UK balance of payments narrows as GDP grows September 28, 2010 The UK’s balance of payments narrowed to £7.38bn between April and June official figures have shown. According to the e Office for National Statistics (ONS) Britain’s deficit with the rest of the world narrowed to £7.383bn from an upwardly revised £11.298bn in the first quarter. Meanwhile Britain’s economy grew at its fastest pace in nine [...]
Man Group hit as more clients pull out assets September 28, 2010 Hedge fund firm Man Group saw clients pull out assets for an eighth straight quarter, as improved performance from its flagship AHL fund failed to offset withdrawals by private investors. Man, which is buying smaller rival GLG to boost assets and diversify away from computer-driven funds, said clients withdrew a net $600m (£379m) over the [...]
JJB warns that sales stalling September 28, 2010 Sportswear retailer JJB Sports said trading conditions had got tougher in recent weeks as shoppers brace themselves for higher taxes and big cuts in public spending. The group, which teetered on the brink of insolvency in 2009, said sales at stores open at least a year rose 18 per cent from August 2 to August [...]
Lloyds of London profit halves as claims rise September 28, 2010 The Lloyd’s of London insurance market said its profit for the first six months of 2010 more than halved, hit by higher catastrophe claims and weaker investment returns. Lloyd’s had a first half pretax profit of £628m, down from £1.32bn in the same period last year, it said on Tuesday. Lloyd’s, which traces its origins [...]
AG Barr sees Irn-Bru fuel earnings surge September 28, 2010 Irn-Bru maker AG Barr has seen its profit and revenues fizz in the first half and is planning to sell more drinks south of the border through advertising campaigns. The Scottish drinks firm saw pre-tax profit rise 18.8 per cent to £16m from £13.5m the year before. Total turnover in the six months to 31 [...]
IMF backs coalition’s cost-cutting plans September 27, 2010 The International Monetary Fund (IMF) has endorsed the coalition government’s plans to cut spending. The IMF said the cuts, set out by chancellor George Osborne, were “essential” in supporting the UK’s debt position and said they “supported a balanced recovery”. It also said companies were starting to increase investment as “the demand outlook strengthens”. The [...]
Moody’s slashes Anglo Irish ratings September 27, 2010 Credit agency Moody’s slashed its ratings on Anglo Irish Bank’s lower-grade debt, rattling investors as Dublin tots up the final cost of rescuing a lender whose soured loans have crippled the country’s economy. Moody’s cut the nationalised bank’s senior unsecured debt by three notches to Baa3 – just one notch above junk status – citing [...]
Moody’s downgrades AIB debt September 27, 2010 Credit agency Moody’s slashed its ratings on Anglo Irish Bank’s lower-grade debt, rattling investors as Dublin tots up the final cost of rescuing a lender whose soured loans have crippled the country’s economy. Moody’s cut the nationalised bank’s senior unsecured debt by three notches to Baa3 – just one notch above junk status – citing [...]
AIA kicks off IPO pre-marketing September 27, 2010 American International Group Inc will hold at least a 30 per cent stake in its Asian life insurance business, AIA Group Ltd, for a year after AIA’s listing next month, the IPO term sheet showed. AIA began pre-marketing for the IPO to gauge demand and is expected to set a price range in coming weeks. [...]
Cinven to take over Spice in £250m deal September 27, 2010 Spice, the biggest installer of water meters, has agreed to a £251.1m takeover offer from Cinven after rebuffing two earlier offers, Spice said in a statement. Spice shareholders will receive 70 pence per share from Cinven’s Cilantro Acquisitions, it said in a regulatory disclosure. Spice had agreed to a period of exclusivity with Cinven until [...]
