Rosemont suffers in Katrina’s wake October 20, 2005 The fate of Goshawk’s subsidiary Rosemont Re was left hanging in the balance yesterday when its credit rating was cut. Ratings agency AM Best downgraded the insurer from A excellent to B fair, severely impairing the company’s ability to write new business. Rosemont Re has been severely hit by hurricane claims and shares in Goshawk [...]
Actif tones down its branding October 20, 2005 Actif, which distributes Elle clothing in Britain, has been forced into a French Connection-style rethink of its aggressive branding. Just as French Connection has toned down its use of the risque FCUK logo on its products, Actif chief executive Mark Evans said yesterday that it was going down the same route as shoppers were beginning [...]
Rio to expand in Australia October 20, 2005 The world’s second largest mining company Rio Tinto said it will spend $1.35bn (£768m) to expand its iron ore production at two of its key operations in Western Australia. The company said it would invest $530m expanding its Yandicogina mine to boost its output from 36m tons to 52m tons. It will also expand its [...]
Skandia hits back at Old Mutual overture October 20, 2005 The £3.13bn takeover battle for Skandia, the Swedish insurer, escalated yesterday as the company set out its key argument why it should remain independent. It listed 16 reasons why a hostile offer from Old Mutual of South Africa was “unacceptable”. Old Mutual said it remained committed to acquiring its target and that it was convinced [...]
St James’s A-Day profits October 20, 2005 Looming changes to pension legislation have helped wealth management company St James’s Place Capital increase its pension business by 22 per cent. New laws, due to come in on April 6 on what has become known as A-Day, have prompted more people to seek advice on their best personal pension plan including the chance to [...]
Flu anti-virus causes 17% profit jump October 20, 2005 Roche, the maker of bird flu anti-viral Tamiflu, yesterday announced a third quarter revenue increase of 17 per cent thanks to a jump in sales of the drug. The Swiss firm said sales of Tamiflu had more than doubled to SFr279m (£123m) and the companies overall sales for the quarter ending September climbed to SFr8.8bn. [...]
MFI under pressure as shares dip October 20, 2005 Confidence in MFI’s stricken furniture chain was undermined further yesterday after a damning analyst report sent the shares into a nosedive. Richard Ratner, of Seymour Pierce, quoted “reliable sources” stating that the British showroom business had sought an extension of credit terms from trade suppliers. He also suggested that the division could be “put into [...]
Google gives up battle for Gmail name October 20, 2005 Google yesterday gave up its long battle with a tiny company for the use of its Gmail branded email in Britain. Following months of wrangling, the company with a market capitalisation of £31bn bowed to pressure from London-based Independent International Investment Research (IIIR), worth just £2.3m, and changed its name to Googlemail. Now new users [...]
Drax turns down third £2bn offer October 20, 2005 Europe’s largest coal-fired power plant Drax has rejected a £2bn bid from International Power and Japanese engineering company Mitsui. Yorkshire-based Drax, which is running an auction for its sale at the same time as preparing an initial public offering, has also turned down similar bids from two American consortiums. Drax, which supplies 7 per cent [...]
FTSE falls to lowest level since July October 20, 2005 The FTSE fell to its lowest level since July as fears about rising interest rates wiped out value on stock exchanges across Europe. It emerged yesterday that the Monetary Policy Committee (MPC) voted unanimously to keep British interest rates at 4.5 per cent. Analysts said that this signalled a rate cut to coincide with November’s [...]
