Lloyd’s of London insurer Catlin’s profits jump ahead of takeover by rival XL February 10, 2015 The figures Lloyd's of London insurer Catlin reported gross written premiums of $5.97bn (£3.92bn) for the year ending December 2014, which was up 13 per cent from $5.30bn (£3.48bn) a year earlier. It said the figure was slightly inflated by foreign currency exchange rates and an increase in the value of multiyear contracts written during 2014 in [...]
TUI on course for profit growth after merger February 10, 2015 The figures Tui Group has reported a 23.5 per cent jump in earnings before interest, tax, depreciation and amortisation in its first quarter, and a 5.4 per cent jump in revenues – in line with expectations. Hotels and resorts performed particularly well during the period, it added. The newly formed entity, forged through a merger [...]
David Cameron at the British Chambers of Commerce conference: “Give Britain a pay rise” February 10, 2015 "It is time Britain had a pay rise": that will be the message from David Cameron, as the Prime Minister addresses the British Chambers of Commerce conference today. In his speech, Cameron will say that in the current low-inflation, low-oil-price environment, businesses can afford to pay workers more – and that conditions "have not been this good [...]
Britain could lead a robotic revolution with cost savings of 16 per cent by 2025 February 9, 2015 By 2025 the country’s workforce could look very different The UK is set to be among the leading adopters of industrial robots over the next decade, benefitting from improved productivity and a huge reduction in labour costs. While global average cost savings from the use of robots is expected to be around 16 per [...]
Ex-HSBC boss Lord Green under fire over Swiss bank tax evasion row February 9, 2015 Ex-HSBC boss Lord Green was under intense pressure last night after revelations that HSBC’s Swiss private banking arm helped clients evade and avoid hundreds of millions of pounds of taxes. The bank said it now refuses to work with anyone it suspects of dodging taxes, but the focus has fallen on Green’s time as chief [...]
Austria backs Greek debt plan ahead of crunch talks February 9, 2015 GREECE’S firebrand finance minister is set for vital discussions with his European counterparts tomorrow as tensions flare up between the country and Germany. Meanwhile, new Prime Minister Alexis Tsipras met with Austrian chancellor Werner Faymann in Vienna yesterday, where he received support for his debt renegotiation plans. “It’s a European obligation to seriously consider the [...]
Permira reduces stake in Hugo Boss for fifth time in two years February 9, 2015 Private equity firm Permira is cutting its stake in luxury fashion retailer Hugo Boss, it said last night. Red and Black – which is 60 per cent owned by Permira – will reduce its holding in the German fashion retailer from 32 per cent to 12 per cent. It means Permira’s stake in Hugo Boss [...]
Cameron holds No 10 meet to plan for Grexit February 9, 2015 PRIME Minister David Cameron met with officials from the Bank of England and Treasury yesterday, to draw up plans to protect British banks and businesses in the event Greece exits the Euro. The development comes amid growing fears that the new Greek government will not do a deal with Brussels to prop up its finances, [...]
Monopoly-maker announces share buyback February 9, 2015 US TOY maker Hasbro yesterday announced its board had approved a plan to buy $500m (£328m) of its own shares. Hasbro previously only had board authorisation to buy up to $63m worth of shares. The announcement came alongside a jump in fourth-quarter profits.
Fast-growing economies to catch up on UK February 9, 2015 THE UK economy will no longer be one of the top 10 largest economies in the world by 2050, a city consultancy has said today. PwC tips Mexico to be one of the 10 biggest economies in the world by 2030 and Nigeria to enter the top 10 by 2050. By that time, the UK [...]