BT profits rise as broadband delivers November 3, 2011 BT confirmed its full-year growth targets as strength in broadband and Global Services enabled it to post better than expected core profits and sales in the second quarter. The firm said it had grown cash flow, profits and underlying revenue after cutting yet more costs. BT, which competes with Virgin Media and TalkTalk and sells [...]
Aviva life sales dented by Europe crisis November 3, 2011 British insurer Aviva said its life insurance sales fell in the first nine months of the year, reflecting tough conditions in its key European markets and a decision to walk away from less profitable business. Aviva, Britain’s second-biggest insurer, had life insurance sales of £23.6bn in the nine months to 30 September, down eight per [...]
GlaxoSmithKline to pay US £1bn to settle dispute November 3, 2011 GlaxoSmithKline said it had agreed to settle its most significant disputes with the U.S. government over the way it marketed and developed drugs at a cost of $3bn (£1bn), which is covered by existing provisions. The final settlement, covering both civil and criminal claims, is expected to be finalised in 2012. It includes a Department [...]
Former Olympus chief chief will see inquiry – but not in Japan November 2, 2011 The former chief executive of Japan’s Olympus signalled his willingness to meet investigators appointed to probe a scandal engulfing the firm, but he said he would not meet them in Japan due to safety concerns. British-based Michael Woodford, whose sacking and revelations about irregular deals and payments triggered the scandal last month, said he would [...]
Construction activity hits five-month high November 2, 2011 Construction activity picked up unexpectedly last month to a five-month high as firms took on new work and increased their workforce, but businesses were less optimistic about the future, a survey showed on Wednesday. The Markit/CIPS construction PMI headline activity index jumped to 53.9 in October from 50.1 the previous month, smashing expectations for a [...]
Standard Life sales up 10pc November 2, 2011 British life insurer Standard Life reported a smaller-than-expected 10 per cent rise in nine-month sales and said its capital strength had been largely unaffected by financial market turmoil triggered by the Eurozone sovereign debt crisis. Standard Life, Britain’s fifth-biggest life insurer, said it had long-term new business sales of £15.5bn in the first nine months [...]
Next buoyed by home shopping November 2, 2011 Retailer Next kept its full-year profit forecast on Wednesday, after a fall in third-quarter sales at its high street business was offset by strong growth from its Directory home shopping business. The firm, which runs over 500 stores in Britain and Ireland as well as the Directory operation, said total sales, excluding VAT sales tax, [...]
Standard Chartered on track for ninth year of record earnings November 2, 2011 Standard Chartered said its nine-month underlying profit grew at a double-digit rate, helped by a strong showing in markets including Hong Kong, putting the Asia-focused bank on track for a ninth straight year of record earnings. The UK bank’s business update comes on the same day lenders Westpac Banking Corp of Australia and DBS of [...]
Lloyds chief Horta-Osorio to take leave on health grounds November 2, 2011 Antonio Horta-Osorio is taking a break from his role as chief executive of part-nationalised British lender Lloyds Banking Group for health reasons, a source with knowledge of the matter told Reuters. The source said Horta-Osorio’s decision followed medical advice from doctors, but added that he was expected back at work before the end of the [...]
St Paul’s suspends legal action against protesters November 1, 2011 St Paul’s Cathedral is suspending its legal action against a protest camp outside the church. A cathedral spokesman said it intended to “engage directly and constructively” with the protesters “without the threat of forcible eviction”. The City of London Corporation has said it plans to issue eviction letters to the protesters. Occupy London Stock Exchange [...]
