Amlin Japan losses set to reach £150m April 5, 2011 CATASTROPHE insurer Amlin yesterday said it expected to lose up to £150m in claims from the twin earthquake and tsunami catastrophe to hit Japan last month. Amlin, a Lloyd’s managing agent, said it estimated its Japan losses would range from £80m to £150m based on a $12-25bn (£7.4-15.5bn) loss to the overall industry. It was [...]
Tokyo Electric Power shares at 60-year low April 5, 2011 SHARES in Tokyo Electric Power slid 18 per cent to a 60-year low yesterday on fears the firm won’t have enough money to compensate victims of its crippled nuclear plant and uncertainty over the government’s ultimate intentions for the utility. Tokyo Electric, or TEPCO, is considering early compensation payments to victims of the disaster at [...]
ANALYST VIEWS: ARE THESE LOSSES BETTER OR WORSE THAN EXPECTED? April 5, 2011 SARAH LEWANDOWSKI | PEEL HUNT Amlin’s estimated loss of £110m for the second New Zealand earthquake is substantially below its £160m loss to the first earthquake in September. Losses from New Zealand and Japan are close to triggering its reinsurance protection, and if estimates deteriorate they will be partly recoverable. EAMONN FLANAGAN | SHORE CAPITAL [...]
Relief for banks as 2011 sees fees rise April 5, 2011 INVESTMENT banks have raked in their largest first-quarter fees pool since 2007 with fees up eight per cent globally on last year, according to Thomson Reuters data released yesterday. The UK and Ireland saw fees drop 5.4 per cent, however, versus north America, where fees income rose 13.4 per cent. Barclays Capital was the biggest [...]
Small firms see no effect from Merlin as banks sign up to new lending code April 5, 2011 THE UK’s major lenders have gone on the offensive to convince small businesses that they are freeing up credit, signing up to a new lending code and launching a website to help businesses access loans. But a survey of 500 small businesses released yesterday showed that 75 per cent of respondents have seen no change [...]
Eaton sued for gender bias April 5, 2011 Two New Jersey women filed a $150m (£92m) lawsuit accusing their former employer Eaton Corp of gender discrimination in pay and promotions. Yesterday’s complaint, filed in the US district court in Manhattan against Eaton and three male managers contends that the century-old maker of industrial products promotes a “culture of gender hostility”, especially in its [...]
Louis Dreyfus weighs up listing or merger April 5, 2011 Louis Dreyfus, one of the world’s top commodity firms, is considering a stock market listing, a merger or bringing in a private investor to fund future projects. Margarita Louis-Dreyfus is holding talks with the company’s minority shareholders, who can demand that the group buy them out from next year, and said that Louis Dreyfus had [...]
Nomos leads the Russian IPO charge April 5, 2011 THE charge of Russian companies looking to London to go public picked up yesterday, as mid-size bank Nomos confirmed plans to float 20 per cent of its stock and several more issuers eyed talks with investors. The easing of market volatility, which spiked last month on fears of a nuclear crisis in Japan and unrest [...]
EU proposes vote on pay for investors April 5, 2011 COMPANY managers across Europe may have to put their pay packets to a shareholder vote and introduce a quota for women executives under proposals from the European Commission announced yesterday. The European Union’s executive Commission published its proposals as it considered how to boost shareholder involvement in the running of companies in the EU’s 27 [...]
Intesa board set to back capital hike April 5, 2011 Intesa Sanpaolo’s boards were set yesterday to back a €5bn cash injection as Bank of Italy head Mario Draghi said the country’s lenders’ response to his call for them to boost their capital was “very encouraging”. Traditionally conservative, Italian banks weathered the global financial crisis better than many European rivals. Intesa Sanpaolo, Italy’s largest retail [...]
