What the other papers say this morning – 16 August 2013 August 15, 2013 FINANCIAL TIMES UK state-owned bank builds brand The UK’s state-owned “zombie bank” responsible for winding down Northern Rock’s mortgages is attempting to become a brand in its own right as it also prepares to take over administration of the Help to Buy scheme. UK Asset Resolution has redesigned the websites and literature of nationalised banks [...]
London rents hit record high as demand rises August 15, 2013 RENTS in the capital jumped to a record £1,118 per month on average in July, industry data showed today, following months of soaring house prices in London. London rents jumped 5.7 per cent in the last 12 months, LSL Property Services reported. England and Wales overall saw a 1.8 per cent increase on the year. [...]
Authorities approve Aviva deal August 15, 2013 The Iowa insurance commissioner approved Athene Holding’s pending $1.55bn (£990.47m) purchase of UK insurer Aviva’s US annuity business, the state said yesterday Aviva’s US operations are headquartered in Iowa, and approval from that state and New York were two regulatory hurdles for the deal, Apollo said. Iowa said Aviva cannot pay dividends to shareholders for [...]
US Judge stalls airline merger August 15, 2013 A US bankruptcy judge yesterday held off approval of a restructuring for American Airlines, citing a US government challenge this week to the airline’s proposed merger with US Airways Group. American’s parent company, AMR, worked out the $11bn (£7bn) merger as part of a plan to exit bankruptcy. Judge Sean Lane had been expected to [...]
Black banned from directorships August 15, 2013 Former press baron Conrad Black has been banned from acting as a director of a US company and must pay $4.1m (£2.62m) in restitution in a settlement with the US securities regulator that ends a long-standing lawsuit over Black’s dealings as the head of the Hollinger media empire. In its heyday, Hollinger International operated a [...]
Firms suspend business after Egypt violence August 15, 2013 VIOLENCE in Egypt that has left hundreds dead prompted multinationals to suspend business yesterday and raised fears that two years of economic crisis may quickly get worse. General Motors closed its assembly plant outside Cairo and shut its office there, and oil giant Shell shut its offices for the next few days and restricted business [...]
Dell profits crumble as battle for PC giant’s ownership rages on August 15, 2013 PROFITS at computer firm Dell plunged 72 per cent in the second quarter as the contest over the ownership of the company continues. Despite sales of $14.5bn (£9.27bn) between April and June this year, the company posted net income last night of only $204m, way down from the $732m it made in the second quarter [...]
Housing swells to 60 per cent of UK’s net wealth August 15, 2013 THE UK’S net worth has doubled in the past ten years, despite the impact of the financial crisis, as property prices pump up the total value of the country. The UK’s non-financial assets were estimated to be worth £7.3 trillion last year, over 60 per cent of which is now made up of the [...]
Asda still set to expand even as revenues slow August 15, 2013 ASDA, Britain’s second largest supermarket, said yesterday that it would continue to carry out an “aggressive” growth strategy building more stores, as it reported a slowdown in second quarter like-for-like sales. Grocers like Tesco have called an end to an era of rapid growth known as the “space race”, turning their attention instead to online, [...]
London Overground backs strike in face of compulsory job losses August 15, 2013 COMMUTERS who use the booming London Overground network are set to face disruption after unions yesterday announced strike action in a row over job losses. No date has been set for the walkouts, which relate to proposals to sack 130 train guards for cost-cutting reasons. Overground services on the Euston-Watford and East London Line already operate [...]
