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’Snap news
Breaking pre-market news on Thursday,
- Old Mutual puts Nordic operations up for sale for £2.1bn — statement.
- International Personal Finance warns Eastern Europe FX rates will hit profits — statement.
Snap news
Breaking pre-market news on Monday,
- HSBC confirms it’s in talks with Old Mutual on Nedbank majority stake — statement and statement.
- Petrofac posts first-half revenues of $2.13bn — statement.
Snap news
Breaking pre-market news on Friday,
- RBS posts pre-tax profit of £1.1bn in first half — statement.
- Old Mutual sells US Life operations for $350m; profit up 43 per cent — statement and statement.
Snap news
Breaking pre-market news on Thursday,
BP to pay Devon Energy $7bn for assets in Brazil, Azerbaijan and the US deepwater Gulf of Mexico – statement.
Old Mutual to IPO US asset management business – statement.
Old Mutual still reviewing structure
Julian Roberts, chief executive of Old Mutual, said on Thursday that he hopes to reveal the future structure of the life assurance and banking group around its 2009 results next March. Analysts have long expected a break-up of the group’s diverse businesses and there has been renewed speculation that Nedbank,
Snap news
Breaking pre-market news on Tuesday,
- Old Mutual prices a £500m fixed rate senior bond – statement.
- ITV announces convertible offering – statement.
- Corporate: Carillion, Connaught, Whitbread,
Adventures in hybrid debt, fixed income fund edition
So who buys banks’ hybrid, or subordinated, debt?
Fixed income funds (FIFs), for a start. And S&P’s just-released report into UK FIFs makes for an interesting illustration of what’s been going on in the sector.
Snap news
Breaking pre-market news on Wednesday,
- Lloyds interim proforma loss widens to £4bn — statement.
- Allied Irish Banks posts interim loss of €786m — statement.
- Halifax UK house prices rise 1.1 per cent in July — statement.
Old Mutual ponders ‘simplification’
Old Mutual, the UK-listed South African insurer, left the door open to a possible break-up as it scrapped its dividend for this year amid plunging profits. Julian Roberts, the new chief executive, stopped short of implementing a sweeping restructure but made clear he had not ruled out more radical action.
A relieved Old Mut
Old Mutual revealed a 66 per cent decline in annual pre-tax profits on Wednesday and scrapped its dividend.
Initial market reaction: an 11 per cent jump in shares — something of a relief rally.
The gain means some short-sellers will have been burned.
Snap news
The latest on Thursday,
- Man Group sees profits fall 24%; $6bn of redemptions – statement
- Old Mutual sees funds under management fall 9% to £254.4bn ytd – statement
- Henderson Group sees
Snap news
The latest on Friday,
- Asia Markets: Nikkei down 1.94% (-8.03% the week); Topix down 2.69% (-8.70% the week); Hang Seng down 2.12% (-4.59% the week)
- Old Mutual arbitration forces £47m charge
Old Mutual chief resigns amid writedowns
Old Mutual, the South African insurer, has parted company with Jim Sutcliffe, its chief executive, as it was forced to inject another $250m into its US life business and announced $135m of writedowns. Sutcliffe,
Sutcliffe departs from Old Mutual
How thoroughly un-British! The boss of a Footsie financial has been Crunched.
Old Mutual plc today announces that Jim Sutcliffe, Chief Executive, has decided to step down with immediate effect. The Board has accepted his resignation.
Old Mutual forced into £150m US injection
Old Mutual, the UK-listed South African insurer, has been forced to inject £150m into its US life business to meet guarantees in policies after hedges failed to protect it against stock market falls. News of the payment,
Snap News
The latest on Wednesday,
- Illinois to sue Countrywide CEO Angelo Mozilo – WSJ
- Old Mutual says US asset management profit down 10% yoy – statement
- Progress software to acquire Iona technologies for $162m,
S Africa’s Bafokeng fail in insurer bid
The planned sale by Old Mutual, the London-listed financial services group, of its stake in South Africa’s second-largest short-term insurer to a wealthy rural tribe has been called off, an apparent victim of domestic and international uncertainty in markets.
Old Mutual sells stake in insurer to Bafokeng
Old Mutual is to sell its controlling stake in South Africa’s second-largest short-term insurer to the Royal Bafokeng Nation, a rural community whose ancestral lands cover some of the world’s largest platinum deposits.