Munich Re results beat forecasts August 4, 2009 REINSURANCE giant Munich Re has reported a 14 per cent rise in second-quarter net profits, up to €691m (£588m) from €608m in the same period last year. The world’s biggest reinsurer beat forecasts on the back of solid growth in premiums, strong investment returns and a one-off gain from the sale of a stake in [...]
Moneysupermarket founder in 17m windfall despite 90 per cent profit dive August 4, 2009 MONEYSUPERMARKET.COM yesterday shocked the market when it announced a “special dividend”, despite a profit drop of nearly 90 per cent, landing its former chief executive a cool £16.8m. The price comparison website reported a first-half pre-tax profit of £1.9m, down from £14.4m in the same period last year, but moved to soften the blow by [...]
Polar Capital calls bottom as assets start increasing August 4, 2009 HEDGE fund Polar Capital yesterday went out on a limb, calling a bottom for the industry as it posted a rise in assets under management. “It is encouraging to note that the anticipated drying up of redemption requests has materialised,” the firm said in a statement. “There are now some positive signs that the industry [...]
Ex-Ford boss named as the new chairman of BHP Billiton August 4, 2009 BHP Billiton, the world’s largest miner, yesterday said that ex-Ford chief executive Jac Nasser would be its new chairman. Nasser, who has been a non-executive director at BHP since 2006, will step into incumbent Don Argus’ shoes when he steps down next year after a decade at the helm. He beat off competition from John [...]
Lower profit is odds-on for William Hill August 4, 2009 WILLIAM Hill yesterday warned its full year profits would miss previous forecasts after it lost money on a series of horse racing events. The bookie yesterday said that pre-tax profits had fallen to £91.5m in the half to June 30, down from £111.1m a year earlier. William Hill said that, as a result of the [...]
NO YOU CAN’T August 4, 2009 DISAGREEMENT within the Obama administration over reshaping US financial regulation flared yesterday, with top bank regulators defending their turf. Obama plans to create a national bank supervisor by merging the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS). But John Bowman, acting director of the OTS, refused to [...]
Timms set for Digital Britain role August 4, 2009 Treasury minister and MP for East Ham, Stephen Timms, is understood to be Labour’s choice to replace Lord Carter as communications minister. Timms, a former e-commerce minister and technology analyst, would be brought in to continue Carter’s work on Digital Britain. Carter plans to return to the private sector.
Supermarket regulation urged August 4, 2009 The Competition Commission yesterday urged the government to establish an ombudsman to rule on any disputes involving supermarkets and suppliers, following a two year investigation. The new code of practice will regulate every contract between supermarkets with a turnover of more than £1bn and their suppliers. An ombudsman will cost £5m annually, but the British [...]
GSK gets bumper vaccine orders August 4, 2009 Pharmaceutical giant GlaxoSmithKline yesterday announced it has received government contracts for a further 96m doses of its swine flu vaccine. Earlier this year the group said it had government-signed contracts for the vaccine and a $250m (£148m) deal with the US government to provide swine flu products. Analysts have said they expect GSK to reap [...]
JD Sports tackles Canterbury August 4, 2009 Rugby shirt maker Canterbury has been sold to sportswear retailer JD Sports Fashion in a £6.5m deal, brokered by KPMG. JD sports has bought the key trading assets and global rights to the brand, which sponsors the London Wasps rugby union team.