Tech Skills a worry despite the optimism September 12, 2011 SENIOR MARKET UNDERWRITER, TECHMEDIA, ZURICH INSURANCE THE technology sector is under continual pressure to adapt, develop and deliver with a high expectation for innovation. The UK economy thrives in the technology arena as we have a rich vein of creativity and entrepreneurialism, especially emanating from universities and other further education facilities. Arguably the greatest invention [...]
Explosion at French nuclear site kills one and injures four September 12, 2011 An explosion at the French nuclear site of Marcoule injured four people and killed one, France’s ASN nuclear safety watchdog said, but local police said there was no risk of contamination. A safety zone has been set up around the site as a precaution. Interior ministry spokesman Pierre-Henry Brandet confirmed that there had been no [...]
HSBC launches sale of non life business September 12, 2011 HSBC has launched the sale of its non-life insurance business, a global division worth about $1bn, and now part of the bank’s plan to strip away non-core units, sources have told Reuters. HSBC, Europe’s biggest bank with a large presence across Asia, had sent out information memorandum to potential buyers, with first round bids due [...]
Colfax to buy Charter after beating Melrose September 12, 2011 US group Colfax is to buy toolmaker Charter International for an agreed £1.53bn in cash and shares, after beating off rival bidder Melrose with a 910 pence per share offer. Charter, which makes tools and equipment, had opened its books to long-time suitor Melrose two weeks ago after the manufacturing buyout firm sweetened its approach [...]
Banks to take £7bn hit from Vickers reforms September 12, 2011 Britain’s banks should shield their retail operations from riskier investment banking units and boost capital levels to protect taxpayers from future crises, according to far-reaching proposals that could cost the industry £7bn a year. The Independent Commission on Banking (ICB) also said banks must hold core capital of at least 10 per cent in their [...]
AB Foods reports flat earnings September 12, 2011 Primark-owner Associated British Foods said it is on track to deliver flat annual earnings on Monday with better than expected sugar profits helping to offset lower than forecast margins at its discount fashion chain. The food and retail group said it expected Primark’s annual like-for-like sales to rise three per cent after a similar rise [...]
Foster’s board takes new swipe at SABMiller bid September 12, 2011 Australian brewer Foster’s Group has reiterated its opposition to a $10bn takeover bid by SABMiller, telling its shareholders to take no action in relation to the offer. “Your board believes the offer significantly undervalues your company. The offer is also highly conditional and subject to significant uncertainty,” Foster’s said in a letter to its shareholders, [...]
Banks braced for Vickers reforms September 11, 2011 THE safety benefits of a ring-fence around retail banks will be worth the costs, Sir John Vickers will claim this morning. Presenting the final report from his Independent Commission on Banking (ICB), Sir John will reiterate his proposal that Britain’s biggest banks be forced to hive off their retail operations into a separate subsidiary from [...]
Germany prepares for default of Greece September 11, 2011 POLITICIANS must abandon their inhibitions and prepare for the default of Greece, according to a senior member of Germany’s coalition government. “To stabilise the euro, there can no longer be any taboos,” said Philipp Roesler, head of chancellor Angela Merkel’s junior coalition partners, the Free Democrats (FDP). Roesler, who is also economy minister, added: “That [...]
Why bank reform is all in the detail September 11, 2011 BAIL-INS, not bailouts: that ought to be the motto of any banking reformer worthy of the name – it will be interesting to see how much space is devoted to the concept in today’s report by the Independent Commission on Banking (ICB) (the document will include lots of good ideas, and also some rather silly [...]
