Clark proposes streamlining of UK’s planning regulations July 25, 2011 A SIMPLIFICATION of the UK’s planning regulations was proposed by the coalition government yesterday, earning widespread applause from business groups. Greg Clark MP, minister of state for decentralisation, published a 52-page consultation document designed to clarify Britain’s thousands of pages of planning red tape. “The National Planning Policy Framework is the first step towards a [...]
Anadarko posts $544m profits July 25, 2011 ANADARKO Petroleum Corporation swung to a second-quarter profit yesterday, as the US exploration company produced and sold more oil than expected following higher crude prices. Anadarko’s profit was $544m ($334m), or $1.08 per share. The company owns a 25 per cent stake in Macondo well, which exploded in the Gulf of Mexico in April 2010, [...]
Dow inks $20bn Saudi venture July 25, 2011 US Dow Chemical has agreed a $20bn (£12.3bn) joint venture with Aramco to build one of the world’s largest chemical facilities in Saudi Arabia. Aramco chief Khalid Al-Falih said the agreement will “play a key role in the Kingdom’s industrial and economic diversification” The Sadara project is expected to generate sales of around $10bn within [...]
Economists lose faith in Greek rescue July 25, 2011 INVESTORS turned against Greece’s latest bailout package yesterday, with Moody’s one of many observers to conclude that despite a new €109bn (£96bn) public bailout and €50bn write-off in private debts, Athens is still insolvent. Greece’s debt is forecast to rise next year, despite the latest rescue, which brings the sovereign’s total official rescue funds to an [...]
Chancellor regrets taking on Andy Coulson as spin doctor July 25, 2011 CHANCELLOR George Osborne yesterday said he regrets the appointment of Andy Coulson as the Number 10 communications chief. Former News of the World editor Coulson’s role in the government has come under intense scrutiny since his arrest as part of the phone hacking scandal. Osborne was singled out by former News International boss Rebekah Brooks [...]
Crisis in the Eurozone could add 45 per cent to pension deficits July 25, 2011 SOVEREIGN default in the Eurozone could hammer pension deficits, research from the Pension Insurance Corporation warned yesterday. “Should gilt yield fall back 30 basis points and equity markets drop 20 per cent following a sovereign default, deficits could grow by 45 per cent, costing an estimated £190bn,” the calculations showed. Yet despite the possibility of [...]
ING sells Latin American arm to repay debt July 25, 2011 DUTCH insurance and bank group ING sold virtually all its Latin American insurance operations to a Columbian firm for a better-than-expected €2.68bn (£2.4bn) yesterday. The sale of the businesses to Grupo de Inversiones Suramericana, known as GrupoSura, values the insurance assets at six times its forecast 2011 earnings and 1.8 times its estimated €1.5bn book [...]
Yorkshire Building Society buys Egg assets from Citi July 25, 2011 BRITISH mortgage lender Yorkshire Building Society is to buy the mortgage and savings business of Egg Banking from US bank Citigroup, as Citi continues to sell non-core assets after its bailout during the credit crisis. Yorkshire, owned by its customers, said the Egg businesses it was acquiring comprised of a £2.5bn savings book and a [...]
Deutsche Bank names its CEOs July 25, 2011 DEUTSCHE Bank yesterday appointed two of its top executives as successors to Josef Ackerman, who will be stepping aside next May after 10 years at the helm. Anshu Jain, the head of the UK investment bank, and Germany head Juergen Fitschen have been appointed co-chief executives, ending a lengthy search for the position. The German [...]
Validus takes its $3bn bid hostile July 25, 2011 US reinsurer Validus Holdings took its $3.2bn (£1.9bn) offer to buy Transatlantic Holdings directly to shareholders yesterday after rejecting its rival’s conditions for merger talks. Validus said it was unable to start discussions with Transatlantic because of a “standstill” provision that would have prevented it from pursuing its bid without the approval of Transatlantic’s board. [...]
