Siemens upbeat on earnings

first_img KCS-content Monday 10 January 2011 8:49 pm Share whatsapp Show Comments ▼ whatsappcenter_img Engineering conglomerate Siemens said yesterday its quarterly profit and sales were set to surpass the year-earlier figures, thanks to robust factory demand. The Munich-based group said it was likely to post a “very strong” increase in new orders for the three months to the end of December, but added the figures would probably not match the €23.5bn (£19.5bn) orders taken in the prior quarter. The company has forecast 25 to 35 per cent profit growth in 2011. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Siemens upbeat on earnings More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com Tags: NULLlast_img read more

S&P sees no chance of US default

first_img Show Comments ▼ S&P sees no chance of US default KCS-content whatsapp Debt ratings agency Standard & Poor’s said yesterday there was no significant chance of a US government debt default. The agency also said that if the debate now stirring in Congress to boost the US debt ceiling above its current $14.3 trillion (£8.96 trillion) level resulted in a long delay or a refusal to boost that ceiling, dramatic measures would eventually be required to avert a default. whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Share Tuesday 18 January 2011 7:26 pm Tags: NULLlast_img read more

BT profit lifted by Global Services

first_img whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comColin Kaepernick to publish book on abolishing the policethegrio.comConnecticut man dies after crashing Harley into live bearnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeBlood Pressure For LifeWhy Doctors May No Longer Prescribe Blood Pressure MedsBlood Pressure For LifeLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition whatsapp Show Comments ▼ BT reported a seven per cent increase in third-quarter core profit as it continued to cut costs, and said its recovering Global Services unit would be free cash flow positive this year.Britain’s biggest fixed-line services supplier said it had gained market share in retail broadband and now had 53 per cent of the market. It said the results for the quarter to end-December gave it confidence in its outlook.“These results show that we are making progress on a number of fronts. There is always more to do but our performance underpins our outlook for this year and the period to 2012/13,” chief executive Ian Livingston said in a statement.Total revenue fell three per cent to £5.04bn, in line with expectations, while earnings before interest, tax, depreciation and amortisation (EBITDA) of £1.48bn was ahead of market forecasts.Analysts had expected revenue of £5.05bn and EBITDA of £1.46bn, according to Thomson Reuters StarMine SmartEstimates, which weights analysts’ forecasts according to their past accuracy.Global Services, BT’s enterprise unit which Livingston has been restructuring after a period of fast growth but poor profitability, increased its EBITDA margin to 7.1 per cent from 5.8 per cent a year earlier.BT said it expected Global Services to generate operating cash flow of around £100m this fiscal year to end-March – turning positive a year earlier than expected – and £200m in 2011/12. center_img Thursday 3 February 2011 2:56 am Tags: NULL Share BT profit lifted by Global Services John Dunne last_img read more

BC eyes Phones 4U deal

first_img whatsapp Show Comments ▼ whatsapp KCS-content Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Tags: NULLcenter_img BC eyes Phones 4U deal Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndo Sunday 20 February 2011 11:15 pm PHONES 4U could soon be snapped up by BC Partners after talks were resumed despite an earlier stalemate.It is thought BC could offer in the region of £700m to take control of the firm from Providence Equity Partners.Providence has been mulling a sale since September after a number of firms signalled their interest in the company. Talks with BC are understood to have dragged on for several months before being put on ice.BC Partners and Phones 4U were unavailable for comment last night.Providence bought Phones 4U from founder John Caudwell in 2006. A sale would result in a second windfall for Caudwell. He kept a small stake in the business after raking in £1.5bn from selling his empire four years ago. last_img read more

