JUPITER EYES IPO March 4, 2010 JUPITER Asset Management, led by chief executive Edward Bonham Carter, is preparing itself for a possible initial public offering of up to £500m, it emerged yesterday. The fund manager has asked creditors to approve a new clause to its £375m ($563m) loan documents that would allow it to float on the stock market. Jupiter, which [...]
Pandit backs protection for US consumers March 4, 2010 CITIGROUP chief executive Vikram Pandit yesterday voiced support for key Obama administration financial reform goals, including a consumer protection authority, but government watchdogs questioned his earnestness. In testimony to a bailout watchdog panel in Congress, Pandit advocated a watered-down version of a consumer protection agency proposed by Obama and said banks generally should not engage [...]
RBS set to sell Williams & Glyn’s March 4, 2010 Royal Bank of Scotland has begun the process to offload its small business and retail bank Williams & Glyn’s. It has issued a sale memorandum for the group which the European Commission told RBS last year it must sell after it was bailed out by the government. Santander and Virgin Money are both believed to [...]
Iceland referendum to go ahead March 4, 2010 Iceland has all but given up on agreeing a new deal with the UK and the Netherlands to repay more than €3.8bn (£3.4bn) of debt. It had hoped to avoid a referendum on the issue by agreeing a repayment plan before the weekend, but the vote is now likely to go ahead tomorrow. Opinion polls [...]
Sony aims to rival Apple March 4, 2010 Japanese electronics and media giant Sony plans to launch several new portable electronic devices this year to compete with Apple. Among the new products is a smartphone that can download and play Sony PlayStation games. Prices are yet to be finalised.
Aviva focuses on Europe as rivals go east March 4, 2010 AVIVA’S heavy cost cutting and its successful flotation of Delta Lloyd has paid off as it announced a three per cent rise in operating profits for 2009. The British insurer recorded an end of year operating profit of £3.48bn, up from £3.37bn in 2008. Its Life business arm was a particularly strong performer increasing 11 [...]
Lego grows UK market share March 4, 2010 Toy brand Lego said yesterday that UK sales rose 28 per cent last year after its debut as a board games maker proved successful. The Danish group said it grew its share of the UK market to 4.6 per cent last year, which it said cemented its place as the country’s third largest toy manufacturer. [...]
MetLife gets AIG unit for $15bn March 4, 2010 A tax question holding up American International Group’s sale of its foreign life insurance unit to MetLife is expected to be resolved favourably, clearing the way for a roughly $15bn deal, sources familiar with the matter said yesterday. Timing on the deal for American Life Insurance has not yet been set, but it is expected [...]
ANALYST VIEWS: WHAT DID YOU THINK OF AVIVA’S END OF YEAR RESULTS? March 4, 2010 BARRIE CORNES | PANMURE GORDON “Aviva has reported 2009 results that were well ahead of consensus and above the top end of the range for MCEV and IFRS operating profit. Given the investment risk of the Prudential/AIA deal we recommend a switch into Aviva.” JAMES HUGHES | CMC MARKETS “In London, numbers from Aviva were [...]
Prudential and AIG bosses on charm offensive March 4, 2010 PRUDENTIAL boss Tidjane Thiam is leading a series of “town hall” meetings across Asia to promote his firm’s $35.5bn (£24bn) acquisition of American International Group’s Far Eastern arm. Along with AIG chief Robert Benmosche, Thiam yesterday reassured American International Assurance employees in Malaysia and Singapore there were no planned job cuts for customer-facing staff. Benmosche [...]
