BHP pulls out of Falklands JV September 28, 2010 SHARES in Falkland Oil and Gas lost over a fifth of their value in a single day yesterday after the oil and gas explorer said BHP Billiton had pulled out of a joint venture drilling project in the Falkland Islands. Falkland Oil and Gas said BHP had elected not to enter the second phase of [...]
Air traffic growth slows down as economies stall September 28, 2010 GROWTH in air traffic slowed noticeably in August as this year’s rebound from the economic downturn lost steam, the International Air Transport Association(IATA) said yesterday. Passenger traffic in August was 6.4 per cent higher than a year earlier, against a 9.5 per cent year-on-year increase in July, and freight traffic was 19.6 per cent higher [...]
Aegon makes more cuts to UK business September 28, 2010 DUTCH insurer Aegon will close two more operations in the UK and cut jobs to improve profitability in its fourth-largest market. Aegon, which warned in June it planned to cut 25 per cent of its British costs in the coming year, said it will close its third-party pension administration and employee benefits software businesses. The [...]
CITY MOVES | WHO’S SWITCHING JOBS September 28, 2010 Insurance Institute of London The IIL has elected Stephen Catlin, the chief executive of the Catlin Group, as its new president, taking over from Willis group president Grahame Millwater. Catlin, who founded the insurer in 1984, has also previously served as chairman of the Lloyd’s Market Association and a member of the Lloyd’s Franchise Board. [...]
BEST OF THE BROKERS September 28, 2010 CARPHONE WAREHOUSE RBS initiates coverage with a “sell” rating and a target price of 180p. The broker believes the company’s mature core retail operation depends too much on competing in the crowded smartphone market. RBS predicts profits of more than ten per cent below consensus estimates, with earnings per share in 2012 forecast at 13.5p. [...]
Close upbeat as loan book boosts profit September 28, 2010 MERCHANT bank Close Brothers posted a seven per cent rise in underlying profits yesterday on the back of a 23 per cent rise in its loan book and said it expects further growth in lending this year. The group said its underlying operating profit rose by £7.6m to £121.3m in the year to 31 July, [...]
Centrica takes on Connaught’s gas safety arm September 28, 2010 THE OWNER of British Gas has bought a chunk of Connaught’s surviving business and taken on 600 employees, the energy giant announced yesterday. Centrica paid £11.2m yesterday for the gas and electrical safety branch of Connaught Compliance, one of the few parts of the firm to escape administration. It has also bought Connaught’s training academy [...]
The defence industry boss who is reshaping his firm for new realities September 28, 2010 FOR Cobham’s chief executive Andy Stevens, life is measured out in five-year plans. The head of the FTSE 100 defence company first joined the business in 2003 as head of its aerospace division and played a key role in the 2005 strategic review that “took a root a branch look at our operations and decided [...]
CITY SET TO APPOINT ITS LATEST LORD MAYOR September 28, 2010 IT’S ALL change for the City in the traditional sense this week, with the annual election of the Lord Mayor taking place later on today. As is the way with these things, the result of the “election” is almost a foregone conclusion before it’s even begun, since the City of London’s senatorial group, the Court [...]
CITY EYE September 28, 2010 A pair of City gents take time out to have a rest as they get their loafers polished into tip-top condition.
