Brit drops its Chaucer bid June 23, 2009 BRIT Insurance withdrew its bid for rival Lloyd’s of London insurer Chaucer Holdings yesterday, as private equity group Pamplona ramped up its assault on Chaucer by further boosting its stake. Brit said the board of Chaucer had decided not to recommend its £220m offer – worth almost a third less than for the group’s book [...]
Fears over UK pensions June 23, 2009 NINETY-SIX per cent of blue chip companies say their final salary schemes are unsustainable, according to a PricewaterhouseCoopers (PwC) report. And Prudential said people on defined contribution schemes would end up with a quarter of what those on final salary plans will get. The news came as the OECD put Britain at the bottom of [...]
Vodafone to shift its HQ June 23, 2009 VODAFONE, the world’s biggest mobile operator by revenue, is shifting its headquarters to London, it said yesterday. The move will see chief executive Vittorio Colao and others move to Paddington in October. The company said it was moving to be closer to its business partners and shareholders – not to reduce costs. It will retain [...]
FSA: NO BREAK-UP OF GIANT BANKS June 23, 2009 LARGE banks won’t be forcibly broken-up by the authorities, Financial Services Authority (FSA) chairman Lord Adair Turner told the Treasury Select Committee yesterday. But those that take greater risks should face more stringent capital requirements than smaller or safer rivals, he said. Turner praised a plan first aired by US Treasury secretary Tim Geithner, envisaging [...]
WHAT DO MARKETS NEED TO SEE BEFORE THE RECOVERY CAN RESUME? June 23, 2009 FRANCES HUDSON STANDARD LIFE INVESTMENTSThe next data that could prompt a reassessment of the situation will be second quarter earnings and, particularly, company guidance and outlook statements. Investors are looking to at least see improved visibility. We could also see more stock discrimination on quality grounds. MIKE LENHOFF BREWIN DOLPHINThree things – firstly, we are [...]
Fund bosses shrug off the correction June 23, 2009 FUND managers yesterday said that UK markets were facing a correction but that the FTSE 100 would not fall below the 3,500 level as it did in March. They said they were not preparing for a severe correction, after the UK’s blue chip index closed at 4,230 points yesterday, a 6.1 per cent fall on [...]
Total in desperate bid to resolve Lindsey oil refinery job dispute June 23, 2009 TOTAL oil bosses entered into urgent talks with union leaders yesterday as thousands of workers walked out in protest at dismissals at the Lindsey oil refinery. Union officials demanded the French firm reinstate 647 workers at the Lindsey oil terminal in North Lincolnshire. The group was dismissed and told to reapply for their jobs after [...]
Deloitte ends Setanta’s run June 23, 2009 ACCOUNTANCY firm Deloitte was called in yesterday afternoon to act as administrator of Setanta Sport, ending weeks of speculation over the future of the Irish pay-TV broadcaster. “After a huge effort by the Setanta board, management team and its backers, it has not been possible to save the Great Britain (GB) business, which will be [...]
Risk Metrics asks M&S to split roles June 23, 2009 INFLUENTIAL shareholder advisory body Risk Metrics has joined calls for Marks & Spencer to split the executive chairman role held by Sir Stuart Rose in two and appoint an independent chairman. It added its voice to that of the Local Authority Pension Fund Forum (LAPFF), which has filed a resolution for the 8 July annual [...]
CLIPPED WINGS June 23, 2009 MICHAEL O’Leary’s Ryanair is slashing the number of aircraft it has at its Irish bases, and is likely to do the same at its UK airports, it said yesterday. The infamous aviation boss blamed taxes levied on air travel in the two countries for the planned moves. He said Ryanair will still fly 67m passengers [...]
