German insurer admits hosting sex party for its best salesmen May 19, 2011 A PROSTITUTE-filled sex party was arranged to reward top salesmen at a subsidiary of the world’s biggest reinsurance company, Munich Re, the firm admitted yesterday. Munich Re’s insurance arm Ergo said the party took place at the Gellert Baths thermal baths in Budapest, where 100 of its best salesmen were given free access to at [...]
New FSA to be EU’s enforcer May 19, 2011 FSA chief Hector Sants yesterday unveiled plans for a new UK regulatory authority that critics say will gold-plate European regulation by “second-guessing” the management of financial institutions. The new Prudential Regulatory Authority, which will take over a portion of the FSA’s functions next year, is to adopt a “forward-looking” approach and will have powers to [...]
Government gears up for fight with banks over lending targets May 19, 2011 THE GOVERNMENT ratcheted up the pressure on the banks yesterday, ahead of new figures that are expected to show that the industry is failing to meet lending targets. As part of the Merlin deal, banks were asked to lend £190bn this calendar year, with £76bn of that going to small businesses. But official figures due [...]
Investec sees upgrades as profits grow May 19, 2011 ANALYSTS upgraded South African lender Investec after its full-year results for the year to March yesterday, despite the bank taking an unexpected hit from a rise in impairments in its private bank, which posted a loss of £91.4m. The bank’s managing director Bernard Kantor told City A.M.: “The problem was Ireland. We wrote off £97m [...]
Focus on wealth management pays off May 19, 2011 AT first glance, Investec has missed forecasts with full-year operating profit of £434m: analysts had been hoping for something nearer the £450m mark. But the South African bank and wealth manager still gained the most in two-months during trading yesterday. A candidate for demotion from the FTSE100, thanks to the entry of mining giant Glencore, [...]
Buying still an option for Close May 19, 2011 FINANCIAL services firm Close Brothers yesterday hinted its buying spree might not be over yet in a bid to boost its stagnant assets under management (AUM). The firm said AUM at its investment management arm were flat at £8.2bn. Close Brothers recently bought financial adviser Cavanagh, although said its financial performance had left it “well [...]
Collins Stewart’s assets hit £8bn May 19, 2011 STOCKBROKER Collins Stewart posted a £300m jump in assets under management (AUM) to hit £8.2bn in the first four months of this year. At the end of April, the firm’s cash position stood at £49m, down from £69m at the same time a year earlier. It added that it had been successful in integrating two [...]
National Grid profits jump 25pc May 19, 2011 NATIONAL Grid, the UK’s biggest energy distributor, said investment in its home market and ongoing US restructuring meant the outlook was positive, as it met forecasts with a 25 per cent jump in annual profit. National Grid also said yesterday that the process of finding a new chairman was well under way. But management declined [...]
Ex-Deloitte UK chief to join AMEC May 19, 2011 JOHN Connolly, the chief executive of Deloitte in the UK, has been appointed chairman of engineering firm AMEC. He is due to retire from his role at the top of the international accountancy firm’s British operation at the end of this month and will join the AMEC board on 1 June. He joins at a [...]
Margins fall as debt rises at Intertek May 19, 2011 SHARES in testing firm Intertek dropped 2.4 per cent yesterday after the firm’s profit margin fell in the first four months of the year, mainly due to slower growth in its consumer goods arm. Organic revenues grew eight per cent in the period compared to last year at constant exchange rates, though the firm said [...]
