Directors of collapsed Kaupthing bank banned from senior jobs June 26, 2012 DIRECTORS of the British arm of collapsed Icelandic bank Kaupthing yesterday agreed not to hold senior banking positions in the UK during the next eighteen months, escaping a fine or further punishment. Following a three-and-a-half year investigation into Kaupthing Singer and Friedlander Limited (KSFL), the Financial Services Authority (FSA) concluded that former chief executive Armann [...]
Aviva signs life insurance deal with Tesco Bank June 26, 2012 INSURANCE giant Aviva yesterday announced a five-year deal with supermarket firm Tesco that will enable it to sell life protection to UK retail customers. The deal gives Aviva the exclusive rights to sell three simplified products through the Edinburgh-based Tesco Bank business – life insurance, over 50s life insurance and life insurance with critical illness [...]
Barclays’ South African arm Absa issues a profit warning June 26, 2012 SOUTH African bank Absa, which is majority owned by Barclays, yesterday issued a profit warning that blamed an increase in mortgage-related bad debts, sending its shares tumbling. The bank warned its first-half earnings could fall as much as 10 per cent below last year’s 4.6bn rand (£347m), causing its stock to fall by seven per cent. [...]
Toronto’s TMX stock exchange eyes European opportunities June 26, 2012 CANADIAN stock exchange operator TMX yesterday signalled its interest in further European expansion, despite the failure of last year’s attempted merger with the London Stock Exchange. Chief executive Tom Kloet last night told an audience at Canada House in Trafalgar Square: “Europe presents exciting opportunities for all parts of our business. Our London office provides [...]
UK firms lose £125bn from poor working capital management June 26, 2012 BRITISH firms have failed to free up £125bn over the last five years due to inefficient working capital management, according to research released today by accountants PwC. PwC found that if all the UK companies currently considered to have bad working capital management achieved the same standards as good performers they could have potentially generated [...]
Citi’s analysts pour oil on BP’s troubled waters June 26, 2012 THE good folk at BP can be forgiven for being a bit miffed with the bankers at Citigroup Global Markets. Citi’s analysts Alastair Syme and Michael Alsford have issued a research note that questions BP’s hopes of realising between $25-30bn for its stake in its Russian subsidiary TNK-BP. The note, entitled “Russian value-release remains a [...]
UBS celebrates with watches June 26, 2012 In these days of cutbacks and (relative) austerity among the world’s investment banks, it’s good to see that the Swiss-based UBS is trying to muster up a celebratory mood. UBS is celebrating its 150th anniversary this year, and in so doing has given each of its 65,000 employees worldwide a Swatch watch. The gesture has [...]
BT Vision gamble might be costly June 26, 2012 Group’s football move must win customers from BSkyB BT VISION’S surprising capture of the rights to 38 live Premier League matches from the beginning of the season after next is described as “the largest thing we have done in television to date” by the group’s chief executive Marc Watson. The problem for BT Vision is [...]
Ofcom takes new steps to crack down on piracy June 26, 2012 ILLEGAL downloaders could be reported to copyright owners under a new system unveiled yesterday by communications regulator Ofcom. The draft code – still subject to a consultation period, European approval and the governmental green light – requires the major internet service providers (ISPs) to notify their customers of allegations that their internet connection has been [...]
Digital Realty invests £715m in London data centre properties June 26, 2012 US DATA centre firm Digital Realty Trust said yesterday it was buying three properties near London for a total of £715.6m. The world’s biggest provider of real estate for data centres is looking to the European market for growth with the 761,000 square feet investment across three data centres located in Woking, Watford and Croydon. [...]
