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 [...]
The City gains seven sculptures June 18, 2012 A NUMBER of City of London-based businesses, including Hiscox, Aviva, British Land, IVG UK and Aon, have clubbed together with the City of London Corporation to create Great St Helen’s: Sculpture Space in the heart of the City. Set among London’s iconic architectural landmarks, including the Gherkin and the Lloyd’s building, a free curated exhibition [...]
Shareholder activism is set to grow further June 12, 2012 INSTITUTIONAL investors are taking an increasingly active role in the firms in which they invest, according to new research that shows the changes in attitude that paved the way for the shareholder spring. Investors are more likely than ever to demand firms provide clarity on long-term strategy and redraft executive pay deals to incentivise good [...]
Sainsbury and M&S chiefs see bonus slashed June 7, 2012 SAINSBURY chief executive Justin King and Marks & Spencer boss Marc Bolland have both seen their bonuses cut after failing to meet targets, as the recession forced them to slash growth plans. The cuts come amid a recent wave of shareholder upheaval against excessive executive pay which has swept across boardrooms including Aviva and Inmarsat. [...]
Xstrata and WPP ignore shareholder spring at their peril June 7, 2012 EVEN before the phrase “shareholder spring” was uttered, it was clear that investors were becoming unruly. More often than not it was strategy rather than executive remuneration that caused discontent. Much of the recent unrest, ostensibly about pay, is really about direction. Andrew Moss, the former Aviva boss, could have paid himself £1 last year [...]
Bonuses slashed at Sainsbury’s and M&S June 7, 2012 The chief executives of major retailers J Sainsbury and Marks & Spencer have both taken cuts in their bonuses after failing to meet targets and as recession forces them to scale back growth plans. Philip Clarke, head of rival Tesco, last month forewent his annual bonus, paying the price for a weak performance in the [...]