Zurich beats forecasts to hit £2.5bn profit February 14, 2013 INSURANCE giant Zurich yesterday beat expectations as it unveiled net profits of $3.88bn (£2.5bn) for 2012, an increase of three per cent on last year, helped by healthy returns from the company’s investment division. Although many other insurers have reported a largely disaster-free year, Zurich said it had suffered from “above average levels of catastrophe, [...]
Mongolian mine boss finds himself in midst of ugly Bumi debacle February 14, 2013 BROCK Gill is frustratingly un-Googleable. Type his name into any search engine and you’re instead presented with links to an American illusionist with the same name. This Brock Gill is a miner, but it might take some smoke and mirrors for what he wants to pull off. The 32-year-old Canadian has found himself in quite [...]
Winton Capital hit by $1bn exit of client funds February 14, 2013 ONE of the UK’s biggest hedge funds, Winton Capital, saw investors pull about $1bn (£645m) from its funds last year due to poorer than expected performance. Winton, a quantitative hedge fund set up by Cambridge physicist David Harding in 1997, saw total assets decline from $29bn to $26bn over 2012, a source said. Around $2bn [...]
General Motors hurt in Europe February 14, 2013 GENERAL Motors said yesterday it recorded “another solid year” after its fourth-quarter earnings jumped 89 per cent to $892m (£575.5m), despite wider losses in Europe and higher costs in its core North American market. Full-year profits at the firm fell 36 per cent to $4.9bn, due in part to higher tax rates, while revenues rose [...]
Morgan Crucible to change name February 14, 2013 Industrial materials group Morgan Crucible reported a 25 per cent drop in full-year profits yesterday, and plans to change its name to Morgan Advanced Materials as part of a restructure. Pre-tax profits at the firm, which offers carbon tech services to the aerospace and space exploration sectors, fell to £89.7m in 2012.
Randstad sees green shoots February 14, 2013 Recruitment firm Randstad yesterday said the European jobs market is stabilising, after it reported a three per cent drop in revenue to €4.2bn (£3.6bn) for the final quarter of 2012. The firm said that the UK was faring better, posting double-digit revenue growth in finance.
Gatwick asks for price freedom February 14, 2013 Gatwick Airport yesterday repeated its request to set its own fees charged to airlines based on bilateral contracts, rather than abide by price caps imposed by the Civil Aviation Authority. Gatwick said it plans to invest £1bn over the next five years as it looks to grow to 37m passengers by 2020.
Pennon cautious about Viridor February 14, 2013 Shares in South West Water owner Pennon fell 3.1 per cent yesterday after the firm said its waste management arm Viridor is still suffering from declining volumes. Pennon said it is reviewing the value of some of Viridor’s assets, while the water firm is performing as expected.
The Blankfein beard sparks stubble debate February 14, 2013 THE BEARD belonging to Goldman Sachs chief executive Lloyd Blankfein managed to catch everyone’s attention in Davos, and as it grows so does the stream of commentary surrounding it. Facial hair trends have, thankfully, come a long way since JP Morgan’s namesake John Pierpont Morgan sported a bushy handlebar. So, beard or clean-cut, what is [...]
New Boat Race sponsor BNY Mellon asks: Which Blue are you February 14, 2013 FINANCIAL services firm BNY Mellon was yesterday unveiled as the new sponsor of the Oxford v Cambridge Boat Race, replacing outsourcing company Xchanging. To celebrate the five-year deal, BNY Mellon got Olympic rower Katherine Grainger out on a boat at Putney yesterday, and tested the oar skills of staff when they had to row against her. The [...]
