UBS names four new securities co-heads in a division reshuffle March 1, 2011 UBS restructured its profitable securities division yesterday, unveiling four co-heads that will cover equity and fixed income, currencies and commodity sales and trading. The Swiss bank told staff in a memo that co-heads Rajeev Misra, Yassine Bouhara, Francois Gouws and Roberto Hoornweg will report to its investment bank head Carsten Kengeter. But Dmitrios Psyllidis, its [...]
TNK-BP talks up chances of Rosneft deal March 1, 2011 EXECUTIVES at TNK-BP are keen to join BP’s Arctic drilling deal with Russian oil company Rosneft, its chief financial officer confirmed yesterday. “In relation to Arctic opportunity it has been accurately reported that management at this point has proposed that the board consider participation in the Arctic opportunity,” Jonathan Muir told a conference call, adding [...]
Ministers could find savings of £3.5bn per year March 1, 2011 MORE THAN £3.5bn of savings could be found by the government each year, a new report claims. The savings, equivalent to 75,000 average salary jobs, are outlined in a new report being handed to ministers tomorrow by business lobby group London First. Set to coincide with a speech by business secretary Vince Cable at the [...]
FORMULA ONE’S WILLIAMS SEES IPO SUCCESS March 1, 2011 WILLIAMS priced its Frankfurt listing at €25 per share yesterday, putting the Formula One motor racing team’s founders on the road to around €52m (£44m) from selling some of their stake. The IPO valued the firm, founded by Frank Williams and Patrick Head, at €250m. Around 97 per cent of the shares were bought by [...]
Profits double at Persimmon as sales falter March 1, 2011 HOUSEBUILDER Persimmon warned yesterday that the weak mortgage market will continue to dampen sales this year, after almost doubling its pre-tax profit to £153.9m in 2010. While Persimmon sold 4.5 per cent more homes last year, the firm said completions tailed off towards the end of 2010 amid a tough mortgage market and economic fears. [...]
ANALYST VIEWS: WHAT DO YOU THINK OF PERSIMMON’S RESULTS? March 1, 2011 CHRIS MILLINTON| NUMIS We feel the 2010 results are strong and the margin progress is creditable. We continue to hold Persimmon in high regard with respect to its landholdings and management. On trading the group states that the year has started encouragingly with visitors up 10 per cent, cancellation rates low and reservations up. ‘Buy’. [...]
City backlash against ECJ insurance rule March 1, 2011 MOTOR insurers and annuity providers attacked a European Court of Justice (ECJ) ruling that banned insurers from using gender to calculate policy prices yesterday. The ruling will mean women no longer pay lower car insurance premiums than men despite male drivers under 21 being twice as likely as young women to have a crash. Annuity [...]
HOW THE INSURANCE RULING COULD AFFECT YOU March 1, 2011 Q.WHAT IS THE RULING? A.The European Court of Justice (ECJ) has ruled that insurance companies cannot charge different premiums to men and women based on their gender. It also bans use of actuarial factors to calculate men’s and women’s pension contributions. Q.WHY HAS IT HAPPENED? A.The ruling amends the Gender Directive, which came into effect [...]
DO YOU AGREE WITH THE NEW EUROPEAN RULING? March 1, 2011 ALEX SHEPHERD | ROYAL BANK OF SCOTLAND “The cost of insurance should be linked to risk assessment and women are considered to be safer drivers. How is this supposed to be sexist? Unisex rates are a punishment for responsible female drivers.” RAMESH SIVARAM | WILLIS INSURANCE “Why should women pay less than men for the [...]
HMV shares dive as profit warning bites March 1, 2011 HMV shares plunged yesterday after the struggling retailer warned that its profit was likely to miss targets. The book, CD and DVD company also said it would have to renegotiate some of its loan agreements as it struggles to steady the business. HMV insisted it is not yet in breach of any of its lending [...]
