First gains of the week as Alcoa boosts the markets July 9, 2009 THE FTSE 100 closed 0.5 per cent higher yesterday, ending a three-day losing streak on the back of gains in miners after reassuring earnings from Alcoa. The index closed 18.43 points firmer at 4,158.66, having fallen 1.1 per cent the previous session to its lowest closing level in more than two months. However trading was [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 8, 2009 FINANCIAL TIMES ARCELORMITTAL ATTEMPTS TO EASE DEBT BURDENArcelorMittal has started talks with its banks about making conditions for re-paying its $26bn (£16.2bn) of debt less onerous, in a bid to reduce financial pressure on the company as the global downturn continues. The world’s biggest steelmaker has taken this step as an insurance policy against its [...]
CITY VIEWS: DO YOU THINK THE FSA’S NEW FINES WILL MAKE CITY MISCREANTS SIT UP AND TAKE NOTICE? July 6, 2009 STEWART DOGUID AVIVA INVESTORS“I don’t think so – individuals will still feel that their gains outstrip the punishment, just as a frequent gambler might do, while companies will just see it as an increase in red tape. It’s all talk from the FSA but unfortunately very little substance.” OLLIE BARTON-JONES LANCASHIRE INSURANCE“I think this sounds [...]
Xstrata looks to woo Anglo shareholders June 24, 2009 MINER Xstrata went public with the details of its offer for rival Anglo American yesterday, in an effort to convince shareholders of the merits of the deal. Releasing a letter sent to Anglo, Xstrata chief executive Mick Davis said a merger could bring in annual cost reductions of more than $1bn (£609m) by the third [...]
BEST OF THE BROKERS June 23, 2009 AVIVACitigroup analysts said they no longer view Aviva as vulnerable from a capital perspective, after its hybrid debt issue and the disposal of Aviva Australia. Based on its standard return on embedded value approach, the broker upped its target price to 350p from 210p and raised its recommendation to “hold, high risk”. STANDARD CHARTEREDAhead of [...]
CITY MOVES WHO’S SWITCHING JOBS June 23, 2009 AvivaMatt Saker is to join the savings, investment and insurance group as its new chief actuary for Europe. Saker joins from Watson Wyatt, where he worked for over 18 years, becoming a partner in 2003. In his new role, he will be responsible for capital management, life and general insurance reserving and market-consistent embedded value [...]
THE LONDON REPORT June 23, 2009 The FTSE 100 closed down 0.1 per cent yesterday, falling just 4.03 points to 4,230.02 in a choppy session, with thin volumes exacerbating movements, after losing 2.6 per cent on Monday. The index has gained more than 22 per cent since hitting a six-year low in March, but is still down 4.6 per cent on [...]
CITY MOVES Who’s switching jobs June 22, 2009 AvivaThe insurance group has appointed Jon Bunn as its new corporate affairs and communications director in Europe. Bunn will report to Andy Moffat, Aviva’s director of human resources in Europe. He was previously group public relations director at Prudential, and before that was director of media relations at accountancy firm PricewaterhouseCoopers. He began his career [...]
With-profit report fails to impress June 21, 2009 CLARE Spottiswoode, the former energy regulator who represents investors in Norwich Union’s (NU) with-profits funds, has been forced by NU owner Aviva to black out key figures in her report on the group’s controversial offer to investors over distributing a “surplus” capital pot. Spottiswoode is irked as some of the details may have aided the [...]
Aviva offloads its Australian life unit June 21, 2009 INSURANCE giant Aviva last night announced that it is to sell Aviva Austalia Holdings, its Australian life and pensions business and wealth management platform, to National Australia Bank (NAB). Aviva is expected to pocket A$925m (£452m) from the deal. The group will gain A$825m cash consideration from NAB on completion, with a further amount of [...]