Relief as Old Mutual deal cuts debt pile December 15, 2011 SHARES in insurer and pensions group Old Mutual soared more than 10 per cent yesterday after it said it would raise SEK 22.5bn (£2.08bn) by offloading its Nordic businesses. The London-listed group will sell the long-term savings and banking operations in Sweden, Denmark and Norway to Skandia Liv, its mutual unit owned by policyholders. Old Mutual, [...]
Car output up for sixth month December 15, 2011 CAR production rose in November, providing a glimmer of hope that Britain’s industrial sector might avoid a new recession. Production went up for the sixth month in a row, gaining 8.5 per cent compared to last year to reach 136,111 cars, according to the Society of Motor Manufacturers and Traders. In the year to date, [...]
UniCredit is set for capital raise December 15, 2011 SHAREHOLDERS at Italian bank UniCredit yesterday overwhelmingly backed a highly dilutive €7.5bn (£7.3bn) capital increase to shore up its ravaged balance sheet. Italy’s most internationally exposed lender faces a €7.97bn capital shortfall – the second-biggest in Europe after Spain’s Santander — to meet tougher requirements set by the European Banking Authority to buttress the region’s [...]
MPs debate over financial school lessons December 15, 2011 AS MPs finally bowed to pressure yesterday and debated financial education for young people in the Commons, a poll showed that a huge majority of the UK public is in favour of compulsory finance teaching. Ninety-four per cent of people think financial education in UK schools is necessary, according to a poll by ComRes of [...]
Morgan Stanley joins bank slashing with 1,600 jobs to go December 15, 2011 MORGAN Stanley became the latest investment bank to announce another round of job cuts yesterday, saying that it will slash 1,600 employees by the end of March next year. The bank said the losses would be across all geographies, levels of hierarchy and front- and back-office roles. But City A.M. understands that the front-office cuts [...]
UKFI executive to stand down following Rock sale December 15, 2011 ONE of the most senior executives at UK Financial Investments (UKFI), the state agency that manages taxpayers’ stakes in nationalised banks, is to step down. Keith Morgan, who manages government stakes in Northern Rock, UK Asset Resolution (or the Northern Rock “bad bank”) and Bradford & Bingley, will leave in the first half of 2012. The move [...]
Kuwaitis buy into City safe haven December 15, 2011 KUWAITI property firm St Martins Corporation has bought a £176m office development at the heart of the City from Hammerson, in the latest sign of overseas investors buying into London as a safe haven. The nine-storey office tower at 60 Threadneedle Street is on the site of the former stock exchange, having been redeveloped by [...]
Omega rejects Mark Byrne’s reduced offer December 15, 2011 THE INSURANCE group Omega yesterday rejected a reduced tender offer from entrepreneur Mark Byrne, warning that it would also take action to protect its interests. Byrne recently lapsed an offer to buy up to 25 per cent of the shares in the group at a price of 83p each, claiming that regulatory clearances he needed [...]
Henderson feeling special as 2011 profit set to soar December 15, 2011 FUND manager Henderson said profit will rise by more than half despite global turmoil hitting the markets. The firm expects underlying profit for 2011 to reach between £155m and £159m, which would take it to growth of up to 57.9 per cent. It also said it should earn £11m in performance fees for the second [...]
Ofcom drops TV ads review December 15, 2011 British media regulator Ofcom has decided not to refer the television advertising trading market for a full competition review after finding that the system was functioning properly, it said yesterday. Ofcom had in June opened a consultation on whether the way TV advertising was bought and sold could restrict competition.
