ITV sale of Friends is cleared February 18, 2010 The Competition Commission has cleared ITV’s sale of FriendsReunited to Brightsolid. The competition concerns are over Brightsolid’s ownership of findmypast.com and the 1911 census site while FriendsReunited runs Genes reunited. But the regulator said that the deal could improve competition by forcing ancestry.co.uk to up its game in the face of rejuvenated competition.
Hedge funds to stick to Mayfair February 18, 2010 Hedge funds are unlikely to exit the UK because of tax, a report suggested yesterday. Property consultancy Cushman & Wakefield found 10 per cent of UK firms now consider taxation a crucial factor in deciding where to headquarter their business, up from 5 per cent three years ago. Around 18 hedge funds are contemplating overseas [...]
Swiss Re records a net profit for 2009 February 18, 2010 SWISS Re, the world’s second largest re-insurer, has turned around its fortunes and recorded a profit for 2009 following a dismal set of results in 2008. Annual net profit stands at SFr506m (£300.6m), up from the heavy 864m loss in 2008. The company’s core businesses have maintained strong earnings resulting in a improved balance sheet [...]
New directors on board at Pearl as it heads for UK float February 18, 2010 FUND management and insurance group Pearl yesterday said it was pressing ahead with a London stock market flotation despite its well-publicised wrangle with bondholders. The company, which is being renamed as Phoenix, is not raising any new capital at the time of its listing. Shareholders Liberty Acquisitions and Hugh Osmond, the group’s founder, do not [...]
Severe weather and the recession put a dampener on Axa UK earnings February 18, 2010 FREAK storms and floods in 2009 sent Axa’s UK year-end earnings tumbling by 18 per cent. The firm’s underlying earnings decreased to £235m, from £288m in 2008. Commercial losses within its general insurance business totalled £157m. Axa’s UK Property and Casualty arm was the worst hit, but reported strong revenue growth in personal motor and [...]
CPP hopes to buck the trend of IPO failures in March listing February 18, 2010 INSURANCE firm CPP will brave choppy IPO waters with a March flotation. It has not announced how much it plans to raise but City A.M. has learned the firm hopes to issue up to £30m from new shares, valuing it at £450m. It is believed owner and founder Hamish Ogston will also sell a £150m [...]
BAE profits tumble after truck deal loss February 18, 2010 BAE Systems swung to a loss last year after a major writedown linked to its purchase of US military group Armor Holdings. The British defence company said it suffered a net loss of £67m in 2009 compared with profit after tax totalling £1.745bn in 2008. BAE said it was forced to writedown £973m after Armor [...]
As the clouds of uncertainty lift, its discount to US peers is unwarranted February 18, 2010 UNCERTAINTY is the biggest killer of all. With a strategic defence review set to follow the election here in the UK and the Obama administration slashing big Pentagon weapons programmes, BAE appears to be shrouded in it. But yesterday’s full year results show the clouds are clearing. It has paid $400m and $30m to settle [...]
Sigh of relief for Reed Elsevier as results hit targets February 18, 2010 REED Elsevier, which publishes Variety and New Scientist, posted sales of £6.07bn for last year in line with expectations. Its operating profit rose one per cent to £1.57bn. But new chief executive Erik Engstrom warned margins would fall slightly this year due to increased investment in legal products. He said capital spending would rise to [...]
Role of Calvert’s bookie examined February 18, 2010 THE share buyer for a retired Cazenove broker accused of insider trading was a “sophisticated” investor who “knew his way around the market”, a court heard yesterday. Malcolm Calvert, 65, is standing trial on 12 counts of insider dealing, which he denies. He is accused of passing tips he received from a mole inside Cazenove [...]
