BNP hires finance chief from Fortis December 8, 2011 BNP PARIBAS yesterday named Lars Machenil, an executive with the bank’s Fortis unit, as its new finance chief and said he would take up the position in March. Machenil, an 11-year veteran of Fortis, will succeed Philippe Bordenave, who last week was named group chief operating officer. The appointment is the latest piece of an [...]
Hoban says Solvency II likely to start a year late December 8, 2011 TOUGH new insurance industry regulation is highly likely to be brought into effect a year later than first planned, Treasury secretary Mark Hoban told an industry conference yesterday. Hoban said European governments and insurance groups were broadly agreed that new Solvency II capital rules for insurers should take effect in 2014 rather than 2013. “There [...]
Macro hedgies struggling to hold on to gains December 8, 2011 SOME of the hedge fund industry’s best-known macro hedge fund managers are struggling this year to generate returns befitting their star status. The market segment made famous by George Soros was down 3.09 per cent in the 10 months to 31 October, the HFRI Macro (Total) Index showed. In a 2011 littered with market-moving events, [...]
Global revenues on rise but Europe to see the worst of it, say experts December 8, 2011 EUROPE, the Middle East and Africa will experience the slowest growth rate of all global sports markets over the next five years, experts have forecast. Latin America is poised to enjoy the biggest increase, growing 4.9 per cent each year, thanks to Brazil hosting the 2014 World Cup, according to research published today by accountants [...]
Putin teams up with Chavez in $2.6bn oil deal December 8, 2011 RUSSIA has agreed to team up with Hugo Chavez to produce oil in the lucrative Venezuelan oil fields. Russia’s state-owned venture Rosneft has signed a memo of understanding with Petróleos de Venezuela to explore blocks in the Orinoco Belt that are thought to contain up to 40bn barrels of oil. Rosneft has paid a $440m [...]
Rampant Rory gains upper hand over Donald in European title chase December 8, 2011 NORTHERN IRELAND’S Rory McIlroy enhanced his chances of finishing ahead of Luke Donald in the race to finish the season at the head of the European Tour money list after making a blistering start to the Dubai World Championship. US Open champion McIlroy, who must win the tournament and hope Donald finishes outside the top [...]
MUNICH RE SEES €500M THAI FLOOD LOSS December 8, 2011 FLOODS to hit Thailand last month are the costliest natural disaster ever to hit the country, Munich Re, the world’s biggest reinsurer, said yesterday. Munich Re said it would bear losses of €500m (£429m) from the catastrophe, which has claimed more than 600 lives and wrecked critical industrial areas around the capital Bangkok. Picture: REX
PIPPA MIDDLETON JOINS BANKERS AT MAHIKI DUO’S LOW-KEY LAUNCH December 8, 2011 PIPPA Middleton is out and about again after splitting from her boyfriend Alex Loudon, an analyst at brewing giant SAB Miller. And one of the first places Middleton has patronised in her newly single life is the Markham Inn on Elystan Street, the latest restaurant venture from Mahiki owners Nick House and Piers Adam that [...]
StanChart to see profits grow by 10pc December 8, 2011 STANDARD Chartered confirmed it will see double-digit profit growth this year of at least 10 per cent, helped by a strong performance in emerging markets such as Singapore and Hong Kong. However, the bank said that although it had “a strong pipeline in difficult market conditions”, income in 2011 is now expected to grow at [...]
E&Y to examine its involvement with Olympus December 8, 2011 THE JAPANESE arm of Ernst & Young is to set up an external committee to investigate its audit of scandal-ridden Olympus. The move follows a separate probe into an accounting scandal at the camera maker, which raised issues with its audit and work done by a previous auditor. Ernst & Young ShinNihon said it has [...]
