YESTERDAY'S news that American International, the world's largest insurer, was taking a $1.8bn surpr...
YESTERDAY'S news that American International, the world's largest insurer, was taking a $1.8bn surprise charge to boost its reserves has hammered UK insurers, The Daily Telegraph says.
The trouble has been compounded by the fact AIG is considered one of the "most prudent" listed US companies, but even that has not managed to stop its shares losing half their value in the past two years.
UK STOCKS are likely to plunge again today The Times says, because of a new Confederation of British Industry report that forecasts another 42,000 job losses in the first quarter this year.
That figures comes as the CBI reports a downturn in business confidence among manufacturers in all regions of the UK – the first time that has happened for more than a year.
THE SCOTSMAN reports job losses in Scotland just got worse with the shock announcement that Boots is closing its manufacturing plant there with the loss of 1,000 jobs.
So far, 7,500 manufacturing jobs have gone in Scotland in the past two years, the paper adds – another 500 jobs went two weeks ago when a computer parts manufacturer announced it was ending production.
ABBEY NATIONAL is still under the spotlight despite the £848m disposal of its consumer credit unit to GE Capital announced yesterday as part of its plan to cut debt and boost profit margins.
GE says the unit will fit well with its existing business model, and Abbey says the move is just the first of several that will see it dispose of non-core businesses.
However, analysts were not jumping for joy, the FT reports: "It is only one small step for Abbey," it quotes one analysts.
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