Moody’s warns of possible downgrade after chief takes sick leave November 9, 2011 Moody’s said it may cut its ratings for Lloyds, given chief executive Antonio Horta-Osorio being on sick leave may hinder the part state-owned British bank’s restructuring plan. Lloyds shocked investors last week when it said 47-year-old Horta-Osorio was taking a break due to stress-related illness, leaving a potential power vacuum at the top of Britain’s [...]
HSBC may quit UK over capital rules November 9, 2011 HSBC said costly new capital rules might force it to leave the UK, as it reported a bigger-than-expected fall in third-quarter profit, hit by lower investment banking income and higher bad debt in the United States. Shares in Europe’s biggest bank fell by more than 5 percent in early trading on Wednesday, after HSBC said [...]
Berlusconi’s exit won’t end the crisis November 9, 2011 ONE by one, they fall: the Eurozone’s poisonous, tarantula-like bite has just claimed its second major political scalp in under a week. Following days of intense pressure by global bond investors, who had lost confidence in his ability to turn around the Italian economy, Silvio Berlusconi was finally forced to announce that he would be [...]
Resolution to set up new asset management unit November 9, 2011 Insurance takeover specialist Resolution announced plans to create a new asset management unit, and said cost savings from merging its acquisitions would be bigger than first thought thanks to a new outsourcing deal. Resolution, which aims to buy underperforming British life insurers and merge them into a more profitable whole, said a 15-year agreement to [...]
Kesa sells Comet for £2 November 9, 2011 Kesa, Europe’s third-biggest electrical goods retailer, said it had agreed to sell its loss-making chain Comet for £2. The buyer is Hailey Holdings Ltd and Hailey Acquisitions Limited, entities advised by private equity firm OpCapita LLP. Kesa said it will invest £50m in Hailey, the shareholder of the purchaser, and retain the liability for the [...]
Sainsbury’s in profits boost from new stores November 9, 2011 New stores and demand for online and convenience shopping helped grocer J Sainsbury to meet forecasts with a rise in first-half profit in a tough trading environment that the group said was set to continue. Britain’s third-biggest supermarket group behind Wal-Mart’s Asda and industry leader Tesco said profits before tax and one-off items rose 6.6 [...]
Berlusconi to quit – at last November 8, 2011 EMBATTLED Italian Prime Minister Silvio Berlusconi will step down once new austerity measures are passed, President Giorgio Napolitano announced last night. The government successfully passed a usually routine finance bill yesterday, but only because the opposition Democratic Party abstained. Berlusconi lost his majority in the process, triggering calls for his departure. The euro bounced back [...]
City braced for day of rage November 8, 2011 THE CITY is today bracing itself for planned protests over student fees, as police said they had taken precautions in case the demonstrations turn violent. Four thousand officers will be on duty in an attempt to prevent the 10,000-strong protest descending into a similar frenzy of violence to that seen last year, when demonstrators took [...]
Prices tumble at UK’s stores November 8, 2011 PRICE wars between supermarkets are driving down the cost of food and other items, as stores fight for the attention of increasingly squeezed shoppers. Food was half a per cent cheaper last month than in September, the British Retail Consortium (BRC) revealed this morning. Tesco has been pushing its “Big Price Drop”, while Asda’s “Price [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 8, 2011 FINANCIAL TIMES GRAFF PLANS $1BN HONG KONG IPO Graff Diamonds, retailer of some of the world’s most expensive jewellery, is planning a Hong Kong initial public offering that could raise $1bn and value the company’s equity at about $5bn. The London-based company, known for high-end jewellery items such as 100-carat diamond tiaras, is raising capital [...]
