Londoners save more while business activity expands February 12, 2012 LONDONERS are saving more cash than people in any other part of the UK, a survey reveals this morning, while a separate study shows faster private sector growth in the capital than in most other regions. Business activity in London jumped to a six-month high at the start of the year, recording 57.5 in Lloyds’ [...]
LLOYD’S WEIGHS RISK OF OFFSHORE GAMBLE February 9, 2012 LLOYD’S of London is moving offshore, as The Capitalist hears the insurance group has entered a team in one of the world’s most competitive yacht races – a two-day zigzag around 11 Caribbean islands that is a magnet for seafaring captains of industry. First to arrive in the Caribbean was Marshall Bailey, the COO of [...]
Catlin trumps forecasts after a disastrous year February 9, 2012 PROFITS at insurer Catlin plummeted by 82 per cent in 2011 after it was forced to absorb nearly $1bn in catastrophe-related claims. The firm, operator of the biggest syndicate at Lloyd’s of London, announced a year-end profit of $71m, down from $406m in 2010. This still beat analysts’ expectations, reflecting the strength of Catlin’s reinsurance [...]
FTSE up as Greek endgame arrives February 9, 2012 The FTSE 100 crawled up this morning as investors braced themselves for an expected decision on a Greek debt deal and the prospect of the Bank of England pumping in another £50bn into its quantitative easing programme. Greek officials said pension cuts were the sticking point in talks which have lurched from one crisis point [...]
Investors waiting for Greece put the brakes on FTSE rally February 8, 2012 BRITAIN’S blue chips closed a touch lower yesterday as investors awaited more clarity on a Greek debt deal. Greek party leaders gathered to agree reforms needed to secure a new EU/IMF rescue package necessary to avoid a chaotic default that would aggravate Europe’s financial crisis. Rating agency Standard & Poor’s added pressure on negotiations between [...]
Miners buoy FTSE as Greece remains on knife edge February 8, 2012 The FTSE 100 opened on the front foot this morning as investors continued to cling onto hopes that Greece could be steered away from financial meltdown. Greek party leaders were set to meet again today to hammer out a reform deal in return for the new €130bn rescue from the IMF and EU. Leaders of [...]
Amlin and Beazley both bullish despite disasters February 7, 2012 A STRING of disasters across the world have dented profits at many insurers – but Beazley and Amlin yesterday looked upbeat about their positions. Amlin, the biggest listed insurer operating in the Lloyd’s of London market, said it was able to increase revenue during January, largely due to strong demand for catastrophe reinsurance. The firm [...]
FTSE flat as $90bn Glencore deal agreed February 7, 2012 The FTSE 100 was flat as further delays to Greek debt restructuring created more confidence sapping uncertainty – but the talk of the market was the agreed $90bn (£56bn) merger of Glencore and Xstrata. After rejecting a proposed new bailout deal which demands strict labour reforms and other austerity steps Greek leaders today meet in [...]
CITY VIEWS: DO YOU THINK LONDON HAS LEARNED TO COPE WITH SNOW? February 6, 2012 GRAHAM WICKENS | LLOYD’S OF LONDON “It is too early to say. The snow has pretty much gone and luckily it was over the weekend so traveling into work wasn’t affected.” GURDEV LANDA | CITITEC “I think London has coped better, but to be honest there hasn’t been very much. The trains have all been [...]
FTSE dips as Greece D-Day arrives February 6, 2012 The FTSE 100 slipped as the deadline for Greece to accept a new bailout or face a default which could trigger financial shockwaves across the globe arrived. Greece must tell the European Union by the end of today whether it accepts the stringent terms of a new bailout deal amid reports of divisions within the [...]