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Spanish stocks – Factors to watch on Thursday

July 23, 2010 By vani Leave a Comment

July 22 (Reuters) – The following Spanish stocks may be affected by newspaper reports and other factors on Thursday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy:

SABADELL (SABE.MC), BANKINTER (BKT.MC)

Spain’s fourth and fifth largest banks posted declines as expected in first-half net profit versus a year ago, although investor focus is on capital ratios ahead of the publication of Europe-wide stress tests on Friday.

For Sabadell results, click on [ID:nLDE66L03W].

For Bankinter results, click on [ID:nLDE66K1IR].

SANTANDER (SAN.MC)

Santander is preparing to list its UK operations on the London market as early as this autumn, the Financial Times said, in a deal that could raise an estimated 3 billion pounds ($4.55 billion) to fund growth by the bank.

For more, please click on [ID:nLDE66L007]

MAPFRE (MAP.MC)

The Spanish insurer publishes first-half results.

SAVINGS BANKS

Spain’s savings banks will all pass so-called stress tests due for publication on Friday because the tests include the injection of 10.2 billion euros in capital from the State’s Fund for Orderly Bank Restructuring (FROB), newspaper El Economista reported, which will be included as capital.

For today’s European market outlook double click on [.EU].

For real-time moves on the Spanish blue-chip index IBEX please double click on .IBEX

For IBEX constituent stocks highlight .IBEX in the command box and press the F3 button on your keyboard

For latest news on Spanish stock moves double click [HOT-ES]

For Spanish language market report double click on [.MES]

For latest Eurostocks report please double click on [.EU]

Filed Under: International News Tagged With: bank restructuring, Bankinter, Bkt, blue chip index, Capital Ratios, Constituent Stocks, Double Click, El Economista, Financial Times, Investor Focus, london market, Mapfre, market outlook, Newspaper Reports, Savings Banks, Spanish Stock, Spanish Stocks, stress tests, time moves, uk operations

Market Chatter — Corporate finance press digest

July 23, 2010 By vani Leave a Comment

July 22 (Reuters) – The following corporate finance-related stories were reported by media on Friday:

* Spain’s Santander (SAN.MC) is preparing to list its UK operations on the London market as early as this autumn, the Financial Times said, in a deal that could raise an estimated 3 billion pounds ($4.55 billion) to fund growth by the bank. [ID:nLDE66L007]

* Paulson & Co, the hedge fund linked to civil fraud charges against Goldman Sachs (GS.N), will launch a new fund open to retail investors, the Financial Times said. [ID:nLDE66L00M] (Compiled by Tresa Sherin Morera)

Filed Under: International News Tagged With: autumn, bank id, civil fraud, corporate finance, Finance Press, Financial Times, fraud charges, Goldman Sachs, hedge fund, london market, Market Chatter, Paulson, Retail Investors, reuters, sachs gs, santander, Sherin, Spain, uk operations

A.M. Best Upgrades Issuer Credit Rating of Markel International Insurance Company Limited

July 1, 2010 By vani Leave a Comment

LONDON–(Business Wire)–
A.M. Best Co. has upgraded the issuer credit rating to “a+” from “a” and
affirmed the financial strength rating of A (Excellent) of Markel International
Insurance Company Limited (MIICL) (United Kingdom).The outlook for both ratings
is stable.

The rating upgrade reflects MIICL`s excellent stand-alone risk-adjusted
capitalisation, recent record of good underwriting performance and good
management of loss reserves. Since the acquisition by its publicly listed
ultimate parent company, Markel Corporation (Markel), MIICL has followed a
conservative approach to reserving each year, resulting in favourable
development of prior years` reserves. Additionally, the risk of further
deterioration in the reserves for business written before 2002 continues to
diminish. The ratings also take into consideration the implicit and explicit
financial support provided by Markel and the company`s strategic importance to
the Markel group.

