Labour to get tough on Europe November 14, 2011 SHADOW foreign secretary Douglas Alexander said yesterday that Labour could support the repatriation of some powers to Westminster from the European Union. Alexander called for a “pragmatic” approach and said that power grabbing should not be the top priority, yet also added: “[A] hard headed view of Britain’s national interests should be the hallmark of [...]
Insurers see disaster costs mount in 2011 November 14, 2011 CATASTROPHES this year piled pressure on Lloyd’s insurers Catlin and Hardy Underwriting, with the companies saying high levels of losses this year had cut into their profitability. Catlin said its losses from the spate of disasters experienced this year had risen to $670m (£417m) from $534m initially estimated. It booked $275m in the first quarter [...]
ANALYSIS: CATASTROPHES CAUSED $68BN (£42.3BN) OF INSURED LOSSES IN THE FIRST NINE MONTHS OF 2011 November 14, 2011 FLOODS, QUEENSLAND Date January Insured loss $2.6bn EARTHQUAKE, CHRISTCHURCH Date 22 February Insured loss $13bn EARTHQUAKE, HONSHU Date 11 March Insured loss $30bn TORNADOES, ALABAMA Date April Insured loss $7.3bn FLOODS, THAILAND Date September Insured loss $5bn + HURRICANE IRENE Date August – September Insured loss $7bn Source: Insurance Information Institute, Equecat
Liberum’s quest to borrow a big balance sheet November 14, 2011 THERE can be no doubting that the long-expected consolidation in the small to mid-cap broker market has well and truly begun. In the past few weeks there have been deals to buy Ambrian (RFC), Arbuthnot Securities (Westhouse), Evolution (Investec) and Merchant Securities (Sanlam). Such deals follow an earlier transaction in February of last year when [...]
PM calls for Euro reforms November 14, 2011 David Cameron has used his Lord Mayor’s banquet speech to describe the euro crisis as an “opportunity” for fundamental reforms to the European Union, calling for a renewed focus on growth, lower spending and less regulation. He also suggested that it was in Britain’s interests to allow more trade with firms from countries such as [...]
BNY Mellon warns of cuts November 14, 2011 BANK of New York Mellon said it expects its fourth-quarter profit to be hit by a programme of cost-cutting to save up to $700m (£440m), before taxes, by 2015. In its investor day presentation yesterday, the bank estimated incremental expenses of up to $100m the current quarter as it begins to roll out its cost-cutting [...]
Civil servants endorse strike November 14, 2011 THOUSANDS of civil servants have voted in favour of a national strike at the end of the month over pension reform, two unions said yesterday, bringing the prospect of a national stoppage involving millions of workers a step closer. The FDA union, representing 19,000 senior government worker, said that on a turnout of 54 per [...]
Permira sell-off sparks Hugo Boss stock slump November 14, 2011 SHARES in Hugo Boss dived yesterday after Permira’s decision to cash in some of its shares sparked fears the private equity group would offload the rest of its stake in the German fashion house. Hugo Boss closed down 6.36 per cent at €67.98 after holding company The Red & Black, controlled by Permira, said it [...]
Majestic still upbeat after a dip in sales November 14, 2011 WINE retailer Majestic yesterday said it remained “cautiously optimistic” after its Christmas promotion got off to a good start, despite registering the first dip in sales since 2009. Sales at UK stores open for more than a year fell by 1.1 per cent in the six weeks to 7 November, after two weeks of “disappointing” [...]
Wine merchant gives supermarkets run for money November 14, 2011 WHEN Majestic halved its minimum purchase from 12 bottles to six in September 2009, it transformed the business. Customers who had never shopped there before gave it a try; profits and sales have grown at double digit rates ever since. Until now. In the first six weeks of its second half, like-for-like sales dipped by [...]
