Financial News

By Michael Smith LONDON (Reuters) - Miner Xstrata (XTA.L: Quote, Profile, Research) has posted a 42 percent rise in first-half profits, as expected, and is upbeat on the second half as it prepares to close a C$24 billion (11.3 billion pound) bid for Canada's Falconbridge (FAL.TO: Quote, Profile, Research) . Higher commodity prices, efficiency gains and a stronger dollar drove earnings at Swiss-based Xstrata which also announced plans to expand zinc production in Australia and upgrade a copper ...

Nick Goodway, Evening Standard2 August 2006 LLOYDS TSB, Britain's fifth-largest bank, is seeing strong growth from its insurance arm Scottish Widows as more of its High Street banking customers buy savings and pensions products to protect their futures. WANT TO KNOW MORE? Free banking 'will be axed' Banks to write off £4bn as debt soars Banks rake it in from customers COMPARE: Bank acco ...

HONG KONG (Dow Jones) -- Shares of Japan's Hokuetsu Paper Mills Ltd. were up more than 5% at mid-day Wednesday after Japan's top paper maker, Oji Paper Co., formally launched a hostile takeover bid for its smaller rival. Oji (OJIPY) said in a statement late Tuesday that it wants to buy at least 100.82 million shares in Hokuetsu, Japan's sixth-largest paper company, by Sept. 4. It would then mak ...

AMSTERDAM (Reuters) - The world's biggest steelmaker, Mittal Steel (ISPA.AS: Quote, Profile, Research) (MT.N: Quote, Profile, Research) , which is buying its closest rival, Arcelor (CELR.PA: Quote, Profile, Research) , said on Wednesday that its second quarter operating profit rose nearly 50 percent from the previous period. Operating profit rose to $1.52 billion (810 million pounds) on sales of $9.23 billion, Mittal Steel said in a statement. Second quarter net profit rose 34.7 percent from  ...

Asian markets were lower Wednesday, with key Japanese export and consumer shares losing ground on concerns over the health of the U.S. economy, while technology giant Hitachi tumbled on concerns it may face an expensive lawsuit over its nuclear technology. The Nikkei 225 Averagewas down as much as 0.33% in early afternoon trading. The Topix index, or Tokyo Stock Price Index, entered the post-lu ...

SAN FRANCISCO (Dow Jones) - Allstate Corp., Chubb Corp. and St. Paul Travelers were downgraded on Tuesday by Citigroup analyst Joshua Shanker on concern that increasing competition in the property and casualty insurance industry will hamper the companies. Allstate (ALL) and St. Paul Travelers (STA) were cut to hold from buy, while Chubb (CB) was lowered to sell by Shanker, who recently took over  ...

By Elif Kaban MOSCOW (Reuters) - Russian steel group Severstal, in the limelight after its attempted merger with Arcelor (CELR.PA: Quote, Profile, Research) , is now seeking to raise up to $1.5 billion (800 million pounds) in a London share offer in October or November, banking sources said on Tuesday. Bankers close to the plan said Severstal had mandated Citibank, UBS and Deutsche Bank for the London float, expected to value it at between $12 billion and $15 billion, up from its current Russi ...

By Mark Potter LONDON (Reuters) - McCarthy & Stone (MCTY.L: Quote, Profile, Research) has backed a 1.1-billion-pound takeover offer by a Bank of Scotland-led (HBOS.L: Quote, Profile, Research) consortium, withdrawing its support for an earlier, lower bid. Earlier on Tuesday, Mother Bidco, the Bank of Scotland consortium which also includes property magnates David and Simon Reuben and retail entrepreneur Tom Hunter, announced an offer of 1,075 pence a share in cash for McCarthy & Stone. McCa ...

By Elif Kaban MOSCOW (Reuters) - Russian steel giant Severstal, in the limelight after a proposed merger with Arcelor flopped, is seeking to raise up to $1.5 billion (800 million pounds) in a London initial public offering in October or November, banking sources said on Tuesday. Banking sources close to the listing said Severstal has mandated Citibank, UBS and Deutsche Bank for the listing, which is expected to value the company between $12 billion and $15 billion, compared to its current Russ ...

Evening Standard1 August 2006 BOOKMAKER William Hill clocked up a near-30% leap in pre-tax profits to £160m in the six months to 27 June, despite a hit in the early stages of the World Cup when 20 of the 24 matches went with the favourite. OTHER STORIES House price bounce confirmed HBOS keeps up the pace with £2.6bn Market report: Tuesday 09.15 £110 fine for 'early' b ...