assets. The French insurer revealed a €237m impact on asset backed securities and a €502m hit on fixed income [...]
Nomura in bid talks with Collins Stewart August 8, 2008 Cash-rich Japanese bank Nomura is believed to be in talks with small cap stockbroker Collins Stewart, while Australian bank Macquarie and Israeli multi-national Delek Capital, a subsidiary of Israeli conglomerate Delek, are also understood to have shown an interest in acquiring the broker. Collins Stewart said on Wednesday that it had received a preliminary approach, [...]
Halifax piles on woe August 8, 2008 The drip feed of bad news for the property market continued yesterday when Britain’s biggest lender Halifax revealed that house prices have fallen back to mid-2006 levels. House prices are now 8.8 per cent lower than they were this time last year, Halifax said, with an average home in Britain costing £21,733 less than July [...]
Bid looms for Terry Smith’s London bank August 7, 2008 Stockbroker Collins Stewart gets a £250m takeover approach from mystery bidder Small cap stockbroker Collins Stewart, founded by City veteran Terry Smith, has received a preliminary takeover approach from a mystery bidder thought to be at between 110p-115p a share. Shares in Collins Stewart, which have lost nearly half their value in the last six [...]
Wall Street giants face huge fines August 7, 2008 Citigroup pays out $100m to settle US charges that it marketed debt fraudulently Top City firms could face huge fines after Citigroup yesterday agreed to pay the New York authorities $100m to settle charges it marketed US auction debt fraudulently. The banking giant also agreed to buy back $7.5bn (£3.75bn) of illiquid securities by November [...]
Osama bin Laden’s driver is convicted August 7, 2008 A Military court yesterday convicted Osama bin Laden’s driver of supporting terrorism but acquitted him on the more serious charge of conspiring with Al Quaeda in the first US war crimes trial since World War Two. The trial of Yemeni captive Salim Hamdan at the remote US naval base at Guantanamo Bay in Cuba was [...]
London is as congested as five years ago says TfL August 7, 2008 London is just as congested as it was five years ago before the introduction of the Congestion Charge, because of roadworks and measures to give priority to pedestrians, buses and cyclists. Transport for London (TfL), which runs the capital’s transport system, said traffic levels had fallen significantly since the Congestion Charge was introduced in January [...]
ITV revenues fall further as dividend cut August 7, 2008 ITV, the largest commercial broadcaster in the UK, has halved its interim dividend, lowered online and production growth targets and will strip out another £35m a year in costs after sinking £1.5bn into the red in the first six months of 2008. Shares in the company fell as much as 10 per cent following revelations [...]
Darling mulls stamp duty suspension August 6, 2008 The Treasury yesterday refused to deny reports that the Chancellor has plans to temporarily abolish stamp duty on house purchases. Yesterday morning, Alistair Darling took to the airwaves and hinted he may try to jump-start the ailing housing market by bringing forward proposals to suspend stamp duty. Details of the move, which would bring much [...]
Taxpayers to fund further Rock bail out August 6, 2008 The taxpayers is to provide Northern Rock with £3bn in financial support after falling house prices and problem loans pushed the struggling state owned lender into a £585.4m loss for the six months to June. Northern Rock executive chairman Ron Sandler yesterday announced that the bank would enter into a debt for equity swap with [...]
