Losses double and bidders desert Omega March 6, 2012 INSURER Omega has cancelled its dividend after pre-tax losses doubled to $94.7m (£60m) in 2011, up from $42.9m the year before. Investors were dismayed that the firm made no mention of a possible takeover in its annual report and its shares – which have already lost half their value in the last year – dropped a [...]
Tullett Prebon cuts another 80 jobs as profits tumble March 6, 2012 INTER-DEALER broker Tullett Prebon yesterday said it would cut a further 80 jobs as it announced that profits had dropped for a second consecutive year. Terry Smith, chief executive, said the group needed to “reduce costs and maintain flexibility in the cost business” and warned the firm faced higher costs from developing new electronic platforms and [...]
Tony Hayward picks up $1m bonus from BP March 6, 2012 BP paid former chief executive Tony Hayward a share-based bonus worth more than $1m for last year, despite his resignation from the oil giant in July 2010, a US filing showed last night. Hayward, who quit in the aftermath of the Gulf of Mexico oil spill, received 144,422 shares valued at £720,000. The Briton – [...]
Time to split up RBS, Cable tells Cameron March 6, 2012 VINCE Cable, the business secretary, has called for the break-up of Royal Bank of Scotland in a leaked letter that shows a withering view of the direction of the coalition. The Treasury should use the loss-making RBS, which is 82 per cent taxpayer-owned, to create a bank dedicated to boosting business lending and supporting exports, [...]
Stanford guilty of running Ponzi scheme worth $7bn March 6, 2012 ALLEN Stanford was convicted yesterday of running a $7bn (£4.5bn) Ponzi scheme, a verdict that caps a riches-to-rags trajectory for the former Texas financier and Caribbean playboy. Stanford, who created the Stanford 20/20 Cricket tournament, was found guilty on 13 of 14 criminal counts by a US jury, including fraud, conspiracy and obstructing a investigation. [...]
Osborne hits out at Labour protectionism March 6, 2012 GEORGE Osborne and Ed Miliband fought over the best way to boost business in the UK last night, with the chancellor firmly rejecting the Labour leader’s calls for the government to become more involved with firms’ plans and development. Miliband argued the government should be more “patriotic” in promoting British business, spending money in the [...]
Ex-Tchenguiz property firm in £62m deal March 6, 2012 THE property management company run by Vincent Tchenguiz before he became embroiled in a fraud probe has been rescued from administration in a £62m deal. Peverel has been taken over by private equity houses Chamonix and Electra Partners, who said they would secure more than 4,200 jobs. It comes nearly a year after the holding [...]
Santander UK prepares for float with a board overhaul March 6, 2012 SANTANDER UK has overhauled its board and appointed a new chief financial officer in a move widely seen as preparation for the float of the business when market conditions improve. Stephen Jones, who the bank poached from Barclays last year, will join the board as CFO and head of regulation, so that the lender has [...]
Profits up 43pc at broker Share March 6, 2012 ONLINE stockbroker Share saw underlying profits increase 43 per cent to £1.6m during 2011, helped by a seven per cent rise in income to £14.3m, it said yesterday. Chairman Sir Martin Jacomb said the company was still looking to boost revenue through “more focus on those who trade frequently” and providing a “comprehensive range of Junior [...]
Bankruptcy of Lehman ends March 6, 2012 THE RECORD $639bn (£406.8bn) bankruptcy of Lehman Brothers ended yesterday, clearing the way for it to start distributing about $65bn to creditors starting on 17 April, court documents show. Lehman has said that it expects that first group of payments to creditors to be at least $10bn. Lehman, now a small fraction of its former [...]
