Business news in brief: Aviva | Brodies | Emaar Properties

Published on 30/07/2012 02:09

Aviva, the UK’s second-largest insurance group, has received a number of unsolicited approaches from financial and private equity buyers for a US unit estimated to be worth some £1 billion.

It is understood that chief financial officer Pat Regan, has spent a considerable amount of time in Des Moines, Iowa, where the US business is based, to prepare for a sale.

Chamber calls for Bank to change tack

Business leaders yesterday renewed their calls for the Bank of England to launch a “monetary easing” scheme to buy corporate bonds instead of government gilts in order to stimulate the economy.

Ahead of this week’s monetary policy committee meeting, David Kern, chief economist at the British Chambers of Commerce, said: “The MPC should do more to support increased lending to the real economy. The MPC should reconsider its reluctance to purchase assets other than gilts, notably securitised small business loans.”

Brodies aims to strengthen teams

Law firm Brodies will today unveil the latest recruits for its corporate finance and oil and gas teams.

Energy expert Finlay Crossan will join the firm’s Aberdeen office next month, while Eric Galbraith is moving to the firm’s Glasgow office, where he will specialise in takeovers.

Profits up at builder of the tallest tower

Emaar Properties, builder of the world’s tallest tower, more than doubled its quarterly profit, boosted by gains in its retail and hospitality units after a shift away from the battered Dubai property market.

Dubai’s largest commercial property developer made a pre-tax profit of 614 million dirhams (£106m) in the three months to 30 June, up from 250m dirhams year-on-year.