No sign of vertigo as banks take the FTSE 100 higher May 19, 2009 THE FTSE 100 continued its upward momentum yesterday, propelled up by financials and miners, although gains were limited by figures that showed new US housing starts fell to record lows. The index closed 0.8 per cent, or 35.80 points, higher at 4,482.25, with investors showing no sign of vertigo from the recent hefty rises. “Despite [...]
BLANK QUITS LLOYDS OVER HBOS DISASTER May 17, 2009 LLOYDS Banking Group must begin the hunt for a successor to chairman Sir Victor Blank, after the bank chief announced yesterday that he would retire before the bank’s 2010 AGM. In a board meeting at the bank’s Gresham Street headquarters, Blank officially notified fellow board members of his departure, which follows massive investor anger over [...]
FOCUS ON HBOS: HOW A LANDMARK DEAL WENT BAD May 17, 2009 OctoberBlank and Lloyds chief executive Eric Daniels call HBOS chief executive Andy Hornby to discuss the possibility of a takeover, as HBOS struggles with its burdensome property assets. 15 September 08Gordon Brown approaches Blank at a cocktail party and assures him that competition law will not be an obstacle to any potential takeover of HBOS. [...]
CITY MOVES WHO’S SWITCHING JOBS May 14, 2009 Covington & BurlingThe law firm has appointed Daniel Pavin to its London-based European life sciences practice as a partner. Pavin is one of the UK’s leading life sciences transactional lawyers, with experience advising on both non-contentious and contentious matters, including commercial, partnering and collaboration agreements, mergers, acquisitions and strategic investments, contract disputes and data protection [...]
Third day of red as miners and banks lose their appeal May 13, 2009 THE FTSE 100 dropped 2.1 per cent yesterday, succumbing to disappointing US retail sales figures, profit-taking in the banking sector and mining stocks weighed down by weak commodity prices. The index retreated for the third day in a row, closing at 4,331.37, or 94.17 points down. “Despite the change of tone, markets have more room [...]
Aviva cuts final payout for Norwich Union policy holders by 10 per cent September 5, 2008 Norwich Union, part of giant British insurance group Aviva, will slash its final policy payout by 10 per cent, in a move that will affect 2.4m policyholders. Norwich said yesterday its terminal bonuses would be cut by as much as 10 per cent after its funds were hit by faltering stock markets, commercial property and [...]
Windfall bonus for 1m Norwich Union policyholders as firm sees profits surge July 31, 2008 Claire Spottiswoode delivered on months of marathon negotiations yesterday after 1m Norwich Union policyholders will be offered pay outs of around £1000 each. Aviva, the group’s parent company, is offering cash to qualifying customers in two of its with-profits funds, in exchange for buying out their right for any future pay-outs or redistribution of money. [...]