Resolution to set up new asset management unit November 9, 2011 Insurance takeover specialist Resolution announced plans to create a new asset management unit, and said cost savings from merging its acquisitions would be bigger than first thought thanks to a new outsourcing deal. Resolution, which aims to buy underperforming British life insurers and merge them into a more profitable whole, said a 15-year agreement to [...]
Kesa sells Comet for £2 November 9, 2011 Kesa, Europe’s third-biggest electrical goods retailer, said it had agreed to sell its loss-making chain Comet for £2. The buyer is Hailey Holdings Ltd and Hailey Acquisitions Limited, entities advised by private equity firm OpCapita LLP. Kesa said it will invest £50m in Hailey, the shareholder of the purchaser, and retain the liability for the [...]
Sainsbury’s in profits boost from new stores November 9, 2011 New stores and demand for online and convenience shopping helped grocer J Sainsbury to meet forecasts with a rise in first-half profit in a tough trading environment that the group said was set to continue. Britain’s third-biggest supermarket group behind Wal-Mart’s Asda and industry leader Tesco said profits before tax and one-off items rose 6.6 [...]
Berlusconi wins budget vote but loses majority November 8, 2011 Italian Prime Minister Silvio Berlusconi has lost his majority in the lower house of parliament. Berlusconi won a vote on the budget, but received less than half the votes in the chamber. Allies including the powerful Northern League had urged him to quit, and money markets no longer believe he can deal with the country’s [...]
Credit Suisse asked to hand over client data November 8, 2011 Credit Suisse will hand over details of wealthy Americans with hidden Swiss accounts to the Swiss government, bringing US authorities one step closer to obtaining names of alleged tax cheats. The bank said on Tuesday it was complying with a request from the Swiss government for account information after U.S. authorities requested Switzerland’s help in [...]
IHG profits surge fuelled by US and China November 8, 2011 Hotelier InterContinental Hotels Group reported a 33 per cent increase in third-quarter operating profit, at the top end of expectations, driven by strong growth in China and the United States. InterContinental, which owns the Crowne Plaza and Holiday Inn brands, said operating profit rose to $153m (£95m) in the quarter to end September, from $115m [...]
Vodafone edges up forecast after strong first half November 8, 2011 Vodafone edged its full-year outlook higher as growth in emerging markets and robust trading in northern Europe helped the world’s largest mobile operator to post first-half results ahead of forecasts. The results were boosted by strong growth in India and robust performances in Germany and Britain. Growth in Turkey inevitably slowed but remained solid. However [...]
M&S profits fall by 10pc November 8, 2011 Marks & Spencer posted a 10 per cent drop in first-half profit after second-quarter underlying sales fell for the first time in two years, underscoring the pressure on UK consumers. The 127-year-old group, Britain’s biggest clothing retailer which also sells homewares and upmarket food, said on Tuesday it made a profit before tax and one-off [...]
Lloyds reports £3.8bn loss November 8, 2011 Lloyds Banking Group , the part-nationalised lender which has been hit by its chief executive’s temporary absence due to health issues, reported a nine-month loss and said it may have to put back some financial targets due to the economic turmoil. Lloyds, which is 41 per cent owned by the government after being bailed out [...]
House prices up 1.2pc in October November 7, 2011 UK house prices edged up by 1.2 per cent in October compared with September, but have fallen over the last year, according to the Halifax. The lender said that values had fallen by 1.8 per cent compared with a year ago. It said that the housing market had remained “highly resilient” despite weakness and a [...]
