European insurers to face capital squeeze March 14, 2011 EUROPE’s insurers would see their free capital cut by more than a third by new higher solvency requirements imposed from 2013, regulators said yesterday. Incoming Solvency II regulation would cut firms’ surplus capital by 44 per cent or a total €86bn (£74bn) if implemented without any relaxation of the rules, the European Insurance and Occupational [...]
Fears of Irish default grow over tax row March 14, 2011 THE cost of Ireland’s debt continued to rise to all-time Eurozone highs yesterday, putting pressure on new Prime Minister Enda Kenny to secure less punitive rates on its €85bn (£73.5bn) bailout despite demands that the country raise its low 12.5 per cent corporate tax rate in return for any relief. The corporate tax issue moved [...]
Owners of British technology company Edwards plot stock market offering March 14, 2011 BRITISH vacuum technology producer Edwards Group is plotting a London listing to raise at least £375m. The firm provides chipmakers with vacuum technology needed to make microprocessors, used in products such as Apple’s iPad. Its private equity backers own a combined 90 per cent stake of the firm, which was valued at £1.5bn last year. [...]
3i mandate will be coup for BarCap’s Renwick March 14, 2011 IF, as seems likely, 3i decides to appoint Barclays Capital as its joint corporate broker at the end of the month it will be further proof that Barclays’s strategy of building up its equities business is bearing fruit. Since hiring Jim Renwick as head of UK Equity Capital Markets and corporate broking in April 2009, [...]
Industrial production still rising across the Eurozone March 14, 2011 INDUSTRIAL production in the Eurozone started the year on the up, official data showed yesterday. Production rose by 0.3 per cent on the previous month, despite December’s figure being hugely revised upwards to show a 0.3 per cent expansion, rather than the previous estimate of a 0.1 per cent decline. Compared to the same time [...]
UK is set for steady but slow growth March 14, 2011 THE British economy is set for “a slow but stable pace of expansion,” the Organisation for Economic Co-operation and Development (OECD) said yesterday. “The OECD indicator is consistent with the view that a modest economic upturn remains intact for the UK, despite a GDP contraction of 0.6 per cent in the final three months of [...]
Bovis doubles profit on land grab policy March 14, 2011 HOUSEBUILDER Bovis Homes yesterday said its 2010 profit more than doubled and that it had made an encouraging start to 2011. Bovis reported a pre-tax profit last year of £18.5m, compared with £7.5m the year before. The company had been expected to post a profit of £18.54m, according to a poll of analysts. Chief executive [...]
ANALYST VIEWS: WILL THE BOVIS FIGURES IMPRESS INVESTORS? March 14, 2011 KEITH BOWMAN | HARGREAVES LANSDOWN Bovis has weathered the credit crisis relatively well, and is in better shape than many rivals. Despite a broadly positive update, the shares are generally assessed as being ‘up with events’, with rival housebuilders potentially offering better value. As such, market consensus opinion denotes a ‘Hold’. MARK HUGHES | PANMURE [...]
Applications up for City jobs March 14, 2011 CITY firms are struggling to hang on to staff despite plans to increase salaries and bonuses by more than inflation, according to two surveys by recruitment firms. Financial recruiter Robert Half says that a survey of 280 chief financial officers (CFOs), shows 61 per cent of listed firms are planning to put up salaries in [...]
Hydrogen Group revenue up 67 per cent in 2010 March 14, 2011 RECRUITMENT specialist Hydrogen Group reported a 67 per cent jump in its full-year revenue yesterday, with 2010 figures reaching £123.4m. The group’s net fee income rose 64 per cent to £27.6m and pre-tax profits increased to £2.5m, compared with £0.3m before exceptional costs in 2009. Hydrogen chief executive Tim Smeaton said significant investments had been [...]
