News

Your daily news update straight from the City PM newsroom in London

CITY VIEWS: DO YOU WELCOME THE SELL-OFF OF RBS AND LLOYDS’ BRANCHES?

November 3, 2009

SANJAY RIJHWANI TOKIO MARINE“Competition is always a good thing, but I’m concerned as a taxpayer about the price we’ll sell the branches off at. I’m also worried that the big banks might just buy them back in five or so years, after the slump is over.” ROBERT WEBB CHAUCER“I’d certainly consider changing my bank – [...]
CITY’S BIG SPENDERS PROVE EASY TARGET FOR DEN OF DEBAUCHERY

November 3, 2009

AFTER all the talk of City types shying away from blowing their cash in lap-dancing clubs in these bleak post-crisis days, it comes as a bit of a surprise to see that one such chain has opened up yet another den of debauchery on the fringe of the Square Mile. Yes, club operator Secrets, which [...]
CITY EYE

November 3, 2009

CITY workers thronged the area around St Paul’s Cathedral last night for the switching on of the Christmas lights. Actor Bob Hoskins did the honours with the lights, while the entertainment was provided by pop star Little Boots, the St Paul’s Cathedral Choir, the cast of West End musical Hairspray and wrinkly Eighties crooners Spandau [...]
L&G is upbeat but sales fall

November 3, 2009

LEGAL & GENERAL (L&G) saw new business sales fall 5.4 per cent over the past quarter but the trimmed-down insurer said it was now positioned to capitalise on a “modest recovery” in the UK economy in the months ahead. L&G said new business totalled £312m in the three months to September compared to £330m in [...]
Delta Lloyd offering falls flat as market retreats but Aviva trousers 990m

November 3, 2009

DUTCH insurer Delta Lloyd’s initial public offering (IPO), western Europe’s largest this year, fell flat yesterday amid a retreat in the insurance sector and competing calls on investors’ cash. The shares, which had been priced at €16 (£14.30) each, at the low end of a forecast range of €15.5 to €19, were trading at €15.48, [...]
SHOULD LEGAL & GENERAL BE DISAPPOINTED BY ITS LATEST RESULTS?

November 3, 2009

BARRY CORNES PANMURE GORDON“Whilst the sales figures look slightly disappointing the year end cash generation target of £450m has already been exceeded with £461m at 30 September. The capital surplus increased further to £2.5bn compared to the last published figure of £2.4bn at the end of August.” JAMES HUGHES CMC MARKETS“Overall the sales figures aren’t [...]
GM reverses out of sale of Europe arm

November 3, 2009

GENERAL Motors last night ditched its plan to sell Opel and Vauxhall as new figures showed a sales lift at the recession-hit US giant. The company had agreed to sell Opel and Vauxhall to Canadian car parts firm Magna after months of tough negotiations. The deal had the backing of the German government, which pledged [...]
Buffett on track for biggest ever deal with $26bn buyout

November 3, 2009

WARREN Buffett’s Berkshire Hathaway will pay $26bn (£15.9bn) to buy out railroad Burlington Northern Santa Fe in what the billionaire investor called a bet on the US economy. The deal, Buffett’s biggest-ever acquisition, is priced at a premium of 31.5 per cent over BNSF’s closing stock price on Monday and values the railroad at $34bn. [...]
Kraft results boost Cadbury bid chances

November 3, 2009

KRAFT Foods last night posted a better than expected quarterly profit – boosting its chances of a successful bid for Cadbury. The world’s second largest food company reported earnings of $826m (£502m) or 55 cents a share, in the third quarter. Analysts on average forecast 48 cents a share at Kraft, whose operating income jumped [...]
Walker lambasts old boys culture

November 3, 2009

THE City grandee leading a review of financial regulation aimed at preventing another financial crisis has attacked an “old boys” culture in City boardrooms and backed calls for M&S to overhaul its controversial leadership structure. Former investment banker Sir David Walker said companies needed to change the way their boards were run to ensure chairmen [...]