Resolution eyes sale of AmLife October 16, 2012 INSURANCE firm Resolution yesterday announced that it is discussing whether to dispose of its 30 per cent stake in a Malaysian joint venture. The company’s Friends Life unit is looking at selling its shares in AmLife Insurance Berhad and AmFamily Takaful Berhad back to AmBank Group, its local partner. Resolution say the 30 per cent stake [...]
Padraic Fallon passes away October 16, 2012 PADRAIC Fallon, the chairman of Euromoney Institutional Investor, passed away at the weekend after a year-long battle with cancer. Fallon was made editor of Euromoney in 1974, and rose through the ranks to build the group into a business publishing powerhouse. He is succeeded by Richard Ensor.
Builders in US most confident since mid-2006 October 16, 2012 CONFIDENCE among US builders continued to rise into October, figures revealed yesterday, just as new data put September industrial output growth above expectations. Confidence hit an index score of 41 in October, the National Association of Home Builders said, up from 40 in September to a six-year high. But the index, released jointly with Wells [...]
Growth hit more by inflation than cuts October 16, 2012 FISCAL watchdog the Office for Budget Responsibility (OBR) said yesterday that high inflation and weak exports were behind the UK economy performing far worse that it had predicted. The government’s deficit reduction plans may have affected growth, the OBR said, yet its economists calculated that other factors were considerably more likely to have dragged on the [...]
House prices rose in August October 16, 2012 HOUSE PRICES continued to edge up into August, official statistics showed yesterday, confirming earlier private sector data. House prices were up 0.1 per cent in the month, driven by a 0.5 per cent rise in London prices, the Office for National Statistics said. By contrast the east Midlands, Yorkshire and the Humber, and the south [...]
Pension funds say QE a blow October 16, 2012 THE BANK of England’s quantitative easing (QE) scheme damages pension funds, research showed yesterday. Seventy-six per cent of those surveyed by Squire Sanders said QE harmed their plan’s funding position. This came as the National Association of Pension Funds asked the government and the pensions regulator to give funds “leeway” to cope with balance sheet holes down to depressed gilt [...]
Whitehall in property overspend October 16, 2012 INEFFICIENT government departments are overspending heavily on office space, a report from the Taxpayers’ Alliance (TPA) claimed today, wasting hundreds of millions of pounds. The Treasury spent £5,324 on property per full-time equivalent worker (FTE), compared to just £1,046 per FTE at Her Majesty’s Revenue and Customs (HMRC), the TPA said, calculating that if all [...]
Official data body backs its own stats in productivity puzzle but points to lending October 16, 2012 THE UK’S official stats body insisted yesterday that its estimates of weak productivity across the economy are correct, pointing at tight lending markets, underemployment, and falling real wages as possible causes. The Office for National Statistics (ONS) has been questioned by some analysts this year, as it has reported shrinking GDP at the same time as [...]
Who ate all the pies in Mayfair at hedgie lunch October 16, 2012 TO the gilded rooms of Dartmouth House yesterday, where the wealth management industry flocked for the second annual Macmillan Pies and Prosecco luncheon – Mayfair’s equivalent to the traditional Gull’s Eggs luncheon held every year in the City. A highly indulgent menu choice for midday on a Tuesday, but all for a very worthwhile cause, [...]
Roofs and rain cause big pain October 16, 2012 ENGLAND’S vital World Cup qualifier away to Poland was last night postponed until 4pm today because of a torrential downpour that left the surface of the £400m national stadium unquestionably unplayable. Upon his first inspection, England manager Roy Hodgson was visibly unhappy with the pitch’s condition after significant storms around Warsaw, and the officials’ damaging [...]
