Deutsche Bank’s US chief to leave February 27, 2012 Deutsche Bank is seeking a new chief executive for its Americas business after Seth Waugh decided to step down, Germany’s biggest lender said yesterday. The move comes as Deutsche Bank draws up a list of new leaders to take the helm after Josef Ackermann, group chief executive, retires in May. Waugh will continue to serve [...]
£117m removed from ISAs February 27, 2012 Savers are taking more money out of ISAs than they put in, with £117m removed from accounts in January. The Investment Management Association says this is the highest outflow since October 2008. January is the fourth month in a row ISAs have seen outflows, following inflows between March 2009 and June 2011.
Hollande calls super-rich tax rate February 27, 2012 François Hollande, the socialist frontrunner in France’s presidential election, has called for a 75 per cent top rate tax on people earning more than €1m a year. In a TV interview last night, Hollande gave details of his economic proposals, including a new upper income tax band of 45 per cent for those earning more [...]
Tiger banks paying high price for talent February 27, 2012 COMPARED to the billions-of-pounds worth of losses announced by RBS and Lloyds last week, HSBC’s record-breaking profit looks pretty impressive – even if it was flattered by an accounting gain. Like Standard Chartered, which reports tomorrow, HSBC is Asia-focused and free from the shackles of state control. That’s why the pair are in such rude [...]
Hiscox beats expectations with a profit February 27, 2012 HISCOX beat expectations yesterday by posting a profit in one of the worst years on record for the insurance industry. The firm was badly hit by £270m of catastrophe-related claims, driven by a spate of natural disasters including earthquakes in Pacific regions and flooding in Thailand. Profits plummeted 91 per cent to £17.3m for 2011, [...]
Make-up buy looks nice for 3i February 27, 2012 BRITAIN’S oldest private equity house 3i has spent around €120m (£101.6m) on a German firm that supplies a series of cosmetic industry giants. 3i has taken a majority stake in Geka, which makes brushes, applicators and packaging systems and is based in Bechhofen. The size of its shareholding has not been disclosed but City A.M. [...]
Earnings double at LV despite tough trading February 27, 2012 INSURANCE firm LV= yesterday reported profits of £72.1m for 2011, more than double the amount earned in the previous year. The company’s general insurance arm, formerly known as Liverpool Victoria, grew premium revenues by 23 per cent to £1.46bn and overcame declining investment returns to post the substantially improved profit. LV= is now the fourth [...]
Insurance firm chair to leave after 47 years February 27, 2012 ROBERT Hiscox is an art collector, father of five sons and the businessman who turned a small Lloyd’s of London underwriter into a FTSE 250 company. But after 47 years at the firm that bears his name, he says he will step down as chairman in a year’s time. He told City A.M. that he [...]
Essar misses forecasts as tax case hits February 27, 2012 ESSAR Energy yesterday reported earnings which fell short of forecasts in a year blighted by a long-running battle with Indian tax authorities. The FTSE 100 company is facing twin setbacks in India, its key market for oil products and electricity, due to delays in government approval to mine cheaper coal from its own resources and [...]
Vedanta boosted by plan to cut debt and generate cash February 27, 2012 INVESTORS yesterday welcomed Vedanta’s proposed restructuring to improve access to cash and reduce debt, saying the pressure is now on the company to implement the plan after a similar exercise failed more than three years ago. Its stocks overall have underperformed the British sector by about 25 per cent since the start of last year, [...]
