Mining gains offset retail weakness March 29, 2012 The FTSE was broadly flat in early trading with a bounce back in the mining sector helping to offset weaknesses among blue chip retailers like Marks & Spencer. Official figures which yesterday saw the UK’s GDP figures revised down have hit investor sentiment while energy stocks are coming under pressure from volatile oil prices. But [...]
Lloyd’s pushed into red after a year of disaster March 28, 2012 LLOYD’S of London has suffered the second-worst catastrophe losses in its 324 year history, paying out a record £4.6bn in disaster-related claims during 2011. Earthquakes in Japan and New Zealand combined with floods in Australia and tornadoes in America to create a horrific year for underwriters, dragging the market into the red with a £526m loss, [...]
FTSE poised for monthly loss as hit from insurers leads to technical fall March 28, 2012 BRITAIN’S blue-chip index ended lower yesterday as disappointing US economic data pushed investors to cash in their quarterly gains, setting the index on course for its first monthly loss of the year. The FTSE 100 closed 60.56 points, or one per cent, lower at 5,808.99 points, extending losses in the afternoon after breaking below its [...]
FTSE dented by miners March 28, 2012 The FTSE 100 was pegged back by miners in early trading as the index lost some of the momentum built up over recent weeks. Nagging doubts over the rate of growth that can be sustained in China continued to cast a shadow over the sector and the price of copper fell. Steelmaker Evraz warned over [...]
Lloyds of London reports £516m loss March 28, 2012 The Lloyd’s of London insurance market crashed to its second-biggest ever annual loss last year after absorbing claims from major natural catastrophes including Japan’s Tohoku earthquake and heavy floods in Thailand. Lloyd’s, which traces its origins back 324 years to a London coffee house where merchants insured ships, made a loss of £516m in 2011, [...]
Takeover hopes fade for Omega March 27, 2012 Omega, the Lloyd’s of London insurer that rejected three takeover bids last year, yesterday disappointed the market by providing scant details of a possible takeover offer. The firm said yesterday it “confirms that it continues to review possible options to increase value for its shareholders, which include an offer for the company”. Its shares, which [...]
Banks buoyed by Abu Dhabi move for RBS stake March 27, 2012 Banks fuelled FTSE 100 gains this morning after the sector was lifted by reports that Abu Dhabi was considering making a bid for RBS assets. Talks between Abu Dhabi and the British government over a stake in state-owned Royal Bank of Scotland are at the level of the Abu Dhabi ruling family, a source close [...]
ADVISERS: ROTHSCHILD March 26, 2012 ROTHSCHILD acted as the financial advisor to The Garden Centre Group and to lender Lloyds Banking Group. Majid Ishaq, a London-based managing director at Rothschild, led the team. Ishaq told City A.M. that Garden Centre was attractive because of its mid-market position and its middle class customer base. The chain owns about 70 per cent [...]
LLOYD’S OF LONDON TO POST LOSS March 25, 2012 LLOYD’S of London, the insurance market, is this week expected to post a significant annual loss following a string of natural disasters including the Japanese tsunami, the flooding in Thailand (pictured) and the earthquake in New Zealand. The loss is set to come in below £1bn despite the total value of claims going over £10bn.
Lloyds offloads £500m loan package to Bain Capital arm March 22, 2012 LLOYDS has continued to cut its vast loan book by agreeing to sell a portfolio of loans to the US private equity firm formerly run by presidential candidate Mitt Romney. The British bank, 41 per cent taxpayer owned, is offloading the leveraged loans to Sankaty Advisors, the credit investment arm of Bain Capital. The portfolio [...]