Hiscox pre-tax profit falls amid low interest rate environment March 2, 2015 The figures Specialist insurer Hiscox has said pre-tax profit fell to £231.1m for the year ending 31 December 2014, down from £244.5m a year earlier. The London-listed group reported a 3.3 per cent increase in gross written premiums, jumping to £1,756.3m in the same period. Why it's interesting Insurers such as Hiscox have struggled amid a [...]
Trinity Mirror pays first dividend in six years despite supermarket ad spend slowdown March 2, 2015 The figures The publisher of the Daily Mirror, Sunday Mirror and Sunday People has turned in a full-year adjusted profit of £102.3m, a slight uptick of one per cent on the previous year. Revenue for the year to 28 December fell to £636.3m from £663.8m, a fall of 4.1 per cent on the previous year, but [...]
UK fails to stop RWE Dea North Sea oil sale to Russian billionaire Mikhail Fridman March 1, 2015 The UK government could face legal action if it attempts to interfere with a Russian billionaire’s bid for several North Sea energy assets. An investment vehicle called Letter One, which is owned by Russian tycoon Mikhail Fridman, is buying German oil company RWE Dea in a €5.1bn (£3.7bn) deal expected to be closed today. RWE [...]
Abu Dhabi fund in £1.6bn bid for London’s Maybourne Hotel Group March 1, 2015 Abu Dhabi’s sovereign wealth fund has put forward a £1.6bn bid for Maybourne Hotel Group, owner of London venues the Berkeley, the Connaught and Claridges. Abu Dhabi Investment Authority (ADIA) is reported to have sent a letter declaring its interest in such a deal to Maybourne’s holding company, Coroin. The firm is understood to have [...]
India primes economy as Narendra Modi’s government lays out pro-growth budget March 1, 2015 Business gave a cautious welcome to the Indian government’s landmark budget yesterday, highlighting its bid to unify the country’s fragmented markets and boost growth through tax cuts and infrastructure investment. “It delivered on all counts. The Prime Minister set out a vision and the budget lays it out as a roadmap,” Karan Chanana told City [...]
Warren Buffett annual letter for golden anniversary: Spin offs, successor CEOs and selling Berkshire Hathaway’s Tesco stake March 1, 2015 Warren Buffett has ruled out spinning off Berkshire Hathaway into separate businesses, revealed a successor has been chosen to fill his shoes and addressed the firm’s stake in Tesco which he previously called a “huge mistake”, in his annual letter to investors. This year celebrating the firm’s golden anniversary, Buffett's highly anticipated 14-page letter reminisced [...]
How much are stamps? First and second-class postage will rise in March at inflation-busting rates February 27, 2015 Inflation may be at a record low, but that’s not holding back Royal Mail. First and second-class stamps are going up by a penny from the end of March, the postal company has revealed. It takes the price of a first class stamp to 63p and second class to 54p. That’s a rise of 1.6 [...]
IAG share price soars after Iberia turnaround and British Airways profit deliver record results February 27, 2015 The figures International Airlines Group's stock rose more than five per cent in early trading after the group which owns carriers British Airways and Iberia, among others, announced a 95.3 per cent rise in operating profit after exceptional items in 2014 to €1.03bn (£750m), from €527m last year. The group now expects to make operating [...]
Quindell share price plummets as it asks for patience as it conducts independent review February 27, 2015 Shares in embattled insurance claims processor Quindell opened 10 per cent lower after it asked for patience from its shareholders while it completes an independent review. The Aim-listed company, whose share price leapt last year before losing 90 per cent of its value, said the review was taking longer than expected because of "the high [...]
Lloyds share price edges up as it resumes dividend payments for the first time in six years February 27, 2015 The figures Shares in Lloyds Banking Group edged up just under two per cent this morning, after it announced it will start paying dividends for the first time since the financial crisis began back in 2008. The part state-owned bank reported profits before tax of £1.7bn – significantly up from last year's £415m. Dividend payments [...]