Chile quake claims wreck Lloyd’s profit September 28, 2010 INSURANCE market Lloyd’s of London blamed its 52 per cent drop in profit yesterday on a spate of disasters including the Deepwater Horizon oil spill and the Chilean earthquake. Lloyd’s posted a pre-tax profit of £628m for the first half of 2010, down from £1.32bn a year earlier. Lloyd’s insurers including Catlin, Amlin and Hiscox [...]
Battersea Power Station owner agrees loan break October 11, 2010 REAL Estate Opportunities (REO), the owner of London’s iconic Battersea Power Station, has announced it has won a reprieve from its creditors while it finds an outside investor. Note holder Oriental Property, which used to own the site, and other creditors have agreed to give the site a payment holiday on bonds worth in the [...]
CITY MOVES | WHO’S SWITCHING JOBS October 12, 2010 Virgin Atlantic The airline has appointed its chief financial officer Julie Southern as chief commercial officer, a newly-created board position. Southern will now take responsibility for all aspects of growing the airline. She originally joined Virgin Atlantic a decade ago from Porsche Cars Great Britain, where she was group finance director. Current finance director Tim [...]
Hiscox warns on impact of mild storms November 8, 2010 BERMUDA-based insurer Hiscox saw premiums remain largely flat in its third quarter trading update but warned that pricing pressure later this year will come to bear, particularly in the US. The firm yesterday blamed a lack of severe summer hurricanes for the likelihood of hot competition during the January policy renewal period. In years with [...]
Hiscox warns on impact of mild storms November 8, 2010 BERMUDA-based insurer Hiscox saw premiums remain largely flat in its third quarter trading update but warned that pricing pressure later this year will come to bear, particularly in the US. The firm yesterday blamed a lack of severe summer hurricanes for the likelihood of hot competition during the January policy renewal period. In years with [...]
Barclays warns of consolidation October 25, 2010 BARCLAYS president Bob Diamond yesterday predicted that the avalanche of new financial regulation will spark a wave of consolidation across the banking sector, as struggling banks are swallowed up by more successful rivals. Diamond, answering questions from delegates at the CBI’s annual conference, said that higher capital requirements in particular would mean that banks will [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 28, 2010 FINANCIAL TIMES AMAZON SEEKS TO EXPAND GLOBALLY Amazon says it plans to revamp its international e-commerce platform to make it easier for the company to reach customers in new markets. The online retailer, the world’s largest by number of visitors, operates online businesses in six countries outside the US. It says it has set up [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 28, 2010 FINANCIAL TIMES AMAZON SEEKS TO EXPAND GLOBALLY Amazon says it plans to revamp its international e-commerce platform to make it easier for the company to reach customers in new markets. The online retailer, the world’s largest by number of visitors, operates online businesses in six countries outside the US. It says it has set up [...]
Lloyd’s of London review will focus on whether to launch new global markets July 21, 2009 LLOYD’S of London is considering launching a raft of new insurance markets around the world in its landmark strategic review. The move could capitalise on the near-failure of US rival AIG and boost the group’s global presence. Sean McGovern, the market’s general counsel who is heading up the review, one of the biggest in Lloyds’s [...]
TONIGHT WILL BE A NIGHT FOR HEARTY CELEBRATION October 27, 2010 THIS evening will see 450 guests in their finery roll up at the Grange hotel at St Paul’s, as City A.M. proudly hosts its first ever awards ceremony honouring the UK’s business stars and City luminaries. The award winners will come from a diverse range of sectors, from investment to retail banking, fund management and [...]