Hubris is always CEOs’ worst enemy March 18, 2010 IT has been an embarrassing couple of days for Tidjane Thiam, Prudential’s chief executive. On Wednesday, he accepted a non-executive directorship at Societe Generale, the French bank; 48 hours later, he had changed his mind, after a backlash from City institutions already upset at the looming dilution to their holdings from the Pru’s planned $21bn [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 16, 2010 FINANCIAL TIMES EX-EMPLOYEE SUES SOCGEN FOR џ12M Societe Genrale, France’s second-largest bank, is being sued for more than џ12.5m (£11.3m) by its former head of European fixed income after his contract was terminated at the start of the credit crunch. The High Court heard yesterday that Raphael Geys, its London-based former managing director of European [...]
Aviva focuses on Europe as rivals go east March 4, 2010 AVIVA’S heavy cost cutting and its successful flotation of Delta Lloyd has paid off as it announced a three per cent rise in operating profits for 2009. The British insurer recorded an end of year operating profit of £3.48bn, up from £3.37bn in 2008. Its Life business arm was a particularly strong performer increasing 11 [...]
ANALYST VIEWS: WHAT DID YOU THINK OF AVIVA’S END OF YEAR RESULTS? March 4, 2010 BARRIE CORNES | PANMURE GORDON “Aviva has reported 2009 results that were well ahead of consensus and above the top end of the range for MCEV and IFRS operating profit. Given the investment risk of the Prudential/AIA deal we recommend a switch into Aviva.” JAMES HUGHES | CMC MARKETS “In London, numbers from Aviva were [...]
Aviva profit up despite weather claims March 4, 2010 INSURER Aviva reported a three per cent increase in 2009 profit, with cost cutting helping to offset a rise in weather-related claims. The company’s operating profit of £3.48bn was up from £3.37bn the previous year, its annual results showed. Analysts had pencilled in a profit fall to £3.01bn.
FTSE rises as commodities and financials set the pace March 3, 2010 BRITAIN’S leading shares gained 0.9 per cent yesterday, boosted by strength in miners and oils, banks and life insurers, as upbeat US data lifted Wall Street. At the close, the FTSE 100 was 49.15 points higher at 5,533.21, ending at a seven-week peak on its fourth straight session of gains. “All the figures were pretty [...]
Metronet failures have cost public £410m, say MPs March 1, 2010 ChairmEn of large listed companies in the UK were warned to justify executive pay packets by one of the country’s biggest fund managers, it emerged yesterday. Aviva’s fund management arm, Aviva Investors, wrote to over 800 firms telling them it expected salaries and bonuses to be “prudent [and] aligned to business strategy and performance over [...]
Aviva warns firms over executive pay March 1, 2010 ChairmEn of large listed companies in the UK were warned to justify executive pay packets by one of the country’s biggest fund managers, it emerged yesterday. Aviva’s fund management arm, Aviva Investors, wrote to over 800 firms telling them it expected salaries and bonuses to be “prudent [and] aligned to business strategy and performance over [...]
London rises as miners and energy companies set pace March 1, 2010 LONDON’S top share index rose one per cent yesterday as big gains from miners and energy stocks, boosted by firmer commodity prices, outpaced faltering banks following disappointing results from HSBC. The FTSE 100 closed 51.42 points higher at 5,405.94 points, having hit a five-week high earlier in the session of 5,420.83. The index has rebounded [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 28, 2010 THE SUNDAYS The Sunday Telegraph NIKE BOSS MARK PARKER DEMANDS NEW RULES ON VALUING BUSINESS The global chief executive of Nike, one of the most powerful retail brands in the world, has said that companies will have to find more sophisticated ways of judging value and impact on the environment if they are to resist [...]