Hiscox beats expectations with a profit February 27, 2012 HISCOX beat expectations yesterday by posting a profit in one of the worst years on record for the insurance industry. The firm was badly hit by £270m of catastrophe-related claims, driven by a spate of natural disasters including earthquakes in Pacific regions and flooding in Thailand. Profits plummeted 91 per cent to £17.3m for 2011, [...]
Make-up buy looks nice for 3i February 27, 2012 BRITAIN’S oldest private equity house 3i has spent around €120m (£101.6m) on a German firm that supplies a series of cosmetic industry giants. 3i has taken a majority stake in Geka, which makes brushes, applicators and packaging systems and is based in Bechhofen. The size of its shareholding has not been disclosed but City A.M. [...]
Earnings double at LV despite tough trading February 27, 2012 INSURANCE firm LV= yesterday reported profits of £72.1m for 2011, more than double the amount earned in the previous year. The company’s general insurance arm, formerly known as Liverpool Victoria, grew premium revenues by 23 per cent to £1.46bn and overcame declining investment returns to post the substantially improved profit. LV= is now the fourth [...]
Insurance firm chair to leave after 47 years February 27, 2012 ROBERT Hiscox is an art collector, father of five sons and the businessman who turned a small Lloyd’s of London underwriter into a FTSE 250 company. But after 47 years at the firm that bears his name, he says he will step down as chairman in a year’s time. He told City A.M. that he [...]
Essar misses forecasts as tax case hits February 27, 2012 ESSAR Energy yesterday reported earnings which fell short of forecasts in a year blighted by a long-running battle with Indian tax authorities. The FTSE 100 company is facing twin setbacks in India, its key market for oil products and electricity, due to delays in government approval to mine cheaper coal from its own resources and [...]
Vedanta boosted by plan to cut debt and generate cash February 27, 2012 INVESTORS yesterday welcomed Vedanta’s proposed restructuring to improve access to cash and reduce debt, saying the pressure is now on the company to implement the plan after a similar exercise failed more than three years ago. Its stocks overall have underperformed the British sector by about 25 per cent since the start of last year, [...]
EXXON LIFTS LID ON KURDISTAN PLANS February 27, 2012 EXXON Mobil, led by chief executive Rex Tillerson (pictured), has finally disclosed its plans to explore for oil in Iraq’s Kurdistan. The news, in the company’s annual report, broke months of silence over the investment. “Exploration and production activities in the Kurdistan region of Iraq are governed by production-sharing contracts negotiated with the regional government [...]
Aminex lifted by Tanzania find February 27, 2012 Aminex shares lifted as much as 10 per cent yesterday after the oil explorer said it made a gas discovery at the Ntorya-1 exploration well in Tanzania, along with partner Solo Oil. The company has discovered a three metre net gas bearing pay zone in its Ruvuma basin onshore in Tanzania and a 16.5 metre [...]
UN: Iran nuclear machinery old February 27, 2012 Iran is still relying on old technology to expand its nuclear programme and is “still struggling with the advanced centrifuges”, the UN’s nuclear watchdog has said. Iran is stepping up its uranium enrichment, a move that has sent oil prices higher particularly in recent weeks. But the report claimed that the old machinery could hamper [...]
BP shares up as legal fight is put on hold February 27, 2012 BP SHARES were among the highest climbers on the FTSE 100 in early trading yesterday after the trial to decide who should pay for the 2010 Gulf of Mexico oil spill was delayed by a week. The postponement gives BP more time to cut a deal with tens of thousands of businesses and individuals affected [...]
