Esure’s profits surge as Wood takes charge July 27, 2011 HOME and car insurer Esure yesterday said it made £18.8m pre-tax profit in 2010 following a management buyout by Peter Wood, its insurance entrepreneur founder, last February. The lion’s share of profits came from its 49 per cent stake in comparison website GoCompare, which contributed £10.2m in eight months from April to the end of [...]
Santander UK whacked by new PPI bill July 27, 2011 SANTANDER UK took a £538m hit from mis-selling insurance, the bank revealed in its half-year results yesterday, with profits dented further by stringent UK liquidity requirements. Overall, the bank said that its pre-tax profits in the UK were down on the first half of 2010, due to rising funding costs. Net profit would have been [...]
Rights issue to see state’s stake in BoI fall to 15pc July 27, 2011 THE Bank of Ireland (BoI) became the only bank in the country to avoid state control yesterday after a successful rights issue that will see the government’s stake halve to 15 per cent. Close to 60 per cent of the bank’s shareholders took up their rights in the €1.9bn offering, with demand stronger than expected after [...]
Goldman cuts EU banks view July 27, 2011 TOP analysts at Goldman Sachs added to the gloom plaguing European banks yesterday by downgrading the sector to “neutral” from “overweight”. The bank cited creeping doubts over the Eurozone’s most recent rescue plan for Greece as well as rising funding costs as reasons for the move. And it added that markets are still anxious about the prospect [...]
Lending to euro nations slumps July 27, 2011 OVERSEAS lending to Eurozone countries fell in the first quarter of this year amid worries about the health of Greece and other peripheral countries, in contrast to a rebound in bank lending across the rest of the world. Lending to Eurozone countries dipped by $77bn (£47bn), or 0.4 per cent, in the January-March quarter, according [...]
Tesco law delayed as UK parliament takes holiday July 27, 2011 LEGISLATION to liberalise the UK’s legal market looks set to be delayed by several months, after parliament failed to agree key parts of the reforms ahead of its summer break. The Legal Services Act was due to come into force on 6 October, but the body set to license the new alternative business structures, the [...]
ConocoPhillips tops expectations July 27, 2011 ConocoPhillips, which has plans to spin off its refining business, reported a lower quarterly profit that topped Wall Street expectations as higher crude oil prices helped its exploration and production business. The third-largest US oil company reported a second-quarter profit of $3.4bn, or $2.41 per share, compared with $4.2bn or $2.77 per share a year [...]
Sportingbet mulls Turkish sale July 27, 2011 Sportingbet, the British online gaming firm, is considering the prospects for its Turkish language website business. Bookmaker Ladbrokes had previously made an offer for Sportingbet, but analysts suggested legal restrictions over the Turkish website could hold them back. The firm is reviewing strategic options in relation to the Turkish website and future prospects with Ladbrokes.
BANK’S MILES STICKS UP FOR CAPITAL RULES July 27, 2011 Higher capital requirements need not weaken the economic recovery, Bank of England rate-setter David Miles said last night. So long as requirements “are phased in gradually” they should stabilise the bank system without undue harm, he argued. Miles also warned of a double dip but said: “I do not believe this is the most likely [...]
Lancashire in deal to move tax HQ to UK July 27, 2011 LLOYD’S insurer Lancashire set a high bar for its peers yesterday as it reported a market-beating quarterly profit and said it would return its tax base to the UK from Bermuda. Lancashire, which insures property, oil rigs, aircraft and ships, said it made a $91m (£55.6m) second-quarter pre-tax profit, ahead of consensus expectations for $70m, [...]
