Resolution sees 35pc sales rise at Friends Provident November 11, 2010 Insurance-focused acquisition vehicle Resolution reported a 35 per cent rise in sales at its Friends Provident unit and said it was mulling both large takeovers and smaller bolt-on deals. Resolution, which aims to build up a British life insurer valued at £10bn before selling or floating it in 2012, said Friends Provident had sales of [...]
Home repossessions down 5pc November 11, 2010 The number of homes repossessed in the third quarter fell five per cent to 8,900, the Council of Mortgage Lenders has said.
3i boosted by manufacturing bounce back November 11, 2010 Private equity firm 3i Group said earnings at its portfolio companies grew strongly in the first half, underpinned by a manufacturing recovery and driving an increase in the value of its assets. The value of the group’s portfolio increased to 330 pence a share from 321p at the end March. Aggregate earnings across 3i’s buyouts [...]
Trinity Mirror hit by 5pc sales drop November 11, 2010 Trinity Mirror’s like for like sales fell five per cent in the four months to the end of October and the newspaper publisher and printer said the environment would remain challenging into 2011 due to economic uncertainty. Excluding revenue from GMG Regional Media, which Trinity Mirror bought this year, advertising revenue fell five per cent [...]
BT raises forecast after broadband boost November 11, 2010 BT has raised its full-year core earnings outlook after posting better-than-expected second quarter results boosted by demand for broadband and its Global Services unit. It now expects to post full-year adjusted core earnings of around £5.8bn, compared with a previous pledge to perform in line with the year before which achieved earnings of £5.6bn. Britain’s [...]
ICBC to launch £4bn rights issue November 11, 2010 Industrial and Commercial Bank of China (ICBC) plans to raise 45bn yuan (£4.2bn) through a rights share offering this month, capping an $80bn fundraising boom by Chinese lenders to replenish capital depleted by last year’s lending spree. ICBC, which first unveiled its rights issue plan in July, will now be selling fewer rights shares in [...]
US jobless claimants fall in boost for economy November 10, 2010 Initial claims for US jobless benefits hit a four-month low last week, while the trade gap narrowed more than expected in September, hopeful signs for an economy that has been stuck in a slow-growth rut. The number of workers filing initial claims for unemployment benefits fell to a seasonally adjusted 435,000 in the week to [...]
SSE to hike dividend despite earnings drop November 10, 2010 Scottish & Southern Energy Britain’s second-largest electricity generator, said it was sticking to plans to raise its dividend, when posting lower first-half earnings that beat expectations, lifting its shares. High wholesale gas prices and low renewable energy output led to a 6.1 per cent decline in adjusted first-half pretax profit which came in at £386m. [...]
Bank says inflation will not hit target for two years November 10, 2010 Inflation will not fall below target for another two years, the Bank of England forecast – stressing the outlook was highly uncertain and it stood ready to change policy. While its quarterly Inflation Report left the door open for more quantitative easing, the Bank also said there was a wider than usual range of views [...]
Cameron appeals to China over exchange rate November 10, 2010 Prime Minister David Cameron pledged to fight trade protectionism ahead of the G20 meeting, but urged China to move towards greater exchange rate flexibility to safeguard the global recovery. In a meeting with China’s President Hu Jintao in the Great Hall of the People, the two leaders stressed again the importance of developing Britain’s relationship [...]