Lehman Brothers £6bn case against Barclays fails

first_img whatsapp John Dunne Lehman Brothers Holdings Inc’s hurried sale of much of its US operations to Barclays at the height of the financial crisis was fair, and its bankruptcy estate is not entitled to recover an $11bn (£6.8bn) “windfall,” a federal judge ruled.The long-awaited ruling by U.S. Bankruptcy Judge James Peck followed a trial in which Lehman argued that Barclays got a sweetheart deal in acquiring its U.S. investment banking and brokerage operations.Lehman agreed to sell that business for about $1.85 billion on September 20, 2008, just five days after the company’s Chapter 11 filing became what many consider the seminal event of the global financial crisis.“The court was not deceived in a manner that should now be permitted to upset the integrity of the sale order,” Peck wrote in a 103-page opinion issued late Tuesday. “The sale process may have been imperfect, but it was still adequate under the exceptional circumstances of Lehman Week.”Peck said any disclosure lapses did not affect the “fairness” or outcome of the sale hearing. He said there was an “undeniably correct” perception at the time that the sale “mitigated systemic risk,” helped avert “an even greater economic calamity,” and benefited all interested parties.“The court still would have entered the very same sale order because there was no better alternative and, perhaps most importantly, because the sale to Barclays was the means both to avoid a potentially disastrous piecemeal liquidation and to save thousands of jobs in the troubled financial services industry,” he said.Peck’s ruling is a setback for Lehman, which last month projected it would have $60.1bn to pay out to creditors, who believe they are owed six times that amount.Kimberly Macleod, a Lehman spokeswoman, declined immediate comment, saying the company is reviewing Peck’s decision.Barclays spokesman Michael O’Looney said the British is pleased the court found the transaction “the product of arm’s length negotiations,” and that Barclays acted in good faith.Lehman has also sued other banks including Bank of America Corp, Canadian Imperial Bank of Commerce, JPMorgan Chase & Co to recover assets for creditors.The trial over the Barclays transaction lasted 34 days stretching from April to October of last year, Peck wrote. Share Wednesday 23 February 2011 3:14 amcenter_img Show Comments ▼ Lehman Brothers £6bn case against Barclays fails whatsapp Tags: NULLlast_img read more

DS Smith expects solid growth

first_imgThursday 10 March 2011 7:16 pm DS Smith expects solid growth KCS-content Packaging and office products company DS Smith forecast the year to progress in line with expectations yesterday, but warned that the fourth-quarter could see a further increase in input costs. However, the producer of recycled packaging, whose customers include Procter & Gamble and Nestle, said it was confident about the remainder of the year despite the cost rise. DS Smith said in an update that trading since the end of October has been good, with like-for-like volume growth in corrugated packaging maintained at eight per cent. Show Comments ▼ More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgcenter_img whatsapp whatsapp Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Tags: NULLlast_img read more

New pension rules to hit rich

first_img whatsapp Wednesday 23 March 2011 9:07 pm New pension rules to hit rich whatsapp Share KCS-content THE Budget changes will come into play on the same day as the changes to pension rules revealed earlier this month.High earners will lose out thanks to new rules limiting annual contributions that qualify for tax relief to £50,000, down from £255,000.The higher tax bills can be paid directly out of individuals’ pension schemes.The cost to the wealthy could run into tens of thousands of pounds, with some experts saying the changes will add to the burden on pension schemes. Show Comments ▼ More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPuffer fish snaps a selfie with lucky divernypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Tags: NULLlast_img read more

Growth key to UK’s credit rating

first_img Show Comments ▼ Growth key to UK’s credit rating Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Tags: NULL BRITAIN’S triple-A credit rating could be in doubt if strong growth fails to deliver the government’s deficit reduction targets, the ratings agency Moody’s said yesterday.“Slower growth combined with weaker-than-expected fiscal consolidation could cause the UK’s debt metrics to deteriorate to a point that would be inconsistent with a AAA rating,” Moody’s said in a statement.The government’s fiscal watchdog, the OBR, was forced to revise down its growth forecast for this year to 1.7 per cent this week, from 2.1 per cent.However, it still expects annual growth of 2.8 to 2.9 per cent from 2013 to 2015.Fellow rating agency Fitch issued a warning over the growth forecasts, and subsequently its credit rating for the UK. “The medium-term economic forecasts still appear relatively optimistic,” it said on Wednesday. “If the economic recovery proves weaker than projected, future Budgets may require additional measures to ensure that the government meets it ambitious fiscal targets,” it said. Sharecenter_img whatsapp whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Thursday 24 March 2011 9:30 pm KCS-content last_img read more

