Heritage shares dip as dilution doubts remain August 9, 2012 HERITAGE Oil, the British oil exploration firm gearing up for a $370m (£236m) right issue, fell 8.5 per cent yesterday as doubts remained over whether chief executive Tony Buckingham would dilute his share in the firm. The company’s shares were the biggest faller on the FTSE 250 yesterday after spiking 44 per cent on Tuesday [...]
TUI Travel summer bookings are boosted by poor weather August 9, 2012 TUI TRAVEL, the world’s biggest tour operator, said yesterday that summer holiday bookings had risen as rain-soaked northern Europeans sought out the sun and kept tight control on their budgets with package deals. The group, which owns Thomson and First Choice, said it had sold around 86 per cent of its summer holidays by the [...]
London firms give mixed views on the benefits of the Olympics August 9, 2012 LONDON businesses think the Olympics provided less of a boost in demand than they anticipated, claims a survey by Deloitte. Some 42 per cent of firms said they have seen a positive impact on demand since the start of the games compared with 27 per cent who reported a decrease. But this is in stark [...]
WATCHDOG MAKES MCDERMOTT PERMANENT August 9, 2012 THE Financial Services Authority yesterday appointed Tracey McDermott as its top financial crime litigator after a 16-month stint as acting head cemented her reputation as a no-nonsense prosecutor. “This is a particularly exciting time to be part of the leadership of the FSA as we look towards the new regulatory landscape,” McDermott said.
Aviva aims to sell divisions by end of year August 9, 2012 INSURANCE giant Aviva hopes to sell some of its underperforming units by the end of the year, its executive chairman said yesterday. John McFarlane confirmed that his firm has appointed investment banks to advise on the disposal of 10 units, telling analysts that some of the deals are set for completion in the next six [...]
Commerzbank reviews strategy in face of potential euro collapse August 9, 2012 GERMANY’S second-largest bank Commerzbank yesterday said it was preparing for the Eurozone crisis to worsen, warning it may not pay a dividend in 2013. The bank, which is 25 per cent owned by the German state, said it would restructure its retail business and continue to clear out toxic assets in response to sliding profits. [...]
Swiss Re sees policy prices rising further August 9, 2012 SWISS Re, the world’s second-biggest reinsurer, said premiums are likely to rise further in a continued reaction to the unusually high number of natural catastrophes last year, as it posted an unexpected quarterly profit. Huge natural catastrophes in 2011, including the Japanese earthquake and tsunami, have allowed insurers, who for years grappled with low bond [...]
US boosted by strong jobs and trade data yet stocks decline August 9, 2012 THE NUMBER of Americans filing new claims for jobless benefits unexpectedly fell last week, offering hope that some of last month’s improvement in job growth could be sustained and give the economy a lift. Other data yesterday showed the deficit on the trade balance in June was the smallest in one and a half years [...]
ECB slashes growth forecasts yet Noyer pledge eases woes August 9, 2012 THE EUROPEAN Central Bank (ECB) slashed its growth forecasts for the Eurozone yesterday, with governing council member Christian Noyer pledging to reduce borrowing costs for struggling member states. The single currency area will see output shrink by 0.3 per cent this year, the ECB expects, down from the previous estimate of a 0.2 per cent [...]
China’s growth shows signs of hitting brakes August 9, 2012 CHINA’s industrial output growth slowed to 9.2 per cent year-on-year in July, its weakest since May 2009, down from 9.5 per cent in June. In a day of bearish news for the emerging economic giant yesterday, investment and retail data also disappointed analysts. Growth of retail sales in July, the biggest driver of the economy’s [...]
