News

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

Former head of MetLife is to lead AIG

August 3, 2009

BATTERED insurer American International Group (AIG) was yesterday set to name Robert Benmosche, formerly head of US life insurer MetLife, as its chief executive officer, according to people familiar with the matter. The board of the bailed-out insurance giant anointed Benmosche as its fifth leader since 2005 at a meeting yesterday, taking its fight to [...]
NO GREEN GIANT

August 3, 2009

THE London branch of green superstore Whole Foods Market yesterday said it lost £35.9m last year. The 80,000sq ft Kensington emporium, which opened in June 2007, has struggled as demand for organic food slumps in the downturn, casting doubt on the firm’s aim to launch 40 more stores across the UK. The group yesterday said [...]
Ofgem approves investment boost for UK’s electricity distribution networks

August 3, 2009

OFGEM, the energy watchdog, has approved a 25 per cent increase in electricity distribution networks over the next five years, allowing it to spend £1.3bn a year on ageing infrastructure. Funds will also go towards developing “smart grid” technology. Ofgem set out the plans in its price control proposals for electricity distribution for 2010-15. It [...]
Harman: Men should be blamed for the downturn

August 3, 2009

LABOUR’S deputy leader Harriet Harman sparked a storm yesterday, when she said men were to blame for the financial crisis. Harman, who is in charge at Downing Street while Prime Minister Gordon Brown takes his annual holiday, said a higher preponderance of male bankers was responsible for the downturn. She made the comments after sparking [...]
Intertek beats forecasts

August 3, 2009

Manufacturing testing firm Intertek beat expectations with a 50 per cent rise in first-half profit and said yesterday that it was seeing good trading in most of its businesses, though growth would slow in the second half. The firm added it is looking to expand through acquisitions as the recession and the absence of private [...]
Rexam slashes Russian output

August 3, 2009

Rexam, the world’s biggest drinks can maker, said yesterday that it will cease its operations at its Russian Dmitrov plant, after the global economic downturn saw demand in the region plummet. The closure will reduce output by 1.3bn cans per year.
Telecity doubles profit

August 3, 2009

Data centre operator Telecity yesterday said its first-half adjusted pre-tax profit doubled to £13.5m due to strong demand for internet services and that its current order book was in line with expectations. The company, which operates 22 European data centres, said it expected that the progress shown in the first half would continue throughout the [...]
MARKETS SURGE ON BANKING BONANZA

August 3, 2009

INVESTORS were cheered yesterday as stocks on both sides of the Atlantic surged on the back of strong corporate and economic news. In the UK, the FTSE 100 index leapt to a 10-month high, closing at 4,682.46 points, its highest level since the collapse of Lehman Brothers last September, while sterling rose on the back [...]
Revenue slide for Deloitte

August 3, 2009

ACCOUNTANCY giant Deloitte yesterday said its revenues slid by 2 per cent in the year to the end of May, as the financial crisis weighed on its tax and corporate finance activities. Senior partner John Connolly reported profits distributable to partners of the firm of £601m, and revenues of £1,970m, in a blow to his [...]