Zurich misses profit target due to troubled German business November 15, 2012 ZURICH Insurance shares plunged nearly four per cent to a three month low yesterday after missing third quarter profit targets. The group, which does car and home insurance, saw net profit fall 62 per cent to $477m (£300m) compared to last year. For the nine months up until 30 September this year net profit was [...]
Amlin shrugs off Sandy and unveils increase in premiums November 15, 2012 LLOYD’S of London insurer Amlin yesterday said it is “well placed to absorb claims” from Hurricane Sandy thanks to a strong performance in the first nine months of the year. Total insured losses from the storm, which devastated the east coast of the US last month, have been estimated at around $20bn. Amlin, the second-biggest [...]
Will resolution’s turnaround plan be successful? November 15, 2012 KEVIN RYAN | INVESTEC The recovery process is far from assured and shareholders may have to endure further cost hikes. This, combined with no news on the corporate restructuring, leads us to view the outlook as cloudy and we retain our ‘sell’ recommendation. ALAN DEVLIN | BARCLAYS [The results] are further evidence of the company’s [...]
Asda sales slow as it forecasts a bleak Christmas November 15, 2012 ASDA, the UK’s second largest supermarket, reported a slowdown in third quarter like-for-like sales growth yesterday and struck a sober note in its outlook on the Christmas quarter. Like-for-like sales rose 0.3 per cent in the three months to 30 September, down from 0.7 per cent in the previous quarter and 2.2 per cent in [...]
Ted Baker goes up a size as its quarterly revenues surge 22pc November 15, 2012 TED BAKER yesterday reported that sales have jumped by more than a fifth since the same time last year, as it manages to buck the high street gloom and continues with its overseas expansion. The British fashion brand said revenues rose 22.1 per cent in the 13 weeks to 10 November compared with the same [...]
Like-for-likes at H&M in October hit by weak European demand November 15, 2012 HENNES & Mauritz (H&M), the Swedish fashion giant, yesterday reported a surprise drop in October sales as it suffered from weak consumer demand in crisis-hit Europe. The world’s second largest fashion retailer said like-for-like sales fell by five per cent in October, sending shares down almost three per cent yesterday. Total sales, which include new [...]
Swiss firm Maus Freres snaps up Lacoste November 15, 2012 LACOSTE has been snapped up by Swiss family-owned group Maus Freres in a deal which valued the French brand at €1bn (£0.8bn), Maus Freres said yesterday. Founded in 1933 by French tennis champion Rene Lacoste, his descendants have decided to sell their remaining stake to the Swiss retailer, which already own 35 per cent, after [...]
Savills on track for higher profits November 15, 2012 Property agent Savills said yesterday it was on track to deliver annual profits ahead of forecasts despite a slowdown in transaction volumes in many of its markets. In an interim statement for 1 July to date, Savills said prime London residential and Asia Pacific continued to trade well while its commercial business increased market share. [...]
Derwent makes £23m acquisition November 15, 2012 Derwent London has snapped up 9 and 16 Prescot Street in Whitechapel for £23m. The buildings, which total 111,000 square feet, are let until 2015 to the Cooperative Bank and an Indian restaurant. Reporting its third quarter figures, the developer said it expects a four to five per cent growth in rental values over 2012, [...]
JLT signs largest letting of the year November 15, 2012 Jardine Lloyd Thompson (JLT) is to move its headquarters to The St Botolph Building in the City, sealing London’s largest letting deal this year. The insurer said yesterday it has signed a 25 year lease with Minerva – owned by Delancey and AREA Property Partners – for 287,000 square feet, at a rent of about [...]
