Chaucer moves into profit and looks to relocate thanks to “high” UK taxes March 8, 2010 Chaucer, the Lloyd’s of London insurer, has reaffirmed plans to move offshore by 2011 due to high UK corporate taxes. The announcement by chief executive Bob Stucherry came on the same day that the Group reported a pre-tax profit of £42m in 2009, compared with a loss of £26.2m the year before. Analysts said the [...]
London developer steps up his bid to buy Rangers March 8, 2010 SCOTTISH league leaders Rangers last night confirmed that majority shareholder Sir David Murray has opened discussions with London-based property developer Andrew Ellis about a possible takeover of the club. The Glasgow club are £31m in debt and under pressure from Lloyds Banking Group to control costs. Rangers say the talks with Ellis are at an [...]
Insurer Chaucer back in the black March 8, 2010 LLOYDS of London insurer Chaucer moved back into the black last year and has tipped the current year as a positive one for growth. The company announced a pre-tax profit of £42m for 2009 – a turnaround after a loss of £26.2m in 2008. Chairman Martin Gilbert said: “We are optimistic for 2010 believing that [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 7, 2010 THE SUNDAYS The Sunday Telegraph NORTHERN ROCK £400M LOSS Northern Rock made multi-million pound losses for a third year running in 2009, the nationalised lender will reveal this week. The bank will report pre-tax losses of about £400m, analysts believe, a marked improvement on the £1.36bn of losses in 2008. Since the Government bailed it [...]
THE NAME GAME IS ON FOR MANCHESTER UNITED’S RED KNIGHTS March 4, 2010 IS A setback in the offing for the self-styled “Red Knights”, the group of City businessmen plotting to seize control of Manchester United from current owners, the Glazer family? The Capitalist only asks having chanced upon another, very different, group bearing the same name while trawling the Internet yesterday. Actually, the moniker belongs to a [...]
CITY MOVES | WHO’S SWITCHING JOBS March 3, 2010 LaSalle Investment Management The investment manager has appointed Susan Lloyd-Hurwitz as managing director for Europe and a member of its nine-strong global management committee. Lloyd-Hurwitz will also be a director of LaSalle’s parent company, Jones Lang LaSalle. She has over 20 years of experience in the real estate and asset management industry, most recently as [...]
FTSE rises as commodities and financials set the pace March 3, 2010 BRITAIN’S leading shares gained 0.9 per cent yesterday, boosted by strength in miners and oils, banks and life insurers, as upbeat US data lifted Wall Street. At the close, the FTSE 100 was 49.15 points higher at 5,533.21, ending at a seven-week peak on its fourth straight session of gains. “All the figures were pretty [...]
JLT: We have outperformed our US rivals March 2, 2010 JARDINE Lloyd Thompson (JLT) has seen double-digit growth in 2009 revenue and profits as the Lloyd’s of London listed insurer said it will avoid making any large acquisitions. Revenue for the group climbed to £612.9m, marking a 14 per cent increase on 2008 when income came in at £536.1m. Likewise, profits before tax reached £102m [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 1, 2010 FINANCIAL TIMES TOYODA APOLOGY TOUR IN BEIJING Akio Toyoda, chief executive of Toyota Motor, apologised to Chinese consumers yesterday during a visit to Beijing, as he extended his effort to repair Toyota’s image to the biggest-volume car market in the world. Toyoda flew to China from the US where he had received tough criticism from [...]
Lloyd’s insurer Amlin enjoys bumper year March 1, 2010 LLOYD’S of London insurer Amlin saw profits jump fourfold last year as it benefited from a recovery in investment markets and avoided major natural disasters. Amlin reported a pre-tax profit for 2009 of £509.1m, compared with £121.6m in 2008. The results were almost a fifth higher than most analysts predicted. Bullish Amlin chief executive Charles [...]