Markets choppy as Europe rift widens December 9, 2011 The FTSE began to slip this morning as investors digested the impact of a new Eurozone agreement over fiscal integration which was shunned by Britain. Britain torpedoed the chances of a consensus as Prime Minister David Cameron refused to accept plans for a financial transactions tax that would clobber the City. Three French banks were [...]
Aviva mulls selling off part of UK annuity book to bolster capital base December 4, 2011 AVIVA, the UK’s biggest insurer, is considering selling off part of its portfolio of UK annuities to strengthen its balance sheet after a fall in its regulatory capital surplus due to volatile stock and bond markets over recent months. Aviva is the UK’s biggest provider of individual annuities with a 23 per cent market share, [...]
Omega investors angered by Byrne’s plans to lapse offer December 1, 2011 INVESTORS in Omega Insurance including Aviva, Toscafund, Crystal Amber and founder shareholder John Robinson, are up in arms over plans by tycoon Mark Byrne to allow his tender offer for 25 per cent of shares in the group to lapse even though it received more than the minimal number of acceptances. Robinson, speaking to City [...]
Broadbent takes over as new chairman of Tesco November 30, 2011 SIR RICHARD Broadbent has officially taken over as Tesco’s new chairman, replacing David Reid, who has spent almost two decades on the board of the UK’s leading supermarket chain. The appointment, seen as one of the biggest corporate roles in the UK, was first announced in May, with Sir Richard joining the board as a [...]
CITY MOVES | WHO’S SWITCHING JOBS November 24, 2011 Betfair Matt Lambert has been appointed as director of public affairs at the gaming group. He will oversee Betfair’s global public affairs strategy. Lambert is currently director of corporate affairs and citizenship at Microsoft UK, responsible for government and political relations, community affairs and environmental practice. FSA The Financial Services Authority has appointed Sir Nicholas [...]
Aviva distances itself from Irish closure leaks November 23, 2011 INSURANCE giant Aviva sought to play down leaked documents suggesting that it could close its network of 26 branches in Ireland with the loss of about 120 more jobs than previously announced. Aviva last month unveiled plans to dramatically scale back its Irish business and move its European headquarters back to London with the loss [...]
JOE LEWIS CLAN BEARS HIS FOURTH GENERATION November 22, 2011 The Capitalist is pleased to reveal that Joe Lewis’s first great-granddaughter has arrived into the world. The name of the currency billionaire’s new clan member is Charlotte, born in London to Joanna, the daughter of Lewis’s daughter Vivienne Silverton, who runs the family’s Isleworth Foundation. Lewis scuttled back to the Bahamas shortly after Charlotte arrived [...]
EXPANDED MAREX SPECTRON CALLS ON BORIS FOR BISHOPSGATE MOVE November 16, 2011 WE ARE positive about the outlook for our business, said broker Marex Spectron when it unveiled its 83 per cent boost in operating profits on Tuesday night. No charitable donations were paid out during the year to 31 March – just dividends to shareholders of £5.3m – but all that changed as of yesterday, when [...]
Veteran Duff celebrates as Ireland end 10-year wait for tournament football November 15, 2011 REP OF IRELAND 1 vs ESTONIA 1 (REP OF IRELAND WIN 5-1 ON AGGREGATE) REPUBLIC of Ireland stalwart Damien Duff hailed last night’s qualification for Euro 2012 as one of the finest accomplishments of his career. Leading 4-0 from the first leg in Tallinn, Stephen Ward’s 34th minute goal eliminated any lingering doubts over the [...]
BEST OF THE BROKERS November 15, 2011 AVIVA Morgan Stanley rates the insurance group as “equal weight” with a target price of 445p, after the company’s third quarter metrics for 2011 showed continued progress, particularly in its non-life operations. However, the broker says Aviva’s IGD coverage was surprisingly weak, especially after the recent hybrid bond call. While it sees Aviva’s capital position [...]