Munich Re boosts profit despite impact from typhoons and fires February 6, 2019 Reinsurance titan Munich Re today said it had beaten profit targets for 2018, delivering profit of €2.3bn (£2.02bn) during the year. Gross written premium stayed flat at €49.064bn Munich’s reinsurance business contributed €1.74bn to the consolidated result in 2018 and the operating result leapt from €73m to €2.464bn. Gross written premiums fell slightly to €31.286bn. [...]
CYBG shares soar as it boosts mortgage lending but warns of ‘uncertain’ market conditions February 6, 2019 CYBG has unveiled 1.5 per cent mortgage growth for the first quarter of its financial year, but warned of uncertain market conditions ahead. The bank, which acquired Virgin Money on October last year, said mortgages had hit £60bn in the three months to 31 December, which it said was the result of a strong pipeline and good [...]
Barratt Developments builds profit in strong first half February 6, 2019 The UK’s largest housebuilder Barratt Developments boosted its profit before tax 19 per cent in the first half of its financial year. Barratt said its profit before tax stood at £408m in the six months to 31 January, with revenue growing seven per cent to £2.13bn and total completions rising four per cent to 7,622 [...]
Jose Mourinho receives prison sentence for defrauding the Spanish state February 5, 2019 Former Manchester United manager Jose Mourinho has received a one-year prison sentence for defrauding the Spanish state of €3.3m (£2.8m). A Spanish court filing revealed the sentence today, although Mourinho will not serve prison time as under Spanish law jail terms of less than two years can be served under probation. The Spanish tax ministry [...]
RSA UK chief executive out after poor financial performance February 5, 2019 The insurer RSA has replaced the chief executive of its UK and international division following poor financial performance. Steve Lewis, UK and international chief executive since January 2015, is leaving the business and being replaced by group chief financial officer (CFO) Scott Egan. Group chief executive Stephen Hester said: "I'd like to thank Steve for [...]
Lawyer struck off for dodging £650 of rail fares on his commute February 5, 2019 A lawyer has been struck off for dodging £650 of rail fares on his morning commute from Shoreditch to Redhill. Adam Kemeny, 33, who earned £38,000 a year, regularly dodged the nearly £17 return rail fare between Shoreditch and Redhill between July and October 2017. On 17 October he was stopped by a Govia ticket [...]
From London to Beirut: leading City lawyer takes ministerial post in new Lebanese government February 5, 2019 The head of US law firm Dechert’s London office is leaving the firm’s partnership to take a role in Lebanon’s new government. Capital markets specialist Camille Abousleiman, who was named the American Lawyer magazine’s 2018 dealmaker of the year, has been appointed minister for labour in Lebanon's new government. Abousleiman is the second high profile [...]
Shares in Gama Aviation dive after it reveals nearly $8m accounts overstatement February 5, 2019 Shares in Gama Aviation fell nearly 19 per cent this morning after it announced it had made a nearly $8m (£6.14m) overstatement in its accounts . The company said it had received two overpayments in error from its US associate Gama Aviation LLC for $5.75m and $2m in June 2018 and December 2017 respectively. Read [...]
Two Barclays employees killed in Italian avalanche February 5, 2019 Barclays confirmed today that two of its employees were killed in an avalanche in the Italian Alps on Sunday. Matt Ziegler, 43, an in-house lawyer at Barclays, and Katherine Clarke, 39, a director in Barclays private bank and overseas service, were among four people killed in the avalanche on Sunday. A spokesperson said in a [...]
Indivior share price dives on US court defeat which could hit sales hard February 5, 2019 Pharmaceutical company Indivior’s share price crashed 17 per cent this morning after a US court ruling opened the way for rivals to sell a generic version of its opioid addiction treatment drug in the US. Shares fell from 113p last night to 93p this morning following the decision. The US Court of Appeals for the Federal [...]
