Imps lights up with new boss November 10, 2009 IMPERIAL Tobacco yesterday posted a 52 per cent jump in annual pre-tax profits and announced that its chief executive Gareth Davis, who has served the company for 37 years, is set to retire. He named chief operating officer Alison Cooper as his successor. Chairman Iain Napier said 59-year-old Davis had transformed Imperial from a business [...]
Lloyds plans to axe 5,000 further jobs November 10, 2009 ANOTHER 5,000 jobs will be lost at Lloyds Banking Group, bringing the total number of sackings to 12,500 since the credit crunch began. Lloyds employees were yesterday warned by banking experts that there could be up to 30,000 sackings before the Lloyds-HBOS merger is complete. Unions branded the cuts, which were announced on the same [...]
Allianz profit jumps due to life insurance November 9, 2009 ALLIANZ, Europe’s biggest insurer, yesterday reported better-than-expected results for the third quarter, thanks to strong trading in life insurance and asset management. And the firm said it was well-placed to capitalise on the improving global economy as it posted a 23 per cent jump in operating profit. But despite the strong results, the insurer refused [...]
Douglas quits Laing O’Rourke November 9, 2009 Tony Douglas, the chief operating officer at the UK’s biggest privately owned construction company Laing O’Rourke, quit yesterday, and chief executive Ray O’Rourke halted his plans to step down from his post. Douglas, who had been managing director at Heathrow airport, was being groomed to take on the top job, and had been tasked with [...]
Bonus row to reignite at Barclays and HSBC November 8, 2009 BARCLAYS and HSBC will risk stirring up more public anger over bankers’ pay tomorrow when they are likely to report strong third quarter results – and bumper bonuses to match. Both Barclays and HSBC avoided taking Government cash to survive the global financial crisis but that is unlikely to protect either from criticism over the [...]
US banking failures top 120 for the year November 8, 2009 United Commercial Bank, a big San Francisco bank with branches in China, was closed by state regulators this weekend and its operations were acquired by East West Bancorp, also active in both nations. East West said the transaction made it the second-largest independent bank in California. Based in Pasadena, East West has 137 US branches, [...]
Berlin is still emerging from the shadows of the past November 8, 2009 WHEN you walk across the joint expanse of Potsdamer Platz and Leipziger Platz in central Berlin, you’re surrounded by futuristic architecture, vast advertising hoardings, neon-lit brand names and thundering traffic. It makes it easy to forget you’re crossing what was once known here as the “Death Strip”. A cobbled line marking the old route of [...]
Zurich shares tumble after poor earnings November 5, 2009 SHARES in Zurich Financial Services tumbled yesterday after Switzerland’s biggest insurer disappointed with its third quarter profits. Zurich posted a third quarter net profit of $909m (£548m) that was five times higher than the same period a year earlier. The market had expected a result around $1.15bn but the overall result was pulled down by [...]
Stocks jump based on economic data November 5, 2009 US stocks jumped yesterday, pushing the S&P 500 up for a fourth day, as economic data boosted confidence in the recovery and strong results from Cisco Systems suggested a rebound in technology spending. The market’s advance was broad-based, and the Dow ended above 10,000 for the first time in two weeks. Shares of Cisco, which [...]
The City lawyer who argues that banking has become even riskier November 4, 2009 T o David Morley, the phrase “it is better to travel than to arrive” must sound pretty strange, an expression invented only for those unfortunate souls who have not learnt to move at speed. For Morley, who joined top law firm Allen & Overy in 1980 and has led it as senior partner since last [...]