Hiscox profits surge as storm claims fall March 1, 2010 HISCOX yesterday reported a surge in pre-tax profits after the insurance group saw its figures sky rocket to £320.6m, quadrupling last year’s outcome. The Bermuda based insurer said profits climbed after the company made a series of investments during the year. The diminished number of global catastrophes also affected its figures. “Our catastrophe reinsurance underwriting [...]
Lloyd’s insurer Amlin enjoys bumper year March 1, 2010 LLOYD’S of London insurer Amlin saw profits jump fourfold last year as it benefited from a recovery in investment markets and avoided major natural disasters. Amlin reported a pre-tax profit for 2009 of £509.1m, compared with £121.6m in 2008. The results were almost a fifth higher than most analysts predicted. Bullish Amlin chief executive Charles [...]
TNK-BP profits fall but group grows reserves March 1, 2010 RUSSIA’S third-biggest oil and gas producer TNK-BP yesterday said it replenished its reserves in 2009, helped by a rise in the end-year oil price although its profits fell on lower average prices over the year. TNK-BP, half-owned by BP, said yesterday that under the US Securities and Exchange Commission’s methodology, which uses the year-end spot [...]
Arena profits up after media deals March 1, 2010 ARENA Leisure – the UK’s biggest racecourse operator – has seen pre-tax profit rise three per cent to £4.1m. The group received a boost from a new media rights deal and £55m of new banking facilities arranged with Lloyds Banking Group. Revenues jumped to £65.2m, up from £64.8m in the year to 31 December. Pre-tax [...]
Aggreko scores with World Cup March 1, 2010 Aggreko will provide temporary power for broadcast services from all 10 stadium venues during this year’s football World Cup in South Africa, adding to a run of high-profile contracts for the firm. The contract also includes providing broadcasting power for the International Broadcast Centre and FIFA headquarters during the tournament, over the course of which [...]
Toyoda heads to China March 1, 2010 Toyota Motor president Akio Toyoda sought to ease quality concerns during a low-key visit to China yesterday, fresh from a gruelling hearing in the US Congress over his company’s biggest safety crisis. Toyoda flew directly from the US to China to meet with government officials and local reporters, according to media reports, underscoring the importance [...]
Value of Candover’s assets jumps by 15pc March 1, 2010 CANDOVER Investments said its net asset value (NAV) per share had jumped 15 per cent since June and reported a drop in debt yesterday. NAV per share came in at 1,038p for the year ending 31 December, marking a significant increase during the latter half of 2009. At the end of June it was down [...]
Ashcroft admits he is a non-dom amid growing pressure March 1, 2010 LORD Ashcroft, the Tory deputy chairman and party donor, yesterday bowed to growing pressure and admitted he was a “non-dom” for tax purposes. But he suggested he would soon give up his non-dom status, and pointed at a handful of Labour and Liberal Democrat donors and peers that are in a similar position. Ashcroft, who [...]
Backing for Madoff formula March 1, 2010 A US judge has sided with a trustee’s “money-in, money-out” formula to determine claims for thousands of people swindled by Bernard Madoff, a decision likely to be appealed. Trustee Irving Picard, who is overseeing the liquidation of the now defunct Bernard L. Madoff Investment Securities, says investors’ claims should be based on how much money [...]
UBP hire underscores new model March 1, 2010 Swiss Private bank Union Bancaire Privee has appointed Eftychia Fischer as director general of the bank’s treasury and trading unit as UBP tries to transform it into a major profit centre. Fischer will be responsible for leading and managing treasury operations, and for asset and currency trading, the bank said yesterday. The appointment is part [...]