MIICL is expected to maintain excellent stand-alone risk-adjusted capitalisation
in 2010 and into 2011, supported by solid operating performance and taking into
account planned dividend payments to its parent company. In addition, MIICL
benefits from the explicit support and financial flexibility of Markel, which
has contributed capital of approximately USD 200 million since acquiring the
company. MIICL and Lloyd`s Syndicate 3000 account for over one-third of the
Markel group`s gross premium income and provide the group with access to UK,
London market and international business.

MIICL is expected to report a good pre-tax profit for 2010, supported by solid
underwriting and investment earnings. In 2009 the company reported a pre-tax
profit of USD 90.5 million as a result of a strong underwriting performance,
assisted by significant favourable development of prior years` loss reserves,
and substantial unrealised investment gains. Underwriting performance in 2010 is
likely to be weaker, given the challenging conditions in the company`s core UK
market. However, a combined ratio below 100% is anticipated (2009: 90%),
reflecting the likely availability of good, albeit reduced, prior year reserve
releases and the company`s prudent approach to cycle management.

MIICL has a good position as a specialist underwriter of professional liability
and property insurance in the UK and London market. In addition, almost 7% of
gross written premium is derived from Europe through branch offices in Spain and
Sweden. MIICL underwrites a well-diversified portfolio and leads approximately
75% of its business. Retail business is expected to represent 26% of gross
written premium in 2010, professional and financial risks 24%, property 20%,
specialty 12% and marine 12%.

For Best`s Credit Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any
additional methodologies and factors that may have been considered, can be found
at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating
organization dedicated to serving the financial and health care service
industries, including insurance companies, banks, hospitals and health care
system providers. For more information, visit www.ambest.com.

A.M. Best Company
Analysts
David Drummond, +(44) 20 7626 6264
david.drummond@ambest.com
or
Deniese Imoukhuede, +(44) 20 7626 6264
deniese.imoukhuede@ambest.com
or
Public Relations
Jim Peavy, +(1) 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, +(1) 908-439-2200, ext. 5378
rachelle.morrow@ambest.com

Filed Under: International News Tagged With: conservative approach, Dividend Payments, Explicit Support, Financial Flexibility, Financial Strength Rating, Good Management, Insurance Company Limited, International Insurance Company, Investment Earnings, Investment Gains, london business, london market, loss reserves, Markel Corporation, Markel Insurance, Markel International, parent company, s gross, Tax Profit, uk london

Wanted: Beer taster for ‘world’s best job’

May 21, 2010 By vani Leave a Comment

London, May 20 (ANI): The good-old position of the ale taster is being resurrected by a London market, which calls it the “best job in the world”.

The holder of the voluntary post will have to sample beers from London pubs to “test for quality”.

The job has been reintroduced by Spitalfields Market, which was set up in 1683.

Wellington Market Company, which manages the market, is inviting applications for the post.

“Although the attraction of the role may seem obvious at first, the 21st century version would incorporate many more responsibilities than the original,” the Telegraph quoted company boss Malcolm Ball, as saying.

He added: “Our ale taster would become an ambassador for food and drink in the area.”

According to Ball, the winning candidate would have to have a “sound knowledge of local, regional, national and international beers”, and that “he or she must be passionate about the subject”.

“It must be stated that although the role is voluntary, it obviously carries benefits,” he added. (ANI)

Filed Under: International News Tagged With: 21st century, ambassador, applications, Beer Taster, boss, food and drink, Food Drink, International Beers, Job London, london market, London Pubs, Sound Knowledge, Telegraph, Wellington

It rained money for gold and silver markets in 2008

January 15, 2009 By Rajesh Leave a Comment

London, Jan.13 (ANI): Gold and silver trading registered a record activity since the start of the credit crisis, according to the (IFSL) International Financial Services London’s Bullion Markets’ 2009 report.

In 2008, gold turnover increased 58 per cent to a record 20.2 trillion dollars. There was 39 per cent increase in silver trading during the year to a record 2.6 trillion dollars.

It has been stated that the traditional “safe-haven” appeal of precious metals attracted many investors to this asset class.

Stating the main reason behind the growth in turnover, Bullion Markets’ 2009 report says that it was partly due to an increase in prices of precious metals during the year with gold posting an all time high in March of 1,011 dollars per ounce.

