HSBC sells insurance business for £518m March 7, 2012 HSBC has agreed to sell its general insurance businesses to French insurer AXA Group and Australia’s QBE Insurance Group for £581m in cash, as Europe’s biggest bank moves ahead with its plan to divest non-core assets. The deal, the latest in a series of cost cutting initiatives under new HSBC CEO Stuart Gulliver, includes 10-year [...]
Lehman surfaces from bankruptcy March 6, 2012 Lehman Brothers Holdings Inc said that it has emerged from bankruptcy and will start paying back creditors on 17 April. A new board of directors will lead the company as it continues to liquidate its holdings and pay back creditors, it said in a statement.
FTSE pegged back by weak resources March 6, 2012 Resource stocks dragged the FTSE 100 backwards in early trading as fears over global growth continued to cast a shadow over markets. Higher oil prices triggered by the West’s tussle with Iran also added to the uncertainty and investor sentiment was weak. London’s blue chip index tracked losses on Wall Street and in Asia with [...]
Japan watchdog files official complaint against Olympus March 6, 2012 Japan’s securities watchdog became the latest authority to file a criminal complaint against Olympus Corp, some former executives and outside advisers over the company’s $1.7bn (£1.1bn) accounting fraud. The Securities Exchange and Surveillance Commission (SESC) said it had requested criminal charges be filed by public prosecutors against individuals involved in dubious mergers and acquisitions used [...]
House prices fall 0.5 per cent March 6, 2012 British house prices dipped 0.5 per cent in February, largely offsetting January’s 0.6 per cent rise, data from mortgage lender Halifax showed. House prices fell 1.9 per cent in the three months to February compared with a year ago, taking the average price of a home to £160,118. Lower inflation in the coming months should [...]
Betfair boosted by Australian Open March 6, 2012 Betfair, the world’s biggest betting exchange, reported an 11 per cent rise in third quarter revenue, beating market expectations, with strong demand for betting on the Australian Open tennis and horse racing driving growth. Betfair said the Australian Open had been particularly popular with the marathon five set final between Novak Djokovic and Rafael Nadel [...]
Meggitt profit surge fuelled by aerospace March 6, 2012 British aircraft parts supplier Meggitt posted a forecast beating 26 per cent rise in full-year profit, helped by growing demand for commercial aircraft. The company, which supplies flight displays and wheels to planemakers Airbus and Boeing, reported a 2011 pre-tax profit of £323m on sales 25 per cent higher at £1.45bn. The FTSE 100 group [...]
Nissan to invest £125m in UK in compact car project March 6, 2012 Japanese carmaker Nissan Motor is to invest £125m to build a new compact vehicle from mid-2013 in Sunderland, northeast England, where its workforce will rise by 600 to 6,000. The company said the move, which will be supported by a $15m loan from Britain, will create a total of 2,000 jobs at Nissan and its [...]
Tullett Prebon profits down March 6, 2012 Interdealer broker Tullett Prebon reported flat 2011 revenues and profits down on the previous year, blaming “unsettled” markets for the performance. The broker, which matches buyers and sellers of currencies, bonds and swaps, said on Tuesday revenue last year was £910.2, compared with £908.5m in 2010. Underlying profit before tax was £136.1m compared with £149m [...]
Credit Suisse to buy back $4.4bn in securities March 5, 2012 Credit Suisse said it planned to buy back up to 4bn Swiss francs ($4.4bn) in outstanding securities in a bid to comply with the new Swiss and Basel III global capital adequacy rules. The tender was for public Tier 1 and Tier 2 instruments, Credit Suisse said. “Credit Suisse continues to take a proactive approach [...]
