Man Group sees fewer clients pulling funds November 3, 2011 Man Group , the world’s largest listed hedge fund manager, saw clients pull out cash at a slower pace in October than September, raising hopes it may be able to staunch exits of client cash despite the euro zone’s deepening debt crisis. Man said its assets under management fell by $1bn (£626m) to $63.5bn during [...]
BT profits rise as broadband delivers November 3, 2011 BT confirmed its full-year growth targets as strength in broadband and Global Services enabled it to post better than expected core profits and sales in the second quarter. The firm said it had grown cash flow, profits and underlying revenue after cutting yet more costs. BT, which competes with Virgin Media and TalkTalk and sells [...]
Aviva life sales dented by Europe crisis November 3, 2011 British insurer Aviva said its life insurance sales fell in the first nine months of the year, reflecting tough conditions in its key European markets and a decision to walk away from less profitable business. Aviva, Britain’s second-biggest insurer, had life insurance sales of £23.6bn in the nine months to 30 September, down eight per [...]
GlaxoSmithKline to pay US £1bn to settle dispute November 3, 2011 GlaxoSmithKline said it had agreed to settle its most significant disputes with the U.S. government over the way it marketed and developed drugs at a cost of $3bn (£1bn), which is covered by existing provisions. The final settlement, covering both civil and criminal claims, is expected to be finalised in 2012. It includes a Department [...]
Europe is finally giving up on Greece November 3, 2011 WHO will blink first? The Greeks – or the Eurozone? Both have lots to lose from a Greek collapse and withdrawal from the euro; and Georgios Papandreou’s decision to bet everything on a referendum on the bailout package has massively upped the stakes. Until yesterday, it seemed as if Nicolas Sarkozy and Angela Merkel would [...]
Lloyds chaos as boss steps back November 2, 2011 TAXPAYERS suffered a major blow yesterday as the departure of Lloyds’ star chief executive left the turnaround of the semi-nationalised lender in chaos. António Horta-Osório was forced to take a leave of absence on medical advice after months spent accelerating a complete overhaul of the bank left him too exhausted to continue, the bank said. [...]
Merkozy: put up or get out November 2, 2011 GREECE was given an ultimatum last night: vote for austerity or leave the euro. The country will now go to the polls in a referendum on 4 December, but it is not yet clear whether it will vote on its latest €100bn bailout package and the attached conditions, or on membership of the euro itself. [...]
Offer fails to avert strikes November 2, 2011 THE TREASURY laid out an improved deal on public sector pension reform yesterday, but unions said it was not enough to avert a national strike planned for 30 November. Unions representing more than 2m workers have been locked in a dispute with the coalition over its plans to raise pension contributions as part of deficit-cutting [...]
Europe is finally giving up on Greece November 2, 2011 WHO will blink first? The Greeks – or the Eurozone? Both have lots to lose from a Greek collapse and withdrawal from the euro; and Georgios Papandreou’s decision to bet everything on a referendum on the bailout package has massively upped the stakes. Until yesterday, it seemed as if Nicolas Sarkozy and Angela Merkel would [...]
Fed sticks to the Twist November 2, 2011 THE FEDERAL Reserve will hold down interest rates and continue with its project dubbed “Operation Twist”, it announced last night. Growth “strengthened somewhat in the third quarter,” it said, yet warned of “significant downside risks to the economic outlook, including strains in global financial markets.” Three hawks who had previously dissented against Operation Twist – [...]
