Industry fall hits French growth May 10, 2012 Weak industrial output figures for March yesterday added to signs that France’s Socialist president-elect Francois Hollande will inherit a sickly economy when he takes office next week, supporting his calls for more policy focus on growth. The Bank of France said it expects no growth in the second quarter as statistics agency INSEE revealed industrial [...]
Surprise rise in Italian output May 10, 2012 Italian industrial output unexpectedly rose 0.5 per cent in March, official data showed yesterday, but first quarter output was still down for the third quarter running, confirming the economy remains mired in recession. The March data beat a forecast of a 0.2 per cent output drop, but analysts said first quarter GDP, published next week, [...]
NAB’s British business drags down profits May 10, 2012 NATIONAL Australia Bank (NAB), the country’s top lender by assets, yesterday posted record first half earnings as higher trading, fee income and a rising share of the mortgage market countered losses in its UK operations. While NAB and rivals ANZ and Westpac have reported strong headline numbers for the half-year, all saw margins squeezed as [...]
Legal & General finance chief Wilson steps up to the top job May 10, 2012 THE MARKET yesterday backed Legal & General’s decision to promote from within and name its finance director as the chief executive. Nigel Wilson, who joined the firm in September 2009, will replace Tim Breedon at the end of June. Until then he will serve as chief executive designate. Shares in the 176-year-old insurer ticked up [...]
Tullett Prebon cuts more jobs as it waits for trading recovery May 10, 2012 THE WEAK global trading market has forced interdealer-broker Tullett Prebon to cut another 60 jobs. Terry Smith’s firm said it has cut 140 jobs this year, rather than the 80 redundancies it had pledged in March. Tullett, which posted revenue of £305m for the four months to April, flat on last year, said two thirds [...]
HSBC kicks off talks to sell its LatAm branches May 10, 2012 HSBC is in talks to sell its operations in Colombia, Peru, Uruguay and Paraguay, as Europe’s biggest bank continues to retreat from countries where it is too small or it does not see strong enough growth. HSBC has been quitting smaller markets and businesses to cut costs and streamline operations under new CEO Stuart Gulliver. [...]
Beazley leaves catastrophes in the past to increase premiums May 10, 2012 LLOYD’S of London insurer Beazley yesterday said it has recovered from last year’s catastrophe claims and had increased premiums written in the first quarter by nine per cent. Rates on renewals were also up two per cent, helping it write business totalling $465m (£288m) – up from $426m in the equivalent period last year. “The first [...]
French investment bank Natixis to shut commodities brokerage May 10, 2012 FRENCH bank Natixis yesterday said it plans to close its commodities brokerage division, as one of the oldest ringdealing members of the London Metal Exchange becomes the latest victim of the European debt crisis. The bank decided to wind up the brokerage activities of Natixis Commodities Markets (NCM), which offers derivatives on a range of [...]
Markets rock Royal London May 10, 2012 LIFE and pensions firm Royal London yesterday blamed “difficult” market conditions for a 10 per cent drop in its new life and pensions business. Sales in the division fell to £761m in the three months to the end of March compared to £843m for the same period last year. Its fund management division, Royal London [...]
PROFILE: NIGEL WILSON May 10, 2012 IN FOOTBALL they call it the “boot room” tradition and we are seeing the trend at Legal & General. In naming finance director Nigel Wilson, pictured, as its new boss the FTSE 100 insurer has appointed its chief executive from within for the third consecutive time on the basis it needs stability at a time [...]
