Insurance firms missing out in UK SME market November 16, 2014 Insurers are failing UK Small- and Medium-sized Enterprises (SMEs), according to a new report by the Boston Consulting Group (BCG). The report indicated that over one third of UK SMEs were unaware of who their insurer was. The BCG compiled its global report into SME commercial insurance trends after carrying out a survey of 2,500 [...]
Quindell silent as investors mull MBO amid hedge fund rumours November 16, 2014 Insurance services firm Quindell has declined to comment on investor speculation that the company is seeking a cash injection in order to carry out a management buyout (MBO). The firm is reported to be in talks with several hedge funds in a bid to gain fresh capital, and shareholders have flagged up the possibility that [...]
Industrials call for overhaul of business rates November 16, 2014 A GROUP of industrial companies has called on the Chancellor George Osborne to overhaul the business rates tax or risk making the UK an unattractive destination for investment. In a letter to the Chancellor, signed by around 15 companies, including General Motors, Tata Steel, Siemens and chemical firm BASF, the current tax regime was described [...]
Asda hits out at rivals for using price gimmicks November 13, 2014 Asda yesterday accused its supermarket rivals of resorting to “short-term gimmicks”, such as vouchers, to buy customer’s loyalty as the US-owned group reported a slump in third-quarter underlying sales. The UK’s second-largest food retailer, said like-for-like sales fell 1.6 per cent in the 13 weeks to 30 September compared with a 0.6 per cent rise [...]
Unite threatens Jag with strike over pay deal November 13, 2014 MEMBERS of Unite have rejected Jaguar Land Rover’s pay offer, with the union warning the company to begin renegotiations or face an industrial action ballot. In a consultative ballot, 96 per cent of Unite members across the carmaker’s five plants rejected the proposed pay deal. According to the union, “anger is also mounting over the [...]
Ithaca revenue and profit down but financial position is strong November 13, 2014 NORTH Sea focused oil and gas company Ithaca Energy reported revenue of $290m (£184m) for the nine months ended September 2014, down from $302m in the same period of last year. The firm made a profit of $12m during the first three quarters of 2014, less than a fifth of the $66m profit last year. [...]
Atkins restates confidence for future despite drop in revenue November 13, 2014 ENGINEERING firm Atkins yesterday reported a 9.2 per cent drop in revenue for the six months to September 2014, down to £831m from £915m in the same period of 2013. Profit before tax also took a hit, dropping 28.8 per cent from £54.8m to £39m. However, Uwe Krueger, chief executive at Atkins, pointed to the [...]
Gulf Keystone on track to hit output targets November 13, 2014 OIL AND gas company Gulf Keystone Petroleum stated yesterday that it was on track to achieve production of 40,000 barrels of oil per day (bopd) at its Shaikan operation in Kurdistan by the end of 2014. The site is currently averaging production of 23,000 bopd. The company also welcomed last week’s announcement that the Kurdistan [...]
Bad weather to blame for poor sales, says RWE November 13, 2014 THE GERMAN owner of Npower, RWE, yesterday reported a nine per cent drop in revenue, to €35.3bn (£30bn), in the first three quarters of 2014. The firm’s operating profit fell by 31 per cent to €2.9bn, a decline that RWE said was expected, and earnings before interest, taxation, depreciation and amortisation fell by 22 per [...]
Catlin’s premiums climb to near $5bn as London business grows November 13, 2014 INSURANCE group Catlin has reported gross written premium of $4.9bn (£3.1bn) for the first nine months of 2014, up 11 per cent on the $4.4bn reported in the same period of last year. Of the total premiums during the period, $2.2bn were by the firm’s London underwriting hub. The speciality insurer and reinsurer, which is [...]