Lloyd’s of London sees Sandy claims of up to $2.5bn December 19, 2012 The Lloyd’s of London insurance market said this morning that Hurricane Sandy claims are between $2bn and $2.5bn (£1.25 and £1.55bn). Lloyd’s said that it would be able to pay out with “minimal impact” on its members’ capital, and it wouldn’t affect the central fund – a reserve fund used to meet claims if a [...]
UBS hit with £940m fine for Libor-rigging December 19, 2012 Swiss bank UBS has been hit with a CHF1.4bn (£943m) fine to resolve Libor rigging allegations. The penalty agreed with US, UK and Swiss regulators is more than three times the $450m (£277m) fine levied on Barclays in June, also for rigging the Libor benchmark rate used to price financial contracts around the globe. UBS [...]
US backlash grows over weapons sales December 18, 2012 WALL Street investors yesterday moved to distance themselves from America’s powerful gun industry amid growing public anger following the deadly shooting at Sandy Hook elementary school in Connecticut. In a pivotal move throwing Wall Street financiers into the heart of the US gun debate, private equity titan Cerberus Capital Management said it would sell the [...]
Bumi investors want Takeover Panel to get a move on December 18, 2012 FEW corporate situations have been quite as embarrassing for the reputation of the City of London as the preposterous mess that is currently Bumi. Bumi’s origins date back to the creation of a special purpose vehicle called Vallar, led by Nat Rothschild, that raised £600m in June 2010 for the purpose of investing in the [...]
Orange tops complaints list after broadband hike December 18, 2012 A CONTROVERSIAL decision from mobile firm Orange to start charging some customers extra for its broadband service has seen complaints about the operator rocket, figures from industry watchdog Ofcom have revealed. The regulator’s data for the third quarter of the year, published yesterday, showed that Orange saw the highest level of complaints out of any [...]
What the other papers say this morning December 18, 2012 FINANCIAL TIMES Greek bet pays off for hedge fund One of the world’s most prominent hedge funds is sitting on a $500m (£308m) profit after making a bet that Greece would not be forced to leave the Eurozone, bucking the trend in a difficult year for the industry. Third Point, headed by the billionaire US [...]
£63bn: What finance firms pay in UK tax December 18, 2012 THE FINANCIAL services sector generated £63bn in tax receipts in the year to March, figures out today show. The industry’s companies and staff paid 11.6 per cent of the country’s tax, while making up 3.8 per cent of the workforce. The level of tax is flat on a year ago, though the percentage has fallen [...]
Ex HBOS head for state bank role December 18, 2012 Sir Peter Burt, the former chief executive of Bank of Scotland, has been appointed to advise the government on setting up its new state-run business bank. Sir Peter will chair a board advising Vince Cable’s Department for Business, Innovation and Skills on choices such as what sectors to invest in. The business bank, which is [...]
Louis Vuitton boss in shock exit December 18, 2012 Louis Vuitton’s new chief executive has quit the company suddenly because of health reasons, parent group LVMH said yesterday. The world’s largest luxury company said Jordi Constans would be replaced by Michael Burke, chief executive since February of Bulgari, the Italian jeweller that LVMH added to its stable last year. A dual French-US citizen, Burke [...]
Ireland to oppose Aer Lingus bid December 18, 2012 The Irish government has decided to oppose Ryanair’s bid to take over Aer Lingus, transport minister Leo Varadkar said yesterday. The country holds a 25 per cent stake in Aer Lingus, and can scupper Ryanair’s €694m (£565m) approach for the firm. The bid is being probed by the European Commission. “The commission will make its [...]
