Swiss Re in £1.6n deal for American Life assets June 1, 2011 Swiss Re, the world’s second-biggest reinsurer, is buying around £1.6bn of assets from American Life Insurance Company in a bid to boost the market presence of its Admin Re unit. The acquisition is the latest in a string of deals for the Admin Re business, which has done more than 50 transactions globally since 1998. [...]
Wolseley profit jumps 30pc with US boost June 1, 2011 Building supplies company Wolseley said third-quarter operating profit jumped 30 per cent, lifted by a healthy repair and maintenance sector, and strong revenue growth in the U.S. The world’s largest plumbers and building merchant said underlying operating profit soared to £131m in the third quarter to 30 April, from £101m in the same period last [...]
Coca-Cola considers Shanghai listing June 1, 2011 Coca-Cola Co, the world’s largest soft-drink company, said it may explore a possible listing in Shanghai, joining other global firms in testing the waters for a China listing, along with its increasing presence there. Coke has said it will commit $2bn (£1bn) in investment into China and last October opened three new plants in Inner [...]
Axa unveils plans to slash debt June 1, 2011 AXA, Europe’s second-largest insurer, said it would boost earnings and cut debt as part of a 2015 plan to bolster investor confidence in its future growth path. The company is under pressure to deliver a convincing strategy after the crisis forced it to shelve its previous growth targets. Its shares have rebounded this year but [...]
Tesco in executive pay shake-up May 31, 2011 Tesco, the world’s third-biggest retailer, is simplifying its executive pay scheme and cutting the base salary of its chief executive as it seeks to end rows with shareholders over how it pays its leaders. The British group, which saw 47 per cent of shareholders either vote against or abstain in a vote over executive pay [...]
House prices in first rise since January May 31, 2011 House prices in England and Wales rose by 0.8 per cent in April, the first monthly increase since January and the biggest rise since January 2010, data from the official Land Registry showed. However, average residential property prices were still 1.3 per cent lower than a year ago at £163,083 the Land Registry said. House [...]
Eurozone inflation slows in May May 31, 2011 Euro zone consumer prices grew slower than expected in May, though remained well above the European Central Bank’s target, data showed, while unemployment held steady in April for the third month. The European Union’s statistics office Eurostat estimated that inflation in the 17 countries using the euro was 2.7 per cent year-on-year in May, down [...]
Fraud watchdogs probe EADS over Saudi defence deal May 31, 2011 Britain’s Serious Fraud Office is investigating allegations that European defence group EADS bribed Saudi Arabian officials to win a $3.3bn (£1.9bn) communications contract. The probe centres on a contract awarded to GPT Special Project Management, owned by EADS, to provide communications and intranet services for the Saudi National Guard, which protects the Kingdom’s royal family. [...]
Cyprus credit rating cut by Fitch May 31, 2011 Cyprus has had its credit rating cut by rating agency Fitch because of the knock-on effect of the Greek debt crisis. Fitch cut Cyprus’s rating to A- from AA- on concerns that its banks may face losses on the money they lent to Greece. The new rating is not expected to stop Cyprus borrowing money, [...]
Aldermore loan book up 75pc May 31, 2011 Finacial services company Aldermore said its loan book to small and medium-sized enterprises (SMEs) was up 75 per cent to £469m at the end of the first quarter. “Aldermore is continuing to lend at record levels to small businesses – our outstanding loan book to SMEs has increased 75 per cent over the last year [...]
