Turkish government’s bond yields drop on Fitch upgrade November 5, 2012 TURKISH government debt is no longer junk rated, credit ratings agency Fitch said yesterday, pushing down the country’s borrowing costs. The state’s falling budget deficit and promising economic growth outlook combined to make the government’s debt a more attractive investment prospect, the agency announced as it raised the rating from BB+ to BBB-, the lowest [...]
Hiscox is set to ride out cost of Hurricane Sandy November 5, 2012 INSURER Hiscox yesterday said it would be able to manage the costs of Hurricane Sandy, the devastating storm that hit the US Eastern seaboard last week, despite predictions the storm could cost the insurance industry up to $20bn (£12.5bn). The FTSE 250 listed insurer, which underwrites personal and insurance risks around the world, said it [...]
Adoboli tells court he lied to protect colleagues and was not an addict November 5, 2012 ACCUSED UBS rogue trader Kweku Adoboli denied yesterday that he was addicted to gambling, saying that losses on his personal betting accounts were due to his life spiralling out of control. Adoboli also told a London court that he had been lying to protect his colleagues when he said in an email to the Swiss [...]
What impact will the New York storm have on Hiscox? November 5, 2012 NICK JOHNSON | NUMIS We recently upgraded our net tangible asset forecast by two per cent to assume zero hurricane losses. We would expect this to reverse with the inclusion Sandy losses. The impact may ultimately be somewhat offset by stronger than expected investment earnings. BEN COHEN | CANACCORD GENUITY We expect consensus to review [...]
Blankfein ends sandbag saga November 5, 2012 GOLDMAN Sachs boss Lloyd Blankfein may be no stranger to popular criticism, but decided enough was enough after his firm’s robust rebuffing of hurricane Sandy attracted scorn. With the bank’s New York building sandbagged to high heavens and basking in the glow of its generator-fuelled lights last week, Blankfein took some stick on Twitter. “The [...]
Former Bank of England rocker plucks his way to charity stardom November 5, 2012 REGULAR readers of this page will be familiar with ex-Bank of England MPC member and now PwC economist Andrew Sentance’s second career as a part-time rock star. He has been putting his musical credentials to good and public use, making a charity appearance with his band Revelation. The concert, which Sentance told The Capitalist raised [...]
US troubles hit remote internet firm Inmarsat November 5, 2012 AN UNSUCCESSFUL venture into US mobile broadband and the departure of troops from Afghanistan hit satellite internet operator Inmarsat in the third quarter of the year, the company revealed yesterday. Inmarsat saw total revenues fall 10.5 per cent year-on-year in the period, largely due to its ill-fated LightSquared US mobile network, a bid to launch [...]
iPad mini sales break records as Apple’s competition heightens November 5, 2012 APPLE sold 3m iPads in the first three days that the new iPad mini and fourth-generation model went on sale, the technology giant revealed yesterday. This figure was double the sales of the previous iPad launch in March, and chief executive Tim Cook said the company was already “practically sold out of iPad minis”. “We’re [...]
Translation technology firm SDL sees chief John Hunter depart November 5, 2012 LANGUAGE translation software firm SDL yesterday revealed that its chief executive John Hunter was leaving the firm “to pursue other business interests”. Hunter, who stepped up to the role in February last year after a stint as chief financial officer, had seen SDL’s shares fall to a two-year low last month after a less than [...]
Universal movie deal keeps Sky in the front row November 5, 2012 BSKYB has signed an exclusivity deal with the company behind Hollywood giant Universal Studios, maintaining its lead in movie channels as it fends off increasing competition from the likes of Netflix and BT. The renewed agreement with NBCUniversal (NBCU), due to be announced today, allows Sky’s movie channels to screen films including recent hits Anna [...]
