Sharps Pixley sold to Germany’s Degussa November 7, 2013 GERMAN bullion retailer Degussa Goldhandel yesterday bought London-based broker Sharps Pixley, saying it expects the retail market for gold bars and coins to keep growing. Sharps Pixley sells precious metal bars to British retail clients. The company, dating back to 1778, was one of the original members of London’s twice-daily gold price fixing. Degussa started [...]
Aviva recovery begins as new business jumps November 7, 2013 INSURANCE group Aviva said there “remains much work to be done” on its recovery plan as it posted a 14 per cent rise in new business to £571m for the first nine months of the year. The firm, which installed Mark Wilson as chief executive and set out a new strategy at the start of [...]
Spy chiefs come out of the shadows November 7, 2013 THE heads of MI5, MI6 and GCHQ made their first ever joint public appearance yesterday as they answered questions on the country’s security at a parliamentary select committee. The intelligence chiefs complained that documents leaked by US contractor Edward Snowden had put secret operations at risk and were being “lapped up” by al Qaeda.
Analyst Views: Is Aviva’s turnaround plan on track? November 7, 2013 RICHARD HUNTER | HARGREAVES LANSDOWN“The company is in recovery mode and, at Aviva’s own admission, there remains a long way to go. However, many of its key metrics are notably improving, such as the value of new business, capital surplus and reduction of operating expenses. Its largest markets of the UK and France are growing [...]
LME aims to cut storage queues in new reforms November 7, 2013 THE LONDON Metal Exchange yesterday outlined its package of warehouse reforms, which aim to cut queues and tackle market abuse. “The LME has a duty to the entire metals community to run a fair and orderly market,” said chief executive Garry Jones, who joined the world’s largest metals exchange in August. “We had a responsibility [...]
Former boss of UK’s industry group mulls an exit from EU November 7, 2013 LORD Digby Jones, former director-general of the Confederation of British Industry (CBI) rebuffed the group’s current stance on the EU yesterday, arguing that the UK should quit without huge reforms. In an opinion piece for The Times, Jones said: “Staying in a reformed Europe has to be the right course, but should we stay in [...]
Watchdog tells banks to hurry compensation November 7, 2013 THE CITY watchdog has written to the bosses of the country’s biggest four banks to tell them to speed up compensating small firms mis-sold risky products designed to insure them against rising interest rates. Banks have set aside some £3bn for compensation payments in this area, but have so far handed out just £15.3m, or 0.5 [...]
Commerzbank edges closer to exiting bailout November 7, 2013 COMMERZBANK yesterday reported an unexpected jump in third quarter profit and said turnaround plans were on track, moving the German government a small step closer to a sale of its 17 per cent stake. Germany’s second-largest bank, bailed out by the German state after the financial crisis, produced a 15 per cent net profit increase, [...]
Credit Agricole and Societe Generale in €600m asset swap November 7, 2013 FRENCH banks Societe Generale and Credit Agricole yesterday agreed an asset swap designed to help narrow their business focus, part of efforts to improve their investor appeal in a tough economic and regulatory climate. Like many lenders across Europe, both banks are under pressure to find new strategies to cut costs and better compete for [...]
Apollo reaps big rewards off stock markets November 7, 2013 BOOMING stock markets helped Apollo Global Management, the private equity firm behind Claire’s Accessories jewellery chain, boost its operating profits last quarter. The company, run by former Drexel Burnham Lambert rainmaker Leon Black, said a rise in the value of equity markets had helped drive economic net income (ENI) – a measure of pre-tax operating [...]