The OTC (over-the- counter) market accounted for nearly three-quarters of gold trading and 56% of silver trading. Most of this activity was transacted through the LBMA (London Bullion Market Association).

Daily reported net trading in gold on the LBMA averaged $20 billion in the first 11 months of 2008, up 45 per cent in the same period last year. Daily trading in silver on the LBMA increased 32 per cent to 2 billion dollars. The actual volume of London market turnover is probably three to five times the reported turnover because transactions which are netted out do not appear in the published statistics.

Futures and options trading of gold on exchanges increased more 80 per cent in 2008 to a record 5.1 trillion dollars. Trading of silver increased 60 per cent to a record 1.2 trillion dollars. Exchange traded gold and silver funds have been the strongest source of growth in demand since their introduction in 2003. Comex in New York, MCX in India and Tocom in Tokyo account for most of exchange traded activity.

The main purpose of the research and statistics function at IFSL is to raise awareness of the UK’s role in international financial markets and to highlight the contribution of financial services to the UK economy. (ANI)

Filed Under: International News Tagged With: asset class, comex, credit crisis, futures and options, gold and silver, international financial markets, lbma, london bullion market, london bullion market association, london jan, london market, market turnover, mcx, options trading, otc over the counter, precious metals, three quarters, tocom, trading in gold, uk economy

Volatile oil prices remain threat to world economy: Brown

December 20, 2008 By Rajesh Leave a Comment

London, Dec 20 (IANS) Britain’s Prime Minister Gordon Brown has said that volatile oil prices remain a threat to the global economy.

‘It is clear that our most pressing challenge is price volatility. Wild fluctuations in prices harm nations all around the world,’ he said, according to IRNA.

The oil prices fell by almost three quarters from over $120 per barrel in the recent past.

Brown made the remarks at a meeting of energy and oil ministers here Friday.

The oil ministers from the Organisation of Petroleum Export Countries (OPEC), including Gholam-Hossein Nozari from Iran, participated in the discussions.

Brown blamed the high oil prices for inflation and holding back growth by governments. He proposed measures to increase the transparency and regulation of international oil markets.

He urged the oil-producing countries in the Gulf to invest more in areas of carbon capture and storage.

Britain’s Energy Secretary David Miliband said that despite the fall in oil price, it was still important to continue the dialogue between oil producer and consumer nations.

‘All of us have an interest in less volatile oil markets that function more effectively,’ he said in a statement ahead of the meeting.

‘British consumers and businesses have been hurt by the sharp rise in prices earlier in the year. We have a duty to do all we can to prevent such price rise in the future.’

Filed Under: Business News Tagged With: 'british market, according market, around market, blamed market, britain market, brown market, clear market, consumer market, countries market, earlier market, energy market, governments market, harm market, important market, interest market, london market, markets market, meeting market, miliband market, ministers market, nations market, oil market, prices market, prime market, producer market, rise market, secretary market, sharp market, statement market, volatile market

London stock market rallies after slump

October 7, 2008 By admin Leave a Comment

London – Trading on the London Stock Exchange recovered after Monday’s slump as the Financial Times Index was up by more than 2.5 per cent in early trading, reports said.

The FTSE 100 Index rose by 2.6 per cent, or 122 points, to 4,711.48 during the first hour of trading, following Monday’s dramatic 8-per-cent slump which represented the largest one-day percentage decline since 1987.

However, shares in the Royal Bank of Scotland (RBS) were down by 20 per cent, adding to a dramatic cut in early FTSE gains and underlining the continuing volatility of the market, analysts said.

They said clarification of Germany’s position on backing for private deposits, Tuesday’s meeting of European Union (EU) finance ministers and the expectation of a British aid package for banks were all contributing to a stock market recovery. (dpa)

Filed Under: Business News Tagged With: 100 Index rose, British, early trading, finance ministers, Financial Times, first hour of trading, london market, london shares market, London stocks, market recovery, percentage decline since, RBS, Royal Bank, Scotland