HSBC boss: Asia may face crunch November 8, 2011 A credit crunch stemming from European banks could also hit Asia, HSBC chief executive Stuart Gulliver warned yesterday. Speaking in Hong Kong, Gulliver told the Financial Times that policymakers must be aware of a potential slowdown in the availability of credit. “The strong increases in credit availability in Asia that has supported demand growth cannot [...]
Munich Re profits slump November 8, 2011 LARGE catastrophe losses and the collapse in the value of Greek sovereign debt slashed profits at Munich Re this year, it said yesterday. The world’s biggest reinsurance group made just €80m (£68.7m) net profit in the nine months to September, down from almost €2bn in the same period in 2010, despite its revenues from premiums [...]
Two more Russians to enter FTSE November 8, 2011 TWO Russian miners are set to join the FTSE 100 next month, reigniting concerns over corporate governance and the composition of the index. Roman Abramovich’s steelmaking group Evraz and gold miner Polymetal will both join the index if the FTSE Group agrees at its next meeting. Evraz, with a £4.7bn market cap, and Polymetal, at [...]
M&A deals at lowest since 2003 November 8, 2011 THE UK’s share of mergers and takeovers globally has slumped to the lowest on record as just five per cent of world deals now involve UK target companies, data from Dealogic yesterday showed. Dealmaking in the UK this year has been worth only $116.3bn (£72.6bn), 14 per cent lower than in the same period in [...]
IPOs set for November rebound in the US November 8, 2011 THE IPO machine is set to roar back into life this month with 16 floats due in the US. The 11 deals scheduled for next week will make it the busiest seven day period since November 2007, according to US investment advisor Renaissance Capital. The US listings include consumer reviews website Angie’s List, which wants to [...]
Polymetal expects ruling November 8, 2011 GOLD miner Polymetal yesterday said it should know the outcome of a ruling on buying out its Russian minority shareholders by the regulator in Moscow in about 15 days’ time. Polymetal, which started trading on the London Stock Exchange on 2 November after switching from a Moscow listing, said its subsidiary Polymetal Holding had sent [...]
Asia powers Pru but M&G flows reduce November 8, 2011 PENSIONS group Prudential said surging growth in its US and Asian businesses this year raised its profits, but fund flows fell in its M&G investment arm as investors took fright over the Eurozone crisis. Prudential’s sales were £2.7bn in the nine months to September, 10 per cent higher than in the same period in 2010, [...]
Phoenix soars on solid results November 8, 2011 Shares in life insurance group Phoenix closed more than seven per cent higher yesterday as it said the market turmoil caused by the Eurozone crisis had not affected its business. Despite poor stock and bond markets, Phoenix said it had generated £603m cash in the year to the end of September, while its assets under [...]
JLT on track despite tough time November 8, 2011 Insurance broker Jardine Lloyd Thompson said its business was trading in line with expectations as growth in its emerging markets businesses offset “challenging” conditions in Europe. It said companies had little appetite to pay higher insurance premium rates, and clients in its employee benefits division were cutting back on discretionary spending such as insurance. Job [...]
Olympus hid losses during two decades November 8, 2011 JAPAN’S Olympus admitted yesterday it hid losses on securities investments dating back two decades, bowing to weeks of pressure to explain a series of baffling transactions that have put the future of the firm in doubt. The revelations by the 92-year-old company seem to vindicate ex-CEO Michael Woodford, who has staged a campaign since being [...]
