Insurers call for rethink on capital limits November 11, 2009 INSURERS yesterday called on European regulators to widen their rethink on draconian capital restrictions proposed under the Solvency II reforms. The Association of British Insurers (ABI) welcomed indications that Europe was open to relaxing some rules for annuity providers that could potentially cost UK insurers up to £50bn a year if implemented in their current [...]
Great Portland sees its office valuations jump November 11, 2009 GREAT Portland Estates yesterday signalled a tentative return to health for the commercial real estate sector as it revealed a jump in valuations over the past quarter and announced a lucrative new West End property deal. Great Portland, which in May tapped investors for £560m in a rights issue, said its properties were valued at [...]
Savills: house prices facing W-shape dip November 11, 2009 THE British housing market faces a sharp correction next year before emerging from a ‘W’-shaped dip, upmarket estate agent Savills warned yesterday. House prices will fall up to 6.6 per cent in 2010, more than wiping out a 3.7 per cent gain this year, according to the company’s annual forecast. Savills said the market had [...]
Peltz on board, says Legg Mason November 11, 2009 Legg Mason chief executive Mark Fetting has denied suggestions that hedge fund manager Nelson Peltz, the money manager’s newest board member, might be pressing to carve up the firm. Peltz, an activist investor known for demanding change at jeweller Tiffany & Co and fast-food chain Wendy’s, joined the Baltimore-based asset manager’s board last month. Since [...]
Bank appoints court director November 11, 2009 The Treasury yesterday appointed John Morrison Stewart as a new director of the court of the Bank of England and as a member of the Financial Stability Committee for three years from December. The Court manages BoE affairs other than monetary policy, while the FSC is being formed to support the BoE’s new statutory objective [...]
King’s X commuters face strikes November 11, 2009 Train drivers at First Capital Connect (FCC) are being balloted on strike action in a fall-out over pay. Aslef, the drivers’ union, said the ballot will close on 9 December, as drivers decide whether to take action on a two-year pay offer. The walkout would hit commuters on the East Anglia to King’s Cross line. [...]
FSA tightens credit union rules November 11, 2009 The Financial Services Authority is planning to tighten rules for credit unions, increasing capital and liquidity requirements to offer better protection for customers and avoid failures and defaults. The new rules will complement the government’s own planned reforms, which are due to come into effect next spring. The plans will make it easier for unions [...]
UniCredit sees risk costs drop November 11, 2009 ITALY’S biggest bank UniCredit reported the first quarterly decline in bad debt charges in more than a year yesterday, despite a big writedown in Kazakhstan Net profit for the quarter to September dropped 20 per cent compared to the previous twelve weeks to €394m (£356m), UniCredit said, as revenue declined from an exceptional second quarter. [...]
Director out as Aero’s bank calls in KPMG November 11, 2009 AERO Inventory, a parts supplier for the airline industry that was contemplating a move from the junior market to a full listing less than two months ago, yesterday ended up in the hands of the administrators. Accounting group KPMG yesterday took control of the group on behalf of a group of banks led by Lloyds [...]
Investors anticipate hike in HBSC’s dividend after bank guides brokers November 11, 2009 HSBC has been informally guiding brokers to expect a significant increase in its dividend next year. The bank has said it will pay out up to 50 per cent of post-tax profits in dividends, City A.M. has learnt. Based on the higher end of consensus earnings figures that would result in a payout to shareholders [...]
