FSA gives record $9.6m fine for market abuse November 9, 2011 THE FINANCIAL Services Authority (FSA) yesterday handed down a record $9.6m (£6m) fine for market abuse. Dubai-based Rameshkumar Goenka was ordered to return $3.1m to an unnamed bank and pay a $6.5m fine for manipulating the price of shares in Reliance Industries. The FSA said he artificially inflated the price of the firm’s stock by [...]
Westhouse to buy Arbuthnot investment unit November 9, 2011 STOCKBROKING group Westhouse Holdings said it would buy the investment banking unit of Arbuthnot Banking Group for an undisclosed sum to take advantage of a potential consolidation in the corporate broking market. Westhouse, which has seen a growth in the number of its corporate clients since the end of June, said it expected the deal [...]
Admiral boss’ £116m loss as stock plunges November 9, 2011 THE CHIEF executive of car insurer Admiral saw more than £115m wiped off the value of his stake in the business yesterday after the group finally succumbed to the industry-wide slump in profit growth. Shares in Admiral, which also trades under the Bell, Diamond and Elephant brands, closed down 25.61 per cent at 887.5p after [...]
ANALYST VIEWS: ARE PROBLEMS LOOMING FOR INSURANCE GROUP ADMIRAL? November 9, 2011 JONATHAN JACKSON | KILLIK & CO The claims environment remains tough, with the frequency and expected cost of new large personal injury claims remaining above historical levels – consistent with the first half of 2011 KEVIN RYAN | INVESTEC It remains our view that significantly outperforming a commoditised market for sustained periods is impossible. It [...]
Resolution eyes admin savings November 9, 2011 TAKEOVER specialist Resolution unveiled an outsourcing agreement aimed at boosting planned cost savings by 27 per cent and said financial turmoil in the Eurozone had brought it closer to doing deals there. A 15-year deal to outsource the back-office functions of Resolution’s British life insurance unit to Diligentia, part of Tata Consulting, will deliver yearly [...]
Deals website snaps up rival November 9, 2011 SALES at Moneysupermarket.com rose strongly in the third quarter as the price comparison firm revealed it will pay up to £11m for a 51 per cent share in Local Daily Deals (LDD). It has handed over £1m initially with more cash due to follow over the next three years depending on the performance of LDD. [...]
Supergroup’s sales pick up November 9, 2011 THE OWNER of the Superdry fashion label said it was confident its distribution capability would return to normal levels later this month, as it reported a surge in second quarter sales. Last month SuperGroup, one of last year’s most successful stock market flotations, warned that its full-year profits would be hit after problems with its [...]
Sainsbury’s boss defends growth plan as sales rise November 9, 2011 SAINSBURY’S chief executive Justin King said the supermarket chain shouldn’t be “apologising for investing in the UK economy” as he defended the group’s decision to open more than 1.4m square feet of new store space this year. The UK’s third biggest supermarket has been driving an ambitious expansion strategy and spent £682m in the first [...]
Cotton prices hit Macy’s and Ralph Lauren November 9, 2011 RISING cotton prices and other costs took a toll on quarterly margins at Macy’s and Ralph Lauren, though both companies still beat Wall Street earnings estimates as Ralph Lauren’s revenue exceeded expectations and Macy’s sales gains continued to outpace those of its rivals. Macy’s, whose fleet includes about 810 namesake stores and the upscale Bloomingdale’s [...]
Kesa coughs up £50m to dump Comet November 9, 2011 KESA Electricals was yesterday forced to pay a £50m dowry to offload Comet, its struggling British electricals chain. OpCapita, the restructuring specialist that is buying Comet, paid a headline consideration of just £2 for the loss-making chain. But in reality, Kesa – which is also taking on Comet’s €45.9m pension deficit – is paying a [...]
