H&M delays launch of US online shop September 27, 2012 HENNES & Mauritz yesterday posted third quarter profits of 4.9bn Swedish krona (£460m), missing expectations, as grim economic conditions, bad weather and costly currency transactions hit margins. The retailer has also postponed the launch of its US online shop until next summer.
UK’s insurance claims costing £200m per day September 27, 2012 BRITISH insurers paid out almost £200m a day in claims during 2011, according to industry figures released yesterday. The Association of British Insurers (ABI), whose members represent 90 per cent of the UK industry, revealed the sum in its annual review of the sector. The motor insurance industry made an underwriting loss for the seventeenth [...]
Aviva sells Sri Lankan unit as disposal strategy accelerates September 27, 2012 BRITISH insurer Aviva yesterday agreed to sell its stake in a Sri Lankan joint venture for £31m, the latest step in a bold plan to streamline the firm. Hong Kong’s AIA Group, formerly part of American insurance giant AIG, paid cash for the 58 per cent stake in the business, which was run in co-operation [...]
Jefferies advises First Quantum on its $350m high-yield issue September 27, 2012 FIRST Quantum, the London and Canada-listed copper and nickel miner, yesterday said it was raising $350m through the issue of interest-bearing notes. The coupon will be determined through a bookbuilding process led by Jefferies, the bank which now owns the UK corporate broker Hoare Govett. First Quantum was one of the long-standing clients of Jefferies’ [...]
Icap Shipping buys Indian firm to expand its Asian presence September 27, 2012 THE SHIPPING division of broking giant Icap yesterday consolidated its position in the giant Indian market by acquiring the shipbroker CTI. Icap paid $2.5m (£1.5m) to take full control of the firm, which has offices in New Delhi and Mumbai and employs 28 people. Its core business is in dry, tanker and sale and purchase [...]
3i European assets strong September 27, 2012 INVESTMENT firm 3i said yesterday that its European assets were delivering solid returns despite the difficult macroeconomic climate. The firm’s European portfolio brought in £30.8m for the six months to September, a decrease of £6m on last year, mainly due to a lower divided from Anglian Water Group. “European assets continue to perform well, while [...]
Rotork adds Citi as adviser September 27, 2012 Citigroup has added a new FTSE 250 mandate to its broking business, after joining UBS as financial adviser and corporate broker to manufacturing group Rotork. Citi has picked up clients including GlaxoSmithKline and G4S in the last year, and is one of an army of banks working on the Glencore-Xstrata merger, which is set to [...]
Daniel Stewart profits halve September 27, 2012 Daniel Stewart Securities yesterday reported a five per cent rise in revenues to £8.8m for the year to 31 March. The investment bank said profit after tax fell to £0.5m, from £1m last year. The group had 53 clients in 2012 compared to 60 in 2011, with 37 completed transactions. “Daniel Stewart is in good [...]
Rift over Bumi probe deepens September 27, 2012 Indonesia’s Bakrie family is facing a potential split with business tycoon Samin Tan, who invested $1bn in London-listed miner Bumi – an investment now worth $140m. Tensions have risen since Bumi launched a probe over financial irregularities into Indonesian coal producer PT Bumi Resources Tbk, in which it has a 29 per cent stake. Since the [...]
Toyota pledges more UK work at car show September 27, 2012 CARMAKER Toyota plans to ramp up production of its Auris models in the UK, its European head Didier Leroy said yesterday. He pledged new work for Toyota’s Derbyshire factory while speaking at the Paris Auto Show, where car firms have been trying to brush off a gloomy European market to flog models to markets in [...]
