CITY MOVES WHO’S SWITCHING JOBS November 5, 2009 Association of British InsurersThe ABI has appointed Kerrie Kelly, currently chief executive of the Insurance Council of Australia (ICA), as its new director general, effective from next February. Kelly has led the ICA since 2006, having formerly been CEO of the country’s Financial Planning Association. She is currently a non-executive director at HSBC in Australia, [...]
RSA reports an overall rise but UK slumps November 5, 2009 RSA Insurance, the motor and commercial insurance giant, yesterday reported a four per cent rise in premiums over the first nine months of 2009 amid signs of recovery in its international and emerging markets businesses. RSA, formerly known as Royal & Sun Alliance, said net written premiums were £5bn compared to £4.85bn at the same [...]
Man Group funds down as institutional investors pull out in search of liquidity November 5, 2009 MAN Group, the world’s biggest hedge fund, has continued to bleed funds over the past six months as institutional investors seeking liquidity outweighed a resurgence in personal investment. Man’s funds under management were down six per cent to $44bn (£26.5bn) in the six months to 30 September and 41 per cent lower over a 12-month [...]
SUITS YOU SIR November 5, 2009 SHIRTMAKER TM LEWIN yesterday showed it was shrugging off the slump, reporting record sales as City workers sharpen their suits in a competitive environment. The retailer said sales rose 11 per cent to £38.2m in the 26 weeks to 29 August. Underlying profits in the year to the end of February rose 16 per cent [...]
BNP Paribas books 45pc rise in profit November 5, 2009 INVESTMENT banking and acquisitions helped France’s BNP Paribas to beat forecasts with higher third-quarter profits, but it was silent about whether it may buy parts of ailing British banks. Assets bought by BNP?from Fortis boosted the eurozone’s second-largest bank after Spain’s Santander, as well as taking investment banking and wealth management market share from rivals [...]
Toyota in profit but in for a bumpy ride November 5, 2009 TOYOTA’S surprise quarterly profit and halving of its annual loss forecast failed to convince investors the world’s biggest carmaker is back on track, as government subsidies peter out and a strong yen takes its toll. Major Japanese automakers have raised their forecasts for the year to March 2010 as they squeeze out savings and government [...]
Holiday-goers turn to EasyJet November 5, 2009 EASYJET, the orange-crested no-frills carrier, said it carried 6.6 per cent more passengers in October than the same month last year. Seeking to scrimp even as the UK emerges from the economic slump, 4.22m passengers flew with EasyJet last month, despite the airline having made a series of cost cutting measures last month. EasyJet’s load [...]
Nat Ex loses its East line early November 5, 2009 THE East Coast Main Line rail franchise, which runs services from London to Edinburgh, will be transferred to a government-controlled company on 13 November, a month earlier than anticipated, the Department of Transport (DfT) said yesterday. The franchise, which will be handed back by ailing bus and rail operator National Express after it ran up [...]
Zurich shares tumble after poor earnings November 5, 2009 SHARES in Zurich Financial Services tumbled yesterday after Switzerland’s biggest insurer disappointed with its third quarter profits. Zurich posted a third quarter net profit of $909m (£548m) that was five times higher than the same period a year earlier. The market had expected a result around $1.15bn but the overall result was pulled down by [...]
Off-licence administrator begins to slash workforce November 5, 2009 THE administrators of the collapsed company behind the Threshers and Wine Rack off-licence chains are to shut hundreds of shops and cut more than 1,700 jobs, it emerged yesterday. KPMG said 373 stores owned by First Quench Retailing will close, leading to more than 1,738 redundancies. First Quench Retailing, which went into administration last week, [...]
