CITY MOVES | WHO’S SWITCHING JOBS May 10, 2010 Conduit Capital Markets The derivatives and securities dealer has hired ex-3i managing partner Bruce Carnegie-Brown as its new non-executive chairman. Carnegie-Brown has been working for 3i since 2007, latterly as managing partner and chairman of the financial services practice. Prior to that, he was chief executive of Marsh, and spent 18 years at JP Morgan, [...]
Banks boost FTSE after Euro bailout May 10, 2010 BRITAIN’S leading share index scored its biggest one-day per cent rise in nearly 18 months yesterday as the $1 trillion (£645bn) Eurozone rescue package doused concerns of EU debt defaults and further economic dislocation. Bank stocks, which plunged last week on their exposure to debts of Greece and other EU states, led the advance as [...]
Aviva sees sales drop by 11pc May 9, 2010 AVIVA will tomorrow reveal an 11 per cent drop in first quarter life and pensions sales, according to analysts, against the flow of gradual improvement reported by other insurers. The City’s consensus forecast is £8.5bn for the first three months of 2010, down from £9.6bn at the start of 2009. The fall contrasts with new [...]
Cowdery may tap investors May 6, 2010 INSURANCE consolidation vehicle Resolution said its shareholders were ready to stump up £3bn to fund another acquisition as it released its first quarter numbers yesterday. Founder Clive Cowdery’s team held a round of meetings with major investors including Aviva and Legal & General in March, at which they reaffirmed their willingness to put up three [...]
FSA calamity piles pressure on Prudential May 5, 2010 PRUDENTIAL’S audacious takeover of AIA in Asia is teetering on the brink after the City watchdog blocked the insurer’s plan to raise $21bn (£14bn) through a bumper rights issue. The FTSE 100 company was humiliatingly forced to delay the publication of its cash call prospectus yesterday following a veto from the Financial Services Authority, which [...]
FTSE 100 hit by falling banks as fears over Eurozone debt contagion continue May 5, 2010 BRITAIN’S top shares index shed 1.3 per cent yesterday laid low by weaker banks, as Eurozone debt contagion concerns intensified and Moody’s warned that Portugal’s debt could be downgraded. The FTSE 100 ended down 69.18 points at 5,341.93, a fourth consecutive session of falls, closing at a level not seen since 25 February. The FTSE [...]
Standard Life boosted by a return to risk April 29, 2010 STANDARD Life said high street savers’ appetite for equities and fixed income would continue to return this year as it beat market expectations to deliver a 30 per cent rise in sales. The Edinburgh-based insurer posted first quarter sales of £4.6bn, nearly £1bn more than analysts expected. Other stocks in the sector were buoyed as [...]
CITY MOVES | WHO’S SWITCHING JOBS April 29, 2010 Aviva The insurance giant has appointed Tim Harris as its new deputy chief financial officer and chief capital officer. Harris is currently chief financial officer of Aviva’s European business. He has also been the group’s chief accountant and, before that, a partner at PricewaterhouseCoopers. Aviva has also appointed Richard Dewar, the chief financial officer at [...]
Ennis: I can wait for world records April 28, 2010 WORLD champion Jessica Ennis insists she is thinking about herself and herself alone as she prepares to make her long-awaited outdoor return next month. The 24-year-old has enjoyed a golden start to 2010, claiming the world indoor pentathlon title in March to add to the world heptathlon crown she won last summer. Ennis is now [...]
Prudential prepares final charm offensive as deal D-day looms April 28, 2010 TIDJANE Thiam must be trying hard to shut out the noise. As Prudential’s chief executive hunkers down to work on the prospectus for the insurer’s gargantuan $21bn (£13.8bn) cash call, grumblings from shareholders continue to fuel rumours of a break-up bid that would see the firm snatched from the brink of a historic deal and [...]