FTSE creeps up as investors await BoE decision July 5, 2012 The FTSE 100 edged up in early trading as investors awaited the Bank of England’s next move on interest rates and quantitative easing to be announced at midday. Investors were also watching the unravelling Libor (the London Interbank Offered Rate) scandal with ratings agency Moody’s today threatening to downgrade Barclays over the damage to its [...]
Aviva to offload 16 units to save costs July 5, 2012 Insurer Aviva said it would sell or close 16 underperforming businesses as part of a strategic shake-up aimed at bolstering its finances and reinvigorating its flagging share price. The businesses earmarked for disposal include its South Korean arm and its British large-scale bulk purchase annuity unit, and contribute £300m to after-tax profit, Aviva said. The [...]
FTSE edges down as Libor crisis deepens July 4, 2012 The FTSE 100 edged down with trading subdued as the US was closed for business because of a public holiday. Investors remained glued to the crisis in the banking sector with former Barclays chief Bob Diamond, who quit over the bank’s rate fixing scandal, prepared to be grilled by MPs today. Meanwhile Britain’s service sector [...]
FTSE edges up as Barclays chief quits July 3, 2012 The FTSE 100 edged up in early trading to continue two sessions of strong gains fuelled by hopes that the Eurozone could avert collapse. Significantly Barclays edged up slightly after chief executive Bob Diamond quit with immediate effect over the Libor rate-rigging scandal. Britain’s third-largest bank also accepted the resignation of chairman Marcus Agius on [...]
UK banking and commodities rally on likelihood of economic stimulus July 2, 2012 BRITAIN’S top shares extended gains yesterday, led by rallies in banking and commodity stocks, with the market primed for fresh economic stimulus moves later this week, building on measures agreed by an EU summit to counter the Eurozone debt crisis. But some commentators were more pessimistic on the market outlook, feeling that with uncertainties still [...]
FTSE up as UK manufacturing decline slows July 2, 2012 The FTSE 100 edged up this morning as new data showed that the decline in UK manufacturing slowed in June. The manufacturing PMI – a respected survey of the sector – stood at at 48.6, up from 45.9 in May and well ahead of the consensus forecast of 46.5. New orders also rose strongly to [...]
Aviva could axe 15 divisions as part of overhaul July 1, 2012 INSURANCE GIANT Aviva is expected to announce a radical overhaul of its business this week including proposals to sell-off or close up to a fifth of its operations. John McFarlane, the Aviva executive chairman who has also been acting as chief executive since Andrew Moss resigned, will present the findings of a month-long strategic review [...]
Aviva signs life insurance deal with Tesco Bank June 26, 2012 INSURANCE giant Aviva yesterday announced a five-year deal with supermarket firm Tesco that will enable it to sell life protection to UK retail customers. The deal gives Aviva the exclusive rights to sell three simplified products through the Edinburgh-based Tesco Bank business – life insurance, over 50s life insurance and life insurance with critical illness [...]
FTSE pares back gains after China’s weakness punctures Eurozone relief June 21, 2012 BRITAIN’S leading share index dropped back yesterday, snapping a four-session winning streak on falls in heavyweight commodity stocks which were hit by fresh signs of economic weakness in China and concerns over growth in the United States. Energy stocks and miners were the biggest blue chip casualties, with the two sectors particularly sensitive to the [...]
Invensys surges 27 per cent as talks of bid from US resurface June 20, 2012 SHARES in Invensys surged by 27 per cent yesterday on talk of a bid from US rival Emerson Electric. The rumours suggested Emerson was mainly interested in the company’s controls business and not the rail division, but would be willing to buy the whole lot to achieve its aims. That was enough to see Invensys [...]