Populist tax on oil firms has backfired

first_img KCS-content whatsapp Tags: NULL Show Comments ▼ Populist tax on oil firms has backfired Wednesday 30 March 2011 8:52 pmcenter_img IF George Osborne is to be believed, Britain is open for business once again. Some senior executives clearly agree: Sir Martin Sorrell, WPP’s boss, wants to move his firm’s legal base back to Britain if all of the proposals in the Budget are voted through. But if you are an oil and gas company, or a bank, Britain is looking like an increasingly bleak place to be based. This should concern everybody: financial and energy firms are both very large payers of tax to the exchequer, and important employers. In these straightened times, any hollowing out of those two key sectors can only mean one thing: higher taxes on the rest of us and fewer jobs.It was therefore bizarrely short-termist for Osborne to launch such a savage raid on North Sea energy firms in the Budget. The special additional tax on the sector was hiked from 20 to 32 per cent. All too predictably, several important firms are reconsidering whether it is worth the hassle developing new fields. First Norway’s Statoil halted investments in the Mariner and Bressay fields, which are worth up to $10bn. Yesterday, Valiant, a British firm, cancelled a project worth £93m, while Centrica is reviewing its options, as is Total, the French giant. Just like when Gordon Brown foolishly introduced a 10 per cent tax hike on oil firms in 2006, the North Sea will suffer and jobs will be lost. Already, many of the oil majors have been quietly selling their fields, reinvesting their capital in other, more promising parts of the world.Of course, energy firms have made a fortune from the increase in the price of oil in recent years. It is equally true that conditions in many other countries are even more unstable – and not just in Libya. But some mature North Sea oil and gas fields, which pay petroleum revenue tax as well as corporation tax, will now face a marginal tax rate of 81 per cent. Others will pay 62 per cent tax. This is oppressive and reminiscent of the 1970s. Luring firms into making an investment in the belief that tax will be low, before tightening the screws once the spending has taken place, can only destroy a country’s credibility, and forces investors to impose a risk premium on all their dealings with that economy. Large oil firms need to invest in parts of the world with the highest return on capital and the least tax and regulatory uncertainty. It is not much of an advert for the UK when the only argument in our favour is that we are not as bad or unpredictable as various banana republics or dictatorships around the world. Not only is the coalition artificially accelerating the North Sea’s natural decline, it is also cooling on nuclear energy in the aftermath of the Japanese tragedy. Combined with the UK’s woeful infrastructure, an energy crisis – perhaps in a decade or so – is looking ever more likely. Even more supplies will have to be imported from countries such as Russia, further endangering energy security. Energy companies are also key investors in skills: the coalition keeps saying it wants to help high tech manufacturing and science – and yet it is crippling an industry that does all these things. It is not just oil firms. The US has its own problems, of course, but Mike Bloomberg, New York’s mayor, yesterday said that he would love Barclays to relocate to New York. As we cut off our nose to spite our face, others will happily be picking up the [email protected] me on Twitter: @allisterheath whatsapp Share last_img read more

Zurich expects $500m in 2011 disaster claims

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com whatsapp Share whatsapp Zurich expects $500m in 2011 disaster claims More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Swiss insurer Zurich Financial Services has said the five natural catastrophes to hit the Asia-Pacific region so far this year could cause claims of $500m (£310m).The losses are net of its reinsurance cover, where other companies insure the cover it provides to companies, and before tax. It follows three months of heavy claims losses for the global insurance industry as it grapples with earthquakes in Japan and New Zealand and floods across Australia in January.“The charge for Japan is higher than we expected,” said Kepler Capital Markets analyst Fabrizio Croce in a research note. His estimate for Zurich’s hit had been below $100m.Yesterday Lloyd’s insurer Hiscox said it would take an $150m loss from claims from the Japan quake and tsunami alone, while reinsurer Swiss Re has said the disaster will cost it $1.2bn. center_img Tags: NULL Thursday 31 March 2011 3:57 am alison.lock Show Comments ▼last_img read more