WHAT THE OTHER PAPERS SAY THIS MORNING June 14, 2011 FINANCIAL TIMES RBS TAKES CONTROL OF 42 MARRIOTT HOTELS Royal Bank of Scotland has taken control of a £1bn property portfolio of Marriott hotels after failing to secure a debt-for-equity restructuring of one of its largest individual real estate loans made during the property boom. RBS on Tuesday night appointed Ernst & Young as receivers to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 16, 2011 FINANCIAL TIMES WEST COAST RAIL FACES RETURN TO STATE HANDS Britain’s most profitable train franchise could be taken back into state hands following a government decision to delay the auction of the West Coast service amid an overhaul of the rail system. Virgin Trains is due to hand back the contract to run the lucrative [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 16, 2011 FINANCIAL TIMES WEST COAST RAIL FACES RETURN TO STATE HANDS Britain’s most profitable train franchise could be taken back into state hands following a government decision to delay the auction of the West Coast service amid an overhaul of the rail system. Virgin Trains is due to hand back the contract to run the lucrative [...]
Banks sued in Libor case April 19, 2011 A EUROPEAN asset manager yesterday sued twelve US, European and Japanese banks, accusing them of conspiring to manipulate Libor, a benchmark used to set interest rates on hundreds of trillions of dollars of securities. Vienna-based FTC Capital and two funds it operates in Luxembourg and Gibraltar accused the banks of conspiring to artificially depress Libor, [...]
Disasters cut Lloyd’s profits March 30, 2011 LONDON’S insurance market Lloyd’s paid out more than £2bn in global catastrophe claims in 2010, pushing its profit down 43 per cent to £2.2bn, it said yesterday. It said the fall was to be expected in a year that saw net claims of £2.18bn and the third-highest level of catastrophe losses in 15 years apart [...]
The insurance man turns to banking March 30, 2011 AFTER nine years at the helm of London’s insurance market Lloyd’s, its chairman Lord Levene is singularly unshockable even in the face of disasters on the unprecedented scale that struck Japan. The earthquake and tsunami which hit the northeastern coast of Japan on 10 March will cost insurers $20bn-30bn (£12.5bn-18.8bn), but Levene doesn’t think the [...]
The insurance man turns to banking March 30, 2011 AFTER nine years at the helm of London’s insurance market Lloyd’s, its chairman Lord Levene is singularly unshockable even in the face of disasters on the unprecedented scale that struck Japan. The earthquake and tsunami which hit the northeastern coast of Japan on 10 March will cost insurers $20bn-30bn (£12.5bn-18.8bn), but Levene doesn’t think the [...]
Banks bolster FTSE at the close May 25, 2011 London stocks struggled to gain ground today as poor economic data on both sides of the Atlantic dismayed investors. A rally led by banking stocks late in the afternoon helped push the FTSE back into the black, with the FTSE 100 just 0.2 per cent higher at 5,870.14 at the close. Miners made muted gains [...]
THE WEEK AHEAD in association with GFT May 15, 2011 COMPANY NEWS ● On Monday, Phoenix will release its first quarter trading update. The FTSE 250 insurance group specialises in the management and acquisition of closed life and pension funds. ● On Tuesday, Vodafone releases its final results. Analysts expect profits to be down on 2010 figures. ● There are plenty of AGMs throughout the [...]
RAINMAKING WON’T STOP PLAY AT CITY’S CHELSEA POWER SHOW May 22, 2011 TONIGHT the worlds of high finance and horticulture will collide at the most popular fixture in the City year: the Chelsea Flower Show charity gala. BSkyB chief executive Jeremy Darroch was spotted eyeing up garden sheds at last year’s Chelsea preview, while Topshop boss Sir Philip Green – known in the City as “PG” – [...]