Catlin poised to set up Swiss reinsurer June 29, 2010 London-listed property and casualty insurer Catlin yesterday said it planned to set up a new venture in Switzerland to boost its presence in the European reinsurance market. Bermuda-based Catlin will provide the new operation, Catlin Re Switzerland, with capital reserves of at least $1bn (£662m). Catlin said the new venture would allow it to benefit [...]
China’s AgBank to cut costs as it tries to soothe investors June 29, 2010 Agricultural Bank of China will see its cost-to-income ratio fall by five to eight percentage points after its public offering, the bank said yesterday, as it tries to ease investor concern about its high cost base. Every one percentage point fall would lead to a subsequent 2bn yuan jump (£195m) in net profit, bank vice-chairman [...]
MINERVA SECURES £107M FLATS SALE June 29, 2010 MINERVA, the London commercial and residential developer, said yesterday that it had sold 11 apartments at its Lancaster Gate scheme, overlooking Hyde Park, for £107.5m. The off-market deals increased the level of presales at the scheme to £230m, which represents half of the space. The official launch of the scheme began last week.
CITY MOVES | WHO’S SWITCHING JOBS June 29, 2010 Jones Lang LaSalle The real estate services firm has appointed Jamie Stewart-Liddon as a senior surveyor in its tenant representation team. He will be providing consultancy, acquisition and disposal advice to office occupiers primarily based in the South East of England. Stewart-Liddon worked for a City stock-broking firm before moving into commercial real estate five [...]
Pendragon is bullish for 2010 June 29, 2010 Car retail group Pendragon yesterday said it expects profitability for the six months to 30 June to be in line with expectations, reflecting improvement in aftersales profitability. In addition, the company said that used car sales volumes have continued to grow year on year and used car margins have stabilised. In a trading statement, the [...]
Wal-Mart names new US CEO June 29, 2010 Wal-Mart yesterday named Bill Simon to run its US discount stores, which have struggled with sluggish sales as their core customer continues to be pressured by high unemployment. Simon, 50, had been chief operating officer of Walmart US. The move allows Eduardo Castro-Wright, who had headed the US unit, to move to California and be [...]
Get your top off June 29, 2010 Weather like we’ve been having lately in the Big Smoke might make you yearn for a cruise out of town with the wind ruffling up your hair. But then this weather is a bit of an anomaly because, frankly, our summers aren’t usually this good, and the sun only occasionally puts in an appearance in [...]
OUT OF OFFICE June 29, 2010 GO RUNNING, BOUTIQUE-STYLE Ever feel that your girls’ nights out are a little on the unhealthy side? If so, try this one on for size: a boutique run, 5 or 10k, in Battersea Park followed by free champagne, hot showers, massages, free makeovers from the Powder Puff Girls, a fabulous after party featuring music and [...]
Sorry Blatter to reconsider technology June 29, 2010 FIFA president Sepp Blatter has admitted that the widespread embarrassment caused by Frank Lampard’s wrongfully disallowed goal against Germany has forced the world governing body to reconsider its opposition to goal-line technology. And in a further attempt to defuse the row, Blatter revealed that he had telephoned the Football Association to apologise for the colossal [...]
Capello will stay, insists FA bigwig June 29, 2010 BOLTON chairman and Football Association board member Phil Gartside insists Fabio Capello deserves to keep his job despite England’s World Cup debacle. England chiefs have told the Italian they need two weeks to decide whether to sack him, following a hugely disappointing second-round exit. But Gartside has become the first FA figure to reveal his [...]
