ABI: Darling must end ‘ill considered’ taxes July 24, 2008 Chancellor Alistair Darling must put an end to “ill-considered” tax measures and create greater tax certainty to enable British businesses to compete internationally and encourage investment from overseas, according to the Association of British Insurers (ABI). A report published today puts forward a series of proposals that it thinks will help see Britain through the [...]
Bischoff joins City talkshop July 14, 2008 Chancellor Alistair Darling is to chair a working group looking at competitiveness in Britain which will include Citigroup chairman Sir Win Bischoff. The group will meet once a month and will analyse matters affecting the London financial services industry such as the effects of the subprime mortgage meltdown in America which triggered the credit crunch, [...]
FTSE 100 flirts with bear market July 9, 2008 London’s leading blue chip share index lurched into official bear market territory yesterday before recovering to end the day lower, but temporarily out of the danger zone. The FTSE 100 index fell below 5,385 points in early trading, 20 per cent below its June 2007 peak of 6,732, putting it in official bear territory, defined [...]
Suisse is on a roll November 3, 2005 After suffering more than most when the dotcom bubble burst in 2000, Credit Suisse has pulled itself back into profitability, says Laurie Laird Just five years after the financial world was shaken by the collapse of the dotcom bubble, Credit Suisse First Boston (CSFB) has hauled itself back to profitability and respectability. Net income jumped [...]
RSA in $11m settlement November 3, 2005 Insurer Royal & SunAlliance (RSA) has moved to extricate itself from legal action over the Student Finance Corporation (SFC) by agreeing to pay $11m (£6.19m) to Wilmington Trust. The company revealed the latest payment yesterday as shares in the insurer spiked. City traders said that French rival Axa could be lining up a bid, although [...]
Investigation into GM’s pension fund October 28, 2005 Loss-making General Motors, the world’s largest carmaker, is being investigated by regulators over its pension accounting and the insurance regime at its finance arm. The powerful American regulator the Securities and Exchange Commission (SEC) has issued subpoenas against GM which centre on its pension liabilities with car parts maker Delphi, which declared bankruptcy earlier this [...]
Rosemont suffers in Katrina’s wake October 20, 2005 The fate of Goshawk’s subsidiary Rosemont Re was left hanging in the balance yesterday when its credit rating was cut. Ratings agency AM Best downgraded the insurer from A excellent to B fair, severely impairing the company’s ability to write new business. Rosemont Re has been severely hit by hurricane claims and shares in Goshawk [...]
Prettejohn leaves Lloyd’s for Prudential October 17, 2005 Nick Prettejohn, the chief executive of Lloyd’s of London, is set to join Prudential as its boss in Britain. Confirmation of the appointment, due today, comes as the Pru prepares to reveal the outcome of a root and branch strategy review later this month to be published alongside third quarter results. Prudential’s chief executive Mark [...]