FTSE buoyed by miners and banks March 8, 2012 The FTSE 100 pushed higher this morning as investors gained confidence in Greece’s chances of completing a lifesaving bond swap later today. Major banks and pension funds, representing about 40 per cent of Greece’s outstanding debt, threw their weight behind Athens’ bond swap offer to private creditors yesterday. That should be eno€130bn fund for Greece [...]
Aviva earnings pick up after Eurozone blow March 8, 2012 Aviva reported a bigger-than-expected six per cent rise in its 2011 earnings, helped by better profit margins in its life insurance business, and said capital reserves had recovered from a hit they took last year as a result of the Eurozone debt crisis. The company, Britain’s second-biggest insurer, had an operating profit for the year [...]
FTSE sees biggest fall since November over Greek drama March 6, 2012 BRITAIN’S top share index ploughed down through support levels yesterday as slowing global growth and Greece’s dithering over its debt swap plan intensified pressure on riskier assets, prompting a flight to safety and sparking fears of a deeper sell-off. London’s blue chip index, which is heavily weighted towards riskier banking and commodity stocks, posted its [...]
FTSE pegged back by weak resources March 6, 2012 Resource stocks dragged the FTSE 100 backwards in early trading as fears over global growth continued to cast a shadow over markets. Higher oil prices triggered by the West’s tussle with Iran also added to the uncertainty and investor sentiment was weak. London’s blue chip index tracked losses on Wall Street and in Asia with [...]
The week ahead: Oil, gas, defence and UK interest March 4, 2012 Today Petrofac, a solutions provider to the oil and gas industry, announces full year results today. The first set of results after a restructuring exercise in 2011 could see a hike in profits. Petrofac has recently been awarded an Iraqi oilfield project, building on its presence in the region. Glencore is announcing its full-year numbers [...]
Insurance firms need regulators to pay attention March 4, 2012 PRUDENTIAL’S threat to quit the UK and move its headquarters to Asia isn’t a hollow one. There is a growing feeling in the City that British insurers are getting a raw deal from Solvency II, the new capital requirements that will soon govern the sector. There is wide acknowledgement that the UK regulator, the Financial [...]
Why we need to convert sport to suit today’s lives February 29, 2012 MAINTAINING and realising the sporting legacy of this summer’s Olympic and Paralympic Games is a huge challenge. But it also presents the chance for those governing sport to do things differently, and find a new generation of participants as a result. Existing policy has failed to engage people in sport in the volumes hoped for. [...]
Chris Woodhouse to head RAC February 26, 2012 Private equity firm Carlyle Group has hired Chris Woodhouse, the former finance director of Debenhams, to run RAC, the roadside assistance business it bought last June from Aviva. The move will see Woodhouse reunited with Rob Templeman, who became chairman of RAC last year and was previously chief executive of Debenhams. The two are well [...]
Andy Haste in line for RBS insurance job February 26, 2012 ROYAL Bank of Scotland (RBS) is considering appointing the former chief executive of RSA to be chairman of its insurance arm as it prepares to spin off the division. Andy Haste, 50, took control of RSA in 2003, turning the group around by cutting costs and closing its loss-making US operation. He spent eight years [...]
CITY MOVES | WHO’S SWITCHING JOBS February 26, 2012 Pace Pace has appointed Roddy Murray as its new chief financial officer as part of chairman Allan Leighton’s overhaul of the ailing set TV top-box maker. The firm, which issued a string of profit warnings last year, said Murray will take over from Stuart Hall on 6 March, who is leaving after five years in [...]