RSA expands in Canada with a £94m purchase June 6, 2012 RSA, Britain’s biggest commercial insurer, has agreed to buy Canada’s L’Union Canadienne for £94m, more than doubling its share of the lucrative Quebec market. “Our group strategy is to drive continued growth and strong profitability in our overseas markets,” RSA chief executive Simon Lee said in a statement. RSA, Canada’s third-largest general insurer after its [...]
Buffett bullish over American economy June 6, 2012 THE RISK of a double dip recession in the US is “very low”, according to billionaire investor Warren Buffett, “unless events in Europe develop in some way that spill over here big time”. The so-called Sage of Omaha hailed America’s “secret sauce”, yet warned that the Eurozone crisis remains the biggest threat to the global recovery. [...]
Open government comes to the back yard of Number 10 June 6, 2012 INSPIRED by the success of the Jubilee celebrations perhaps, The National Trust yesterday announced that the garden of 10 Downing Street will be among the 200 venues involved in the Open Garden Squares Weekend taking place this Saturday. The L-shaped plot, shared by both 10 and 11 Downing Street, will host 25 lucky ticket holders [...]
David Miliband’s identity crisis June 6, 2012 IT SURELY wouldn’t have happened if he’d beaten his brother in the Labour leadership election. But yesterday David Miliband was mistaken by a travelling train companion for Andy Burnham, the shadow health secretary. Miliband, tweeting about the incident, described it as the ultimate compliment. But The Capitalist can’t help but wonder whether Labour’s lost leader [...]
Vodafone CWW bid backed by investor body June 6, 2012 VODAFONE’s bid for Cable & Wireless Worldwide was bolstered yesterday when the deal was recommended by Institutional Shareholder Services (ISS), which represents about 10 per cent of CWW’s shareholders. But the news, published after markets closed, did not come in time to stop the telco giant’s shares from dropping 2.7 per cent to 169p yesterday. Traders [...]
MAXIMUM SENTENCE SOUGHT FOR STANFORD June 6, 2012 US prosecutors urged a judge yesterday to send convicted financier Allen Stanford to prison for 230 years, calling him a “ruthless predator” whose $7bn (£4.5bn) Ponzi scheme was among the most egregious frauds ever undertaken. Stanford was convicted on 6 March on fraud, conspiracy and obstruction charges. Prosecutors said he ran a 20-year bogus scheme [...]
Waitrose feasts on record sales in Jubilee week June 6, 2012 DEMAND for British favourites such as scotch eggs, sausage rolls and ales to wash down street party festivities helped Waitrose serve up record-breaking sales in the run-up to the Diamond Jubilee. Sales surged 19.8 per cent in the week to Saturday 2 June to a total of £123m, Waitrose’s highest ever trading week with the [...]
Jessops turnaround plans help retailer present a rosier picture June 6, 2012 JESSOPS, the embattled camera specialist, said efforts to revamp its stores and improve its online presence had helped boost sales by three per cent to £236.8m last year. The retailer, which came close to collapse three years ago, reported that sales rose by three per cent to £236.8m in the year to 1 January, with [...]
CITY VIEWS | DO YOU THINK THE QUEEN’S DIAMOND JUBILEE WAS A SUCCESS FOR THE ECONOMY? June 6, 2012 LUCY RHODES BATES WELLS & BRAITHWAITE It got people out and about but having said that, the two days off didn’t do any favours for businesses. It’s good for shops and restaurants but probably bad for financial services in the City of London. PAT MOONEY BANK OF IRELAND It’s re-ignited the global interest in this [...]
Construction sector growth slows further June 6, 2012 CONSTRUCTION growth slowed in May, influential survey data showed yesterday, with confidence draining from firms operating in the sector. The construction purchasing managers’ index (PMI) from Markit fell to a three-month low of 54.4 – down from 55.8 in April, but still firmly above the “no change” level of 50. Commercial activity was the strongest [...]
