Draghi pushes single market May 8, 2012 EUROPEAN Central Bank (ECB) boss Mario Draghi yesterday called for a renewed and sustained effort to integrate Europe’s financial markets more closely. He claimed closer partnerships between the countries of the EU are particularly important during times of crisis, and that the single market’s benefits should not be “forgotten or taken for granted.” Draghi made [...]
Spain admits Bankia is being lined up for rescue by this Friday May 8, 2012 THE SPANISH government conceded yesterday that it is planning a state rescue of Bankia, with the details to be unveiled on Friday. Spain’s economy minister Luis de Guindos said depositors should not flee the bank, but markets are now expecting a bailout to the tune of €7-10bn – though analysts say it is not clear [...]
Strong German industry defies Europe’s slump May 8, 2012 INDUSTRIAL output jumped sharply in Germany in March, official data showed yesterday, adding to hopes that the resilient economy has avoided joining much of the rest of the Eurozone in recession. Production shot up 2.8 per cent in the month, led by a 30.7 per cent rebound in construction on the good weather, but also [...]
Insurer Hiscox says premiums remain stable May 8, 2012 FTSE 250 insurer Hiscox yesterday announced a slight decline in premiums written during the first three months of the year to £450.7m, down from £453.5m for the same period last year. But after the firm suffered from substantial claims during the last two years investors will be pleased to hear that the quarter has been [...]
Munich Re swings to profit after sharp decline in disaster claims May 8, 2012 THE WORLD’S biggest reinsurer, Munich Re, swung back to profit in the first quarter, helped by damage claims far below those from devastating earthquakes in Japan and New Zealand a year earlier. Net profit after minorities was €780m (£630m) – a world away from the near €750m loss in the first quarter of 2011. Munich [...]
ANALYST VIEWS DO HISCOX’S RESULTS POINT TO LONG-TERM GROWTH? May 8, 2012 SARAH LEWANDOWSKI PEEL HUNT Hiscox has provided a steady update with disciplined growth evident throughout the business segments. Interestingly, some reinsurance capacity was withheld at the start of the year, in anticipation of better rates and terms later in the year. HOLD. JOY FERNEYHOUGH EXECUTION NOBLE Management look to have been aggressive in their portfolio [...]
Ex-Mitsui man banned by FSA May 8, 2012 CITY watchdog the FSA yesterday fined the European arm of one of Japan’s biggest insurers £3.3m for serious corporate governance failings. The former executive chairman, Yohichi Kumagai, who ran Mitsui Sumitomo Insurance’s London arm, was also banned from working in the City of London and personally fined £119,303. The company breached three of the watchdog’s [...]
Weir tops FTSE 100’s most shorted stocks May 8, 2012 SCOTTISH engineering group Weir is by far the most shorted stock in the FTSE 100, with 18.3 per cent of its stock currently out on loan ahead of today’s trading update, according to research by Data Explorers. Weir produces specialist drilling equipment, and large hedge funds are understood to have bet heavily that the firm [...]
New Man to control risk at AHL May 8, 2012 MAN Group has shaken up the management of its flagship AHL fund after a series of poor returns. The world’s largest listed hedge fund group said Douglas Greenig, a mathematician with management and trading experience at RBS Greenwich Capital and Fortress, will replace Matthew Sargaison as chief risk officer. Sargaison becomes chief investment officer. AHL, [...]
Alliance wary on euro crisis May 8, 2012 ALLIANCE Trust yesterday posted a net asset value total return of 8.1 per cent for the first quarter of 2012. Katherine Garrett-Cox’s firm said it was a net buyer of British stocks and it reduced its exposure to the US “after a good run”. There were no major changes in regional allocation, it added. Alliance [...]
