WHAT THE OTHER PAPERS SAY THIS MORNING March 2, 2011 FINANCIAL TIMES US OIL PRODUCTION REVIVES US oil production last year rose to its highest level in almost a decade, thanks to an increase in the use of “unconventional” extraction techniques. As a result, analysts believe the US was the largest contributor to the increase in global oil supplies last year over 2009, and is [...]
Don’t blindly follow the herds into the big cap funds March 2, 2011 DESPITE large-cap funds having underperformed against their small to mid-cap alternatives in recent years (see chart), figures would suggest that this year could see large-cap funds turn the tables. “We have certainly seen a lot more interest in equities, away from bonds and gilts,” said Andy Simpson at Schroders Asset Management, “though not as attractive [...]
Horta-Osorio speeds-up Lloyds sale plans on day one March 1, 2011 THE NEW chief executive of Lloyds is stepping up plans to sell more than 600 branches operated by the state-backed lender. António Horta-Osório, the former head of Spanish bank Santander’s UK operations, took his place at the helm yesterday. His tenure began with a bang, as the bank revealed it would push ahead with plans [...]
JLT sees soft rates ending March 1, 2011 INSURANCE broker Jardine Lloyd Thompson (JLT) pushed into emerging Asian and Latin American markets to deliver double-digit profit growth in 2010, it said yesterday. JLT beat market expectations with underlying pre-tax profit growth of 24 per cent, to £130.1m from £104.8m in 2009. Underlying earnings per share rose 20 per cent to 40.5p from 33.8p [...]
What the other papers say this morning February 28, 2011 FINANCIAL TIMES ITALIAN BANKS GO FOR GOLD IN MOVE TO TRANSFORM CORE CAPITAL RATIOS Italian banks think they may have struck gold as they seek to add lustre to balance sheets ahead of the summer stress tests. The lenders, which are shareholders in the central bank, are lobbying for their stakes to be marked to [...]
Catastrophes send Hiscox’s profit reeling February 28, 2011 LLOYD’S insurer Hiscox yesterday attributed a 34 per cent fall in its 2010 pre-tax profit to devastating earthquakes in Chile and New Zealand. Full-year profit slid to £211.4m from £320.6m in 2009 as disaster claims rose to £165m in the year. “Mother Nature has well and truly tested us this year,” chairman Robert Hiscox said. [...]
Banks pull FTSE 100 down while resources make gains February 28, 2011 THE FTSE 100 share index fell slightly yesterday as disappointing results from HSBC and Associated British Foods outweighed strength from miners on optimism about the global economy. The blue-chip index ended 7.19 points, or 0.1 per cent lower, at 5,994.01, after it closed 1.4 per cent higher on Friday at 6,001.20, bouncing back after five [...]
CITY MOVES | WHO’S SWITCHING JOBS February 28, 2011 Amlin The insurance group has appointed Andreas Luberichs, formerly of Chubb Europe, to the new role of group head of underwriting. Luberichs joins on 7 March as a member of the group executive management team and will be based in the London headquarters. Luberichs has spent the past seventeen years of his twenty year career [...]
AB Foods profit to rise but Primark stalls February 28, 2011 Associated British Foods said it expects a rise in half-year operating profits despite a slowdown at its discount fashion retailer Primark and flat profits at its UK sugar operations. The London-based company said Primark’s like-for-like sales will be three per cent ahead while its operating profit margins will be lower reflecting a tax hike in [...]
HMV in talks with Russian billionaire over sale of bookseller Waterstone’s February 27, 2011 HIGH street bookseller Waterstone’s could be sold to a Russian billionaire by its owner HMV. The retailer is said to be holding talks over a potential sale to oligarch Alexander Mamut, a wealthy businessmen best known in Britain as the backer of blogging website LiveJournal. Mamut has already built a 6.1 per cent stake in [...]