EU rules loom as Prudential eyes UK exit March 14, 2012 INSURANCE giant Prudential has said its future lies in Asia, underlining fears that the firm will relocate from London to Hong Kong if tough new rules for insurers based in Europe are implemented. Speaking to reporters as he announced a seven per cent increase in worldwide operating profit to £2.07bn, chief executive Tidjane Thiam added [...]
Man from the Pru could hang up his hat March 14, 2012 THE MAN from the Pru, that great British icon, can hang up his bowler hat: Prudential is no longer a British company. Last year, for the first time, Asia contributed more to its profits than either the UK or the US. On the face of it, things are still pretty close. On an IFRS basis, [...]
EU finally gives nod to Osborne’s £20bn credit easing programme March 14, 2012 THE TREASURY is expecting imminent EU approval for its £20-40bn credit easing programme this week ahead of the budget, according to a Treasury source. The government has faced months of negotiating a torturous path between banks’ requirements and European state aid rules that impose strict parameters on stimulus programmes that target particular sectors of a [...]
Canada boost for Standard Life earnings March 14, 2012 STANDARD Life beat expectations to record a 28 per cent increase in its earnings for 2011, helped by cost cutting and a strong performance from its Canadian unit. The Edinburgh-based firm, Britain’s fifth-biggest insurer, made a pre-tax operating profit of £544m last year, up from £425m. Profits rose 70 per cent at its Canadian division [...]
Solvency II is complex and expensive, says Bank’s Tucker March 14, 2012 A TOP Bank of England official hit out at European insurance regulations yesterday, saying the new rules may overwhelm regulators and fail to cut down risks in the industry. Paul Tucker, deputy governor for financial stability, said the Bank is “dismayed by how much it is costing the industry and the regulator to adapt to [...]
Bupa posts healthy profits but boss warns of care funding crisis March 14, 2012 HEALTHCARE group Bupa yesterday announced pre-tax profits of £220m for 2011, up from £118m the year before. This was assisted by improved performance from overseas divisions, with income up 14 per cent to £3.9bn. But revenue in its traditional Europe and North American markets was down two per cent at £2.93bn. Outgoing chief executive Ray [...]
ACKERMANN UP FOR ZURICH CHAIR March 14, 2012 ZURICH Financial said yesterday it would propose outgoing Deutsche Bank chief executive Josef Ackermann as its chairman after a shareholder meeting on 29 March. The 63-year-old Swiss-born Ackermann will hand the reins of Deutsche to Anshu Jain and Juergen Fitschen during the annual shareholders meeting at the end of May. Picture: GETTY
Cinven sews up new fund March 14, 2012 BUYOUT firm Cinven has sparked hopes of a significant recovery in private equity fundraising by hitting a €3bn (£2.5bn) first close on its latest fund. The London-based firm took around six months to raise the cash and expects to have raised €5bn by the time it reaches its final close, City A.M. understands. It comes [...]
Latest gadgets and fashionable booze added to ONS list March 14, 2012 THE PRICE of iPads, cans of stout, and packets of foam sweet will all be included in inflation calculations from now on, as the Office for National Statistics (ONS) changes its calculations to reflect evolving spending habits. Every year the official statistics agency updates its list of 18,000 goods and services in an attempt to [...]
Alliance Trust’s activist shareholder Laxey makes a fresh set of demands March 14, 2012 ACTIVIST shareholder Laxey Partners has renewed its battle with investment fund Alliance Trust by asking it to consider outsourcing the management of its assets. The hedge fund also called on Alliance to look at how to improve the performance of its investments and the discount at which its shares trade relative to their net asset [...]
