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Admiral profits dented £33m by regulation change

first_img whatsapp Wednesday 14 August 2019 9:29 am The insurance sector has been highly critical of the Ogden rate changes since they were announced in July, and Admiral’s results begin to show what the impact of the change will be on the industry.  Admiral said the changes had cut its first-half profits by £33.m, and reported a pre-tax profit of £218m, a four per cent increase on the same period last year. Main image credit: Admiral Admiral announced a 5 per cent increase in its interim dividend, which rose to 63p per share.  The government changed the Ogden rate, which governs how much insurers pay to people seriously injured in car accidents, in July. The rate was raised to minus 0.25 per cent on 15 July, a lower rise than many in the industry had been hoping for. Tags: Admiral Group Insurance Car insurer Admiral has taken a £33.3m hit to its profits following the introduction of changes to how compensation for those injured in accidents is calculated. Anna Menin Read more: Insurers voice disappointment as UK changes personal injury discount rate More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.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.comKiller drone ‘hunted down a human target’ without being told tonypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Earnings per share (EPS) rose a modest 2 per cent to 63p, but Admiral said the changed Ogden rate had reduced EPS by 10p. The figurescenter_img Huw Evans, head of the Association of British Insurers, said at the time that the change was “a bad outcome for insurance customers and taxpayers that will add costs rather than save customers money”. Share Why it’s interesting What Admiral said The insurer said  it expects the total impact of the new Ogden rate on full-year profits to be approximately £50-60m.  Chief executive David Stevens said the group’s results were “a bit dull”, cautioning: “If it’s a can’t-put-down, read-in-one-go page-turner that you’re after, then I’m afraid our half-year results don’t fit the bill.” Insurers, who pay out less as a lump sum when the rate is higher, had called for the level to be raised after it was slashed in 2017 from 2.5 per cent to minus 0.75 per cent.  “Low growth in UK Motor policy count reflects a consciously reduced competitiveness, as we price rationally in the face of any rising claims costs across the market as a whole,” Stevens added. Stevens also highlighted Admiral’s success in Europe, calling it “the racier continental novella” that could get “potentially lost amidst the worthy tome that is the UK”.  Customer numbers rose 8 per cent to 6.74 million, driven by a 21 per cent increase in international car insurance customers to 1.36 million by the end of the first half. Admiral profits dented £33m by insurance regulation change Admiral’s share price was up 4.58 per cent in morning trading to 2,125p. Nevertheless, Stevens found some things to be enthusiastic about. “Profit growth, