Europe Intelligence Wire articles from April 2003

Europe Intelligence Wire archives from April 2003

ESG Re faces defining year - Fitch.
April 30, 2003... (From Insurance Day) Byline: Peta Miller THE financial strength ratings of ESG Re's reinsurance subsidiaries have been lowered a notch to B- by rating agency Fitch to reflect a poor fourth quarter and full-year performance and...

'Settlement' is far from settled.
April 30, 2003... (From Insurance Day) THE settlement imposed on Wall Street investment banks by US regulators has stirred up a hornet's nest for insurers that will inevitably end up in the courts. It is a long-established principle of insurance that...

Groupama first loss due to E306m Scor charge.
April 30, 2003... (From Insurance Day) Byline: Fabien Buliard FRENCH mutual insurer Groupama yesterday posted a loss of E154m, against a E159m profit a year earlier. The loss is due to a E306m exceptional provision on its stake in troubled French...

Air India bombing case in court after 18 years.
April 30, 2003... (From Insurance Day) Byline: Peta Miller RESPONSIBILITY for the loss of an Air India Boeing 747 jet that cost the insurance market almost $130m in hull and liability claims 18 years ago, is currently being disputed in a Canadian...

Corporate scandals point to growing need for D&O.
April 30, 2003... (From Insurance Day) Byline: Symon Ross ON Monday the final settlement of a dispute between Wall Street brokers and US regulators was signed, with brokers agreeing to pay $1.4bn following allegations they had exaggerated company...

Allianz bosses under fire as they present worst figures.
April 30, 2003... (From Insurance Day) Byline: Herbert Fromme OUTGOING Allianz chief executive Henning Schulte-Noelle came under severe pressure from institutional investors and representatives of small savers yesterday when he presented the worst...

XL raises first-quarter profits.
April 30, 2003... (From Insurance Day) Byline: Richard Banks BERMUDIAN giant XL Capital yesterday reported net operating income for the first quarter of this year of $250.1m, up from $207.6m in the same period last year. But the company also...

Deutsche to shed Gerling.
April 30, 2003... (From Insurance Day) Byline: Herbert Fromme GERMANY'S Deutsche Bank, which owns 34.5% of insurer Gerling, is close to getting rid of its stake this week. This would mean majority owner Rolf Gerling again owning 100%. Deutsche Bank...

Abbey closes two Dublin life offices.
April 30, 2003... (From Insurance Day) Byline: Charlie Talbot ABBEY National has announced the closure to new business with immediate effect of its two Dublin-based life operations, Scottish Mutual International (SMI) and Scottish Provident Ireland...

Atrium swings back to profit despite stock market losses.
April 30, 2003... (From Insurance Day) Byline: Stuart Collins ATRIUM Underwriting plc has reported a big swing back to profit despite losses on its group investment portfolio and the effect of three-year accounting. Profit after tax for the year...

Germans in Holocaust deal.
April 30, 2003... (From Insurance Day) Byline: Symon Ross GERMAN insurers are to make public the names of more than 360,000 Holocaust victims covered by life insurance policies, the International Commission on Holocaust-Era Insurance Claims (ICHEIC)...

KKR to cut Willis stake.
April 30, 2003... (From Insurance Day) Byline: Peta Miller WILLIS majority owner, investment firm Kohlberg Kravis Roberts (KKR), is to reduce its 39% shareholding in the broker by a third, the latest of a series of secondary offerings since the firm...

Converium shares fall on poor figures.
April 30, 2003... (From Insurance Day) Byline: Herbert Fromme REINSURER Converium saw its share price fall 10.6% to SFr64.30 ($46) in afternoon trading yesterday, after disappointing figures for the first quarter of 2003. Net profit slipped 11%...

Taiwan non-life revised.
April 30, 2003... (From Insurance Day) STANDARD & Poor's has revised its outlook on Taiwan's non-life insurance sector from negative to stable. But the agency maintained the negative outlook on the life sector, writes Charlie Talbot. Director of...

News in Brief.
April 30, 2003... (From Insurance Day) Debt issues rating FITCH ratings agency has given reinsurer Munich Re's E3bn and GBP300m subordinated debt issues an AA- rating. On April 4 the agency affirmed its financial strength rating of Munich Re at AA+...

Are reinsurers ready for Armageddon?
April 30, 2003... (From Insurance Day) Just how well prepared is the global insurance industry for the next big catastrophe? That's just one of the questions to be debated at a conference in London. IUA chairman STEPHEN CANE looks into the future ...

More cars on S Korea's roads as insurers profit.
April 30, 2003... (From Insurance Day) Byline: Edward Ion SOUTH Korea's car insurance market expanded 8.2% to Won7.89trn ($6.3bn) in the past year, according to sources. From April 1 last year until March 31, car insurance companies collected an...

UK small business not worried by crime.
April 30, 2003... (From Insurance Day) Byline: Symon Ross NEARLY 300,000 small businesses in the UK are not insured against theft or fraud, while over one million of them do not see crime as a serious business risk, according to a report from Axa...

FonSai appointment: Jonella Ligresti (FonSai, comincia l'era Ligresti).
April 30, 2003... (From La Stampa) The shareholders of FonSai met yesterday to give their approval to the merger of the two Italian insurance companies. The Ligresti family has a 40 per cent stake in the new entity, via Italian holding company Premafin....

Reminder: Capital Markets Day.
April 30, 2003... (From Hugin) Telenor reminds of its Capital Markets Day 2003. The programme will provide a thorough insight into Telenor's strategies, future development and business areas. Date: Wednesday 7th May Time: 12.00 - 17.00 Place: Telenor...

UPDATE 3- London lifted by Amersham and AstraZeneca.
April 30, 2003... (From FT Investor (Stories)) London markets pushed into positive territory in mid-morning on Wednesday as solid earnings results from drugs companies AstraZeneca and Amersham gave the FTSE a lift. The FTSE 100 index was up 0.3 per...

American Airlines workers directed to sex hotline.
April 30, 2003... (From Airline Industry Information) American Airlines employees attempting to hear messages left by their new CEO Gerard Arpey are being connected to a sex hotline. The employees previously dialled 1-800-AA-CARTY to hear a message...

Schering reports turnover drop in spite of rising sales volume (Dollarschwache schmerzt Schering).
April 30, 2003... (From Handelsblatt) Schering, the German pharmaceuticals company, felt the effects of the weakness of the US dollar against the euro in the first quarter of 2003. Turnover fell by almost 7 per cent in a year-on-year comparison, to 1.16bn...

European stock markets climb slightly but rally appears to level.
April 30, 2003... (From Agence France Presse) European stock markets were generally higher again in early trading, but analysts said that the rally of recent days was mainly driven by improved sentiment and appeared set to level off. The British FTSE...

Emerald Energy Plc - Preliminary Announcement.
April 30, 2003... (From Hugin) Emerald Energy Plc, the UK based oil exploration company, with exploration activities in South America, announces its Preliminary Results for the year ended 31 December 2002. * The loss for the year was GBP22.6 million after...

Gilliland sets out vision for future.
April 30, 2003... (From Newsletter) Byline: DAVID McCOY Ulster Farmers' Union President John Gilliland (right), will call for more support for innovation in the local agriculture sector at the Union's Annual General Meeting in Cookstown today. ...

Warning over plans for LFA payments.
April 30, 2003... (From Newsletter) FARMERS were warned yesterday to try to become aware of the implications of new proposals for LFA payments and how they might affect farm incomes. Pat McGrade, the Northern Ireland Agricultural Producers'...

Prices for pigs on rise.
April 30, 2003... (From Newsletter) SPOT and contract base prices for pigs in Great Britain moved up on Friday, writes DAVID McCOY. The majority of the Malton/Adams/Grampian base prices were in the 107- 108.19 pence range. Spot quotes for similar...

Wildlife returns.
April 30, 2003... (From Newsletter) BUTTERFLIES, birds and bumblebees are returning to the edges of fields where farmers encourage wildlife habitats, the British Government has said. After only its first year, a major new research project has seen...

SF team in talks with Pearson.
April 30, 2003... (From Newsletter) THE closure of the Over Thirty Months Scheme (OTMS), All Ireland Animal Health Policy and support for rural communities were three issues raised with a Sinn Fein delegation and the Northern Ireland Minister for...

Make-a-date - DIARY -.
April 30, 2003... (From Newsletter) WEDNESDAY, April 30: Country Market, YMCA, Drumahoe (2pm-3pm); Annual spring craft event, Glen Gallery, 48 Fenagh Street, Cullybackey (11am-9.3pm); UFU annual general meeting, Glenavon Hotel, Cookstown (10.45am); CIM...

Conference planned.
April 30, 2003... (From Newsletter) A NUMBER of well-known and highly-respected members of the industry will speak at a national one-day conference, to be held at Bishop Burton College, Beverley, East Yorkshire, to promote the recovery of the United...

Lower EU pigmeat production likely.
April 30, 2003... (From Newsletter) Byline: DAVID McCOY TOTAL European Union pigmeat production in 2003 is expected to decrease marginally on year-earlier levels, to just over 17.75 million tonnes. While supplies during the first quarter of the...

Star attraction at new dealership.
April 30, 2003... (From Newsletter) THE new Fiat dealership at Wilsons of Rathkenny was officially launched last Saturday. The special guest on the day was May McFetridge, who was in great form. Music was provided by DJ Krazy Kenny. With music...

Planting near completion in fine weather.
April 30, 2003... (From Newsletter) CONTINUATION of fine, but slightly wetter weather, allowed potato growers in Great Britain to proceed closer to the completion of planting. Some processing growers in the north and those setting specialist crops...

Frankfurt stock market report for session of Tuesday 29 April 2003 (Dax steigt zeitweise uber 3000 Punkte).
April 30, 2003... (From Die Welt) Germany's Dax share index was up 1.4 per cent at 2,993 points at 4.00pm yesterday in spite of the disappointing Ifo business climate index and the downward adjustment of Germany's economic growth forecast by the federal...

NFU roadshow kicks-off.
April 30, 2003... (From Newsletter) Byline: DAVID McCOY THE NFU's Food and Farming Roadshow kicks off another packed tour of England and Wales today. A roaring success with children big and small, the roadshow aims to raise public awareness of...

Messier still hot topic.
April 30, 2003... (From La Tribune) Jean-Marie Messier, the former chairman of French media and communications group Vivendi Universal, continues to be talked about. Edgar Bronfman Jr, part of the Bronfman family, which has a shareholding in the French...

Pick of Dalevalley Herd up for grabs.
April 30, 2003... (From Newsletter) ONE of the highlights of the spring 2003 Holstein Friesian calendar takes place on Saturday (May 3) at Raphoe Mart, Raphoe, Co Donegal, when Roy and Heather Cromie hold their 'Elite of Dalevalley' sale (1pm). As...

FTMTA look to future at AGM.
April 30, 2003... (From Newsletter) THE Farm Tractor and Machinery Trade Association (FTMTA) held its 37th annual general meeting in the Abbeyleix Manor Hotel, Abbeyleix, last week. And Edwin Pratt, president, said that the association continued to...

Fears over FMD vacination plans.
April 30, 2003... (From Newsletter) PLANS to use vaccination during the next Foot-and-Mouth epidemic in Europe have been agreed by OIE (the Office International des Epizooties), but there is no guarantee that Third Countries will find emergency...

Express mail with the pinta.
April 30, 2003... (From Newsletter) EXPRESS Dairies has won a new licence to deliver mail alongside the daily pinta. The company convinced the postal watchdog that its milkmen were ready to play a key role in the controversial deregulation of postal...

YFCU Briefing: 270 members compete in stock judging.
April 30, 2003... (From Newsletter) THE glorious weather continued at Greenmount College on Wednesday as the Young Farmers' Clubs of Ulster took part in the area heats of the annual Dairy and Sheep Stock Judging competitions, sponsored by the Ulster Bank....

Spa treads the boards for parents.
April 30, 2003... (From Newsletter) THIS Friday Spa YFC will be represented at the one act drama festival. Those taking part would appreciate the support of members, parents and friends. For tickets call (02890) 329685, Monday to Friday between 12 noon...

Lylehill set for a scorching summer.
April 30, 2003... (From Newsletter) WHAT a winter programme Lylehill had this year! Lylehill's Monday nights were packed full of excitement and outings with trips to Odyssey Arena to support the Belfast Giants, Panto at the Grand Opera House and one of...

Equestrian World: Funnell wins the Rolex Four Star.
April 30, 2003... (From Newsletter) Byline: RUTH LONE IN HER first visit to the Rolex Kentucky three day event, presented by Bayer, Great Britain's Pippa Funnell enjoyed a victory she will never forget. The rider took home a cheque for $60,000 and a...

Equestrian World: First class performances at Tyrella.
April 30, 2003... (From Newsletter) Byline: RUTH LONE TYRELLA Two Day championships, which included a newly unveiled advanced track saw some excellent performances by event riders who travelled from as far away as Cork. However it was the...

Equestrian World: Equestrian briefing.
April 30, 2003... (From Newsletter) Byline: RUTH LONE CAVAN Equestrian Centre's three-day summer pony festival gets underway on Saturday and ends on Monday. The event starts at 9am each day. And the centre is holding a horse show on Wednesday...

Equestrian World: Equestrian briefing.
April 30, 2003... (From Newsletter) Loughbrickland man Dermott Lennon is hoping to be back in action at Balmoral Show from May 14-16 after fracturing his shoulder at Gothenburg show in March. Balmoral confirms there are riders competing in the...

Equestrian World: Gransha Equestrian Centre.
April 30, 2003... (From Newsletter) GOOD judging, good weather and good numbers made for a very busy finally to the pre-balmoral series at Gransha Equestrian Centre in Bangor on Saturday 27th, april. Emma Hayes and Lynn Ivan were very thorough, riding...

Records tumble at Loughanmore.
April 30, 2003... (From Newsletter) Byline: RON McKNIGHT THE two day Loughanmore point-to-point established new record attendances on both days. The East Antrim event is recognised as the highlight of the Ulster point- to-point year and great...

Newry puts cream on a feast of Northern racing.
April 30, 2003... (From Newsletter) AN EXCELLENT covering of grass cushioned the Newry point-to-point track to provide safe ground on Saturday. The fourth race meeting in the space of a week suffered to a degree with many of entries having run at...

Good entry for Maralin meeting.
April 30, 2003... (From Newsletter) A GOOD entry has been received for next saturday's Killultagh point- to-point fixture staged at Maralin near Moira with racing getting underway at 2pm. Graham Duncan reports the track in excellent condition having been...

Joe to miss Punchestown.
April 30, 2003... (From Newsletter) IRISH Champion Hunterchaser, Joe Blake will miss his intended target, the Champion Hunterchase at the Punchestown Festival following pulling a muscle. Ian Ferguson's stable star looked a banker at the Festival...

New distributor for Barenburg.
April 30, 2003... (From Newsletter) BARENBRUG UK, the specialist grass seed breeder, has appointed Orchard Amenity as exclusive distributor of its popular Bar range of mixtures throughout Ireland. "We have been highly-impressed by Orchard's dynamism...

WI executive team named.
April 30, 2003... (From Newsletter) THE 62nd annual general meeting of the Federation of Women's Institutes of Northern Ireland was held at Balmoral Conference Centre. Lady Anthony Hamilton, Federation president, welcomed everyone, including guests...

All the prizes.
April 30, 2003... (From Newsletter) THE awards were presented by Federation president, Lady Anthony Hamilton, as follows: Arts: Music Festival: Doreen Young Cup (untrained soprano soloist): Kathleen Presho (Coleraine WI). Sam Henry Cup...

MAN SHOT DEAD IN CAR DRAMA.
April 30, 2003... (From Newsletter) A MAN died last night after police opened fire on a car when it failed to stop. A second man was injured in the shooting which happened at Crumlin Road, Ballinderry Upper, near Lisburn. At least two police...

City on map as hot destination.
April 30, 2003... (From Newsletter) A BELFAST tourist office has been inundated with inquiries about breaks in the city following a BBC programme. The Holiday Programme this week described Belfast as a "must see" destination and the programme has...

Man shot dead by police after car strikes officers.
April 30, 2003... (From Newsletter) Byline: KIM HEWITT THE Police Ombudsman is to carry out an investigation following last night's shooting which resulted in the death of a man. He was one of two men wounded when police opened fire on a car when...

What's on in the Province.
April 30, 2003... (From Newsletter) WEDNESDAY l Gallery Two, Island Arts Centre, Lagan Valley Island, Lisburn. Lisburn City Celebrates the Arts - exhibition of photography, paintings and local crafts celebrating the range and talents of Lisburn...

High speed car chase brings chaos.
April 30, 2003... (From Newsletter) A HIGH speed car chase brought chaos to a street packed with shoppers and schoolchildren in Belfast yesterday afternoon. People ran for cover and motorists took evasive action as police pursued a white car which was...

Boy in custody over mugging.
April 30, 2003... (From Newsletter) A 12-YEAR-OLD boy was remanded in custody after appearing in court yesterday, charged with robbing a 72-year-old woman as she walked home from church on Easter Monday. Magistrate Maurice McHugh remanded the...

Young woman flees abductor.
April 30, 2003... (From Newsletter) A YOUNG woman was abducted in Sion Mills, Co Tyrone, at the weekend. The woman got into a car in the Primrose Park area of the village at around 3am on Saturday and was driven off by a man, who locked her in the...

Memorial unveiled in honour of champ.
April 30, 2003... (From Newsletter) Byline: KAREN QUINN THE widow of motorbike racing champ Gary Jess yesterday returned to the circuit where he lost his life to unveil a plaque in his memory. Paula Jess made the poignant journey to Dundrod with...

Firefighters set to call new round of strikes.
April 30, 2003... (From Newsletter) THE firefighters' dispute flared up yesterday with the threat of a fresh wave of strikes due to the deadlocked pay row. The Fire Brigades Union warned that unless employers agreed to a meeting in the next few weeks...

Insider theory on art robbery.
April 30, 2003... (From Newsletter) THE gang responsible for the theft of three valuable paintings may have had an "intimate knowledge" of the art gallery in which the daring raid took place, police said yesterday. The detective leading the hunt for...

Second-handers dig for victory.
April 30, 2003... (From Newsletter) THE country's first tool recycling bank was officially opened yesterday. Coventry City Council is urging householders to donate old DIY equipment and any other tools to the facility, which can be refurbished and...

LOCAL GOVERNMENT REFORM: Plans to slash councils in disarray over impasse.
April 30, 2003... (From Newsletter) Byline: BILLY KENNEDY NORTHERN Ireland's long-awaited local government reorganisation may not be ready in time for the district council elections in May, 2005. Reorganisation is tied into the review of public...

Decisions likely to fall to NIO ministers.
April 30, 2003... (From Newsletter) THE Secretary of State said in March that the review team had undertaken considerable research on the structure of the public sector. In addition, he said, the team had conducted surveys on how the public views the...

HQs may become useless burdens.
April 30, 2003... (From Newsletter) A NUMBER of new district council headquarters could become ''white elephants'' if there are mergers which result in a reduction of the number of councils by half. Lisburn City Council recently moved to a palatial...

Sinn Fein in line to get mayor's post despite split vote.
April 30, 2003... (From Newsletter) SINN Fein has been ''handed the key'' to the top civic post in Armagh on the casting vote of SDLP mayor Anna Brolly. For several years, there has been a ''gentleman's agreement'' between the two major parties on...

New grant system starts.
April 30, 2003... (From Newsletter) A NEW system for processing grant applications in Londonderry begins today. Council recreation and leisure committee chairman Sean Carr said: "The emphasis this year is to place funding with those projects that...

Ulster today: NIE blaze sparks transport chaos.
April 30, 2003... (From Newsletter) A FIRE at an electricity sub-station caused disruption on the rail network yesterday and left a number of businesses without power. Railway signals and traffic lights in the city were knocked out following the...

Thousands of lives at risk as Iraq faces water crisis.
April 30, 2003... (From Newsletter) A SHORTAGE of clean water is threatening the lives of thousands of Iraqis. Now that the fighting is largely over, the fear of disease, particularly diarrhoea, is greater than ever. "People are more afraid of an...

Troops accused of shooting dead 13.
April 30, 2003... (From Newsletter) AMERICAN soldiers opened fire on Iraqi protestors in a town west of Baghdad after being shot at with automatic rifles, a US officer said yesterday. The director of the hospital in Fallujah said 13 people were killed...

Omagh suspect to face trial over Real IRA charge.
April 30, 2003... (From Newsletter) AN alleged member of the Real IRA, who is being sued by relatives of the Omagh bomb victims, is to go on trial next year, a Dublin court ruled yesterday. Seamus Daly, 32, of Co Monaghan, is charged with membership...

Court told of home violence.
April 30, 2003... (From Newsletter) THE trial continued in Omagh yesterday of the Strabane man charged with patricide. Robert Anthony Patterson, 37, denies murdering his father, claiming that he was acting in self-defence because his father attacked...

Claudy film plan 'concerns' ex-MP.
April 30, 2003... (From Newsletter) FORMER Stormont MP Ivan Cooper is concerned about how moviemakers will treat the subject of the mass murder in his native village of Claudy 30 years ago. Mr Cooper has already gone on record as saying that he...

Jobs blow.
April 30, 2003... (From Newsletter) Byline: HELEN McGURK and KIM HEWITT THE village of Sion Mills was dealt a devastating blow yesterday as textiles company Herdmans announced plans for 158 redundancies at its linen-spinning mill. The company has...

Call for 'bar' on chocolate campaign.
April 30, 2003... (From Newsletter) THE Government has been 'wrapped' for supporting a campaign which encourages children to eat chocolate. The Northern Ireland Chest Heart and Stroke Association has slammed the initiative in England, which involves...

Joe proves a big hit.
April 30, 2003... (From Newsletter) ONE of the true legends of sport concluded his two-day tour of Belfast yesterday by honouring the city's top sporting stars at a ceremony in the City Hall. Smokin' Joe Frazier, the former undisputed world...

Morning View: Battle lines drawn for poll showdown.
April 30, 2003... (From Newsletter) THE political gloves are off in earnest, and the truth is in for a hard time over the next few weeks. Already the air is full of the half- truths of claim and counter-claim, and, as we might observe about SARS, it will...

Morning View: Road to nowhere.
April 30, 2003... (From Newsletter) PROBLEM on the roads? Take the train. Unless, of course, the trains have been cancelled because of yob behaviour, or knocked off by a fire at a sub-station. Or don't go near where you live. Seriously, though, we...