AIG accused of excluding buyers from the sale of its rail-car unit November 22, 2010 BAILED-OUT insurer AIG has put its rail-car unit up for sale, though trade buyers are complaining of being excluded from the auction, the Wall Street Journal reported yesterday. The assets of AIG Rail Services have a book value of about $660m but it was not clear how much American International Group was seeking for the [...]
Japan’s Marubeni enters bidding in Kwik-Fit auction November 22, 2010 TYRE firm Kwik-Fit may be snapped up by Japanese giant Marubeni. Marubeni, which employs 29,000 people and is one of the largest general trading companies in Japan, was previously keen to acquire the tyre wholesaler Micheldever. But exclusive talks with Graphite Capital broke down after Marubeni dropped its offer from the agreed £200m. Now it [...]
Twenty per cent off property in paradise November 18, 2010 IT FEELS wrong to be delighted by the financial crisis, doesn’t it? But if you were reclining on a sun-lounger in 30°C heat with a sparkling ocean stretching out in front of you, it would be difficult not to. Especially if you had managed to buy a Caribbean dream home on the cheap. The numbers [...]
Chaucer aims to grow car insurance arm November 18, 2010 INSURER Chaucer will expand its UK motoring operations as part of an ambitious new growth strategy. It says the push into motoring insurance will involve a “significant” presence on price-comparison websites. Chaucer wants to balance its exposure to the catastrophe business, which offers high returns but high volatility, with a greater input to the lower-risk [...]
How Big Mother ensures success November 11, 2010 EVERY mother will feel Sara Murray’s anxiety when she says: “I was at a supermarket checkout, I turned round for a moment and when I turned back my daughter was gone. I spoke to security and while they searched the store they told me to stand by the exit of the car park and check [...]
Ageas UK sees profits fall on higher claims November 10, 2010 AGEAS UK reported a 50 per cent fall in pre-tax profit for the first nine months of the year following increased claims from the severe wintry weather at the start of the year and poor private car sales. The insurer, formerly known as Fortis, reported profits of £16.6m for the first nine months of the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 9, 2010 FINANCIAL TIMES EX-CLINTON AIDE TO ADVISE NEWS CORP ON EDUCATION Joel Klein, the chancellor of New York City’s schools and former deputy White House counsel to Bill Clinton, is joining News Corp as a senior adviser to Rupert Murdoch, as the company looks to make investments in educational start-ups. ASIAN EQUITY HEDGE FUNDS OUTPERFORM Asian [...]
PERSONAL FINANCE NEWS November 4, 2010 BRITS DON’T LIKE TO QUEUE ANY MORE British people are no longer as willing to patiently queue, according to research published today by the Payments Council. In fact, the average British adult can stand just 10 minutes and 42 seconds of waiting before getting frustrated. 83 per cent of people now turn to virtual alternatives [...]
Fears over consumer climate send retailers and FTSE down November 3, 2010 BRITAIN’S top share index closed lower yesterday, with retailers weak as Next posted falling sales, while banks gained ground after Lloyds Banking Group poached Santander UK’s head as its new CEO. Investors were reluctant to take big positions ahead of a Federal Reserve decision on further monetary policy easing later yesterday. Markets are pricing in [...]
Admiral on target as turnover rises November 3, 2010 Insurer Admiral has said it remains on track to meet its forecasts for the year in a trading update. Turnover soared 50 per cent during the third quarter to £446m and the number of vehicles covered by the group was 28 per cent higher than the same time last year. “I’m pleased to report that [...]