Aviva receives £500m boost from US sale October 3, 2013 BRITISH insurance giant Aviva was one of the top risers on yesterday’s FTSE after banking $800m (£495m) more than expected from the disposal of its US business. The company’s shares closed up 1.4 per cent after announcing that it had sold Aviva USA to Athene Holding for $2.6bn, well above the $1.8bn expected when the deal was first [...]
Elliott Advisors’ earnings rise as firm eyes modest expansion October 3, 2013 LONDON-BASED hedge fund adviser Elliott Advisors UK (EAUK) has said its turnover was steady last year, following several turbulent years in the wake of the financial crisis. EAUK, whose sole client is the activist US hedge fund Elliott Management, said revenues in 2012 fell from £52.6m to £50.7m and profit after tax rose from £1m [...]
Heathrow and airlines hit out at charge ruling October 3, 2013 HEATHROW and its airlines reacted furiously to the industry watchdog’s ruling yesterday on how much the airport can hike its charges over the next five years. The Civil Aviation Authority capped Heathrow’s tariffs for airlines in line with inflation from April 2014 – a blow to the airport, which had asked for a 4.6 per [...]
First Group wins an extension to its Great Western rail franchise October 3, 2013 FIRST Group has won 23 more months of running the Great Western rail route between London and the south west. The franchise was due to expire this month, and will need to be renewed again before the government awards the long-term contract to start in 2016. Many of Britain’s rail operators have been handed extensions [...]
Gulf of Mexico energy producers shut down ahead of hurricane October 3, 2013 ENERGY companies in the Gulf of Mexico started shutting in production yesterday and were evacuating some workers as Tropical Storm Karen headed toward a crucial part of the basin, which overall provides nearly a fifth of daily US oil output. The National Hurricane Center said the storm was expected to be at or near hurricane strength [...]
Student housing group Unite taps the bond market for £90m October 3, 2013 STUDENT housing provider Unite yesterday followed in the steps of its property peers and launched a £90m bond offering to help fund future projects. The company, said the offering, together with £51.2m raised through a share placing in June, will help fund its regional development pipeline and replace short-term debt maturities. The unsecured convertible bonds, [...]
Profit upgrade from low-cost airline EasyJet October 3, 2013 LOW-COST airline EasyJet has lifted its annual profit forecasts even further after revenues per seat over the summer rose more than hoped. EasyJet said it now expects to report pre-tax profits of £470m to £480m for the year to the end of September, at the top end of its predictions in July, which had already [...]
Bottom Line: Mid-air collision over hub’s future October 3, 2013 HOW CAN you put a price on the country’s only hub airport? And whatever value the authorities land on, how do they manage to convince Heathrow that it’s enough? Europe’s biggest airport by passenger traffic has long insisted that it needs to charge airlines higher fees to pay for its fifth terminal and, it hopes, [...]
HR Owen says sales are racing ahead of Berjaya takeover deal October 3, 2013 HR OWEN, the luxury car dealership that is on the verge of being taken private, said yesterday that trading has raced ahead of management expectations in the past three months. The firm said used cars were selling particularly well, with volumes up a third on last year with improving margins. A range of new upmarket [...]
Scorecards ready as D-day arrives October 3, 2013 IT’s just like waiting for Christmas, only possibly more exciting… the 2013 City A.M. awards are getting closer. Yesterday our panel of eminent judges descended on City A.M. headquarters to discuss the shortlist of winners. Fuelled by coffee and that City breakfast staple, the good ole bacon sarnie, our panel made its final decision on [...]
