Duminy pleased at Smith return July 30, 2012 CRICKET: South Africa batsman J P Duminy has welcomed the return of captain Graeme Smith after his departure to be at the birth of his daughter.
Few disasters as Hiscox appoints new chairman July 30, 2012 INSURER Hiscox returned to profit in the first half of this year, assisted by the absence of major disasters, the firm announced yesterday. The Bermuda-based firm made a pre-tax profit of £125.8m against a loss of £85.6m for the same period last year. “The lack of catastrophes has helped but but there has been a [...]
AAR takes a swing at BP with a divi freeze July 30, 2012 BP’S oligarch co-owners in TNK-BP blocked a $1bn (£634m) dividend from the Russian oil business yesterday, signalling a new low for a troubled relationship that is heading for divorce. The decision by the AAR consortium, grouping tycoons Mikhail Fridman, German Khan, Viktor Vekselberg and Len Blavatnik, comes after the British oil firm put its 50 [...]
ANALYST VIEWS | DOES HISCOX PROVIDE GOOD COVER FOR INVESTORS? July 30, 2012 NICK JOHNSON NUMIS These are good results that demonstrate Hiscox’s proven ability to prosper in favourable underwriting conditions. After a strong recent run we think the shares are fairly valued. JOY FERNEYHOUGH ESPIRITO SANTO Hiscox has reported a very strong set of results. The profitable growth of the business translates into attractive upside for investors [...]
Ryanair profits suffer as fuel cost and Europe woes mount July 30, 2012 RYANAIR yesterday blamed the spiralling cost of jet fuel for a 28 per cent fall in pre-tax profits to €112.5m (£87.9m) for the quarter. The budget airline said its fuel costs had risen 27 per cent on last year to a whopping €544m, accounting for almost half of all operating expenses. Even hedging 90 per [...]
Cost cuts help Air France KLM July 30, 2012 SHARES in Air France KLM soared 18.6 per cent yesterday as the struggling airline’s cost cutting strategy helped to halve its operating losses. While overall losses widened to €895m (£699m) for the quarter, from €197m a year ago due to a euro restructuring charge, the firm narrowed operating losses to €66m as it squeezed non-fuel [...]
Consumers reject paid advice July 30, 2012 Most UK consumers remain unaware of the forthcoming retail distribution review that will introduce charges for most financial advice, according to a YouGov survey carried out for accountancy firm Deloitte. It also found 54 per cent of respondents would refuse financial advice if charged a fee. As a result Deloitte claim there will be a [...]
Just Retirement sales jump July 30, 2012 Annuity provider Just Retirement yesterday said record sales of its core products hit £362.3m in the three months to 30 June, an increase of 28.2 per cent on the same period last year. This brings total group sales to almost £1.46bn so far in 2012. The firm also said it saw further growth from products [...]
Fidessa falls as profit grows July 30, 2012 Shares in trading software company Fidessa fell almost six per cent yesterday as it revealed worse-than-expected results. Adjusted pre-tax profit rose by four per cent to £22.1m for first half of the year, with revenue hitting £141.3m. The firm said Eurozone woes and wider economic problems had created “adverse conditions for our customers”.
Reckitt growth offset by fall in US and Europe July 30, 2012 RECKITT Benckiser warned yesterday that trading in Europe and the US remained tough due to weak consumer demand and fierce competition, after posting weaker than expected half-year sales in the region. The household and toiletries giant, which owns brands such as Nurofen and Vanish fabric cleaners, said like-for-like sales in its Europe and North American [...]
