The truth over board room pay February 20, 2012 REAL pay to non-executive directors of FTSE 100 companies has fallen, according to figures released this morning. Pay in the year to June 2011 rose by a median of four per cent, Incomes Data Services has found – lower than both the main measures of inflation over the period. In the 12 months to June [...]
Amlin in red after £500m disaster bill March 5, 2012 INSURER Amlin has posted a £194m loss for 2011 after being hit with a £500m bill for a series of natural catastrophes. Yesterday the firm announced that it had suffered a £215m loss on the New Zealand earthquake, £137m on the Japanese earthquake and paid out £80m for flood damage in Thailand, amongst other claims. [...]
FTSE pegged back by weak resources March 6, 2012 Resource stocks dragged the FTSE 100 backwards in early trading as fears over global growth continued to cast a shadow over markets. Higher oil prices triggered by the West’s tussle with Iran also added to the uncertainty and investor sentiment was weak. London’s blue chip index tracked losses on Wall Street and in Asia with [...]
Losses double and bidders desert Omega March 6, 2012 INSURER Omega has cancelled its dividend after pre-tax losses doubled to $94.7m (£60m) in 2011, up from $42.9m the year before. Investors were dismayed that the firm made no mention of a possible takeover in its annual report and its shares – which have already lost half their value in the last year – dropped a [...]
Asian boost helps profits at Jardine Lloyd Thompson March 1, 2012 PROFITS at insurer Jardine Lloyd Thompson (JLT) increased by 13 per cent to £147.6m during 2011, assisted by strong growth from its emerging market units. Overall group revenue was up 10 per cent at £818.8m. Although European retail sales declined, the firm managed to increase revenue from its Asian division by 28 per cent to [...]
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’ [...]
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 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 20, 2012 FINANCIAL TIMES PFIZER WEIGHS PLANS FOR $3BN PART-IPO Pfizer is weighing plans to raise about $3bn this year through a part-flotation of its animal health division, as the drugs giant examines the best way to spin off a business valued at as much as $18bn. The pharmaceuticals group, the world’s second largest by market capitalisation, [...]
CITY MOVES | WHO’S SWITCHING JOBS March 5, 2012 Warburg Pincus The private equity firm focused on growth investing has announced the appointment of Francesco Granata as an executive-in-residence, focusing on the healthcare sector. Granata will be based in Warburg Pincus’ London office, and will help the firm assess new investments in the biopharmaceutical sector. He has over 35 years experience in the pharmaceutical [...]
Ziggo brings a ray of sunshine to IPO market March 12, 2012 ALONG with the sunshine came a hint of optimism about the future of the faltering IPO market yesterday as the Dutch cable group Ziggo revealed there was sufficient demand for its upcoming £550m share issue. Private equity owners Cinven and Warburg Pincus, advised by STJ Advisors, are selling 35m secondary shares with guidance of €16.50 to [...]