ANOTHER INSURANCE V.I.P. has been cut from the industry with the news that Ray Greenshields, chief e...
ANOTHER INSURANCE V.I.P. has been cut from the industry with the news that Ray Greenshields, chief executive of Zurich Financial Services UK is being let go because of continued difficulties at the unit, the FT says.
The move to oust Greenshields comes as Zurich seeks to implement a huge cost-cutting program and $2.5bn rights issue.
It also follows recent announcements from other insurance groups of top bosses being cut following poor performance, such as former AMP chief executive Paul Batchelor.
THE US ECONOMY is in better shape than expected - that is the message from yesterday's quarterly results from banks such as Citygroup, and explains why shares rose so much the FT says.
With slower lending to business customers, it was feared that earnings results would be down again, but higher consumers spending helped US banks do far better than competitors in places such as Germany.
A big driver was credit card use, income from which jumped 25% at Citigroup alone.
ABERDEEN ASSET MANAGEMENT could be in for more pain later this month according to The Daily Telegraph, which says the Treasury Select Committee investigating split capital investment trusts is likely to haul the company over the coals as it widens its investigation.
"The committee, led by chairman John McFall, Labour MP for Dumbarton, is expected to interview Chris Fishwick, Aberdeen's "Mr Splits", who resigned this week but will remain with Aberdeen until the end of the year," the paper writes.
THE BUY-TO-LET market is turning south in a big way the Telegraph says, but this should open the way for more astute investors to "make a killing" on prime property as prices slump.
The paper says one in four people who acquired buy-to-let property in London in the past five are considering selling, while 50% of those who bought in the past six months will be selling at a loss.
For those with the cash to hand, next summer could become a time to snap up prime properties that need some doing up.
ERNST & YOUNG SUFFERED a setback yesterday, The Times reports, after the High Court rejected an appeal to delay an investigation into the accountant's role in auditing Equitable Life.
Equitable's new directors are suing the accountant for £2.6bn, while it also faces the Joint Disciplinary Scheme investigation carried out by fellow accountants.
E&Y had argued that allowing the JDS investigation to proceed could prejudice the outcome of the Equitable trial.
ABBEY NATIONAL'S latest refusal to engage Bank of Ireland in takeover talks tops the news in The Scotsman today.
The paper quotes one analyst as saying the latest bid is unlikely to result in a merger unless shareholders actively picket Abbey's directors to take up the offer, while another says that the latest BoI offer still undervalues Abbey.
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress