Savills sales plunge fails to dampen mood August 29, 2008 Property group Savills was buoyant yesterday, despite a 41 per cent slump in first-half underlying pre-tax profit to £19.2m, owing to ailing commercial and residential property markets. The company saw its shares soar 17 per cent to 283.75p yesterday, as an 88 per cent fall in profits to £2.5m at its residential and commercial sales [...]
RBS rings the changes with new directors August 28, 2008 Royal Bank of Scotland announced the appointment of three non-executive directors yesterday, in a move that will intensify rumours that CEO Sir Fred Goodwin and chairman Sir Tom McKillop will soon depart the troubled bank. Stephen Hester, Arthur Ryan and John McFarlane will join the board from the beginning of October. Of the three, Hester, [...]
Darling under fire as City exodus looms August 27, 2008 Two more leading financial services firms warn that they may quit Britain over tax Brit Insurance CEO Dane Douetil, a leading figure in the Lloyd’s of London market, has reignited fears of a mass exodus of big business from British shores, by confirming that his firm is seriously considering leaving the UK for another tax [...]
Private data sold on eBay, admit banks August 27, 2008 Account holders’ personal details have been found on a computer sold on eBay, banks said yesterday, adding to growing fears over data security. Details of more than a million customers of Royal Bank of Scotland (RBS), American Express and NatWest were found on the computer sold for £35 on the auction and shopping website. RBS [...]
Clinton to rally round Obama August 27, 2008 Hillary Clinton and Barack Obama sought to heal the wounds of their bruising nominating battle yesterday and unite the Democratic party behind Obama’s bid to seize the White House from the Republicans. Clinton will give a speech meant to lift a shadow over this week’s convention that will crown Obama, 47, a first-term Illinois senator, [...]
Cairn reports mixed results August 27, 2008 Cairn Energy, the Scottish oil and gas explorer, reported a drop in first half post-tax profits yesterday as it sold fewer shares in its Indian unit. Profit after tax dropped to $375m (£204m) in the first half, down from $1.5bn year–on–year, amid concern from investors that the Indian government could impose windfall taxes on its [...]
FDIC predicts more trouble for US banks August 27, 2008 The US banking sector saw its profits nosedive by 86 per cent in the second quarter as the number of banks in crisis reached new heights, the Federal Deposit Insurance Corporation said yesterday. Ongoing deterioration in the housing and credit markets saw federally-insured banks earn just $5bn (£2.5bn) in the second quarter, compared with $36.8bn [...]
KKR leads race to grab Lehman unit August 27, 2008 Kohlberg Kravis Roberts, the high profile US private equity firm, is leading the race to buy Lehman Brothers’ investment management business, including fund manager Neuberger Berman. Lehman, headed by CEO Richard Fuld, has been fishing for suitors for up to 70 per cent of its investment management unit in order to raise cash ahead of [...]
Liberty surges on speculation over fierce bidding war August 27, 2008 Liberty International saw its shares receive a welcome fillip yesterday as US mall owner Simon Property Group upped its stake in the UK shopping centre specialist to 4.22 per cent, prompting speculation of a bidding war. Australian property group Westfield, the world’s largest shopping mall owner by market cap, also confirmed yesterday that it had [...]
China’s PBC builds stake in Prudential August 26, 2008 Prudential has poured cold water on suggestions that it should spin off its Asian arm into a separate company, as it emerged that the People’s Bank of China has built up a one per cent stake in the UK’s second-largest insurer. Chief executive Mark Tucker has fought an ongoing battle on two fronts to convince [...]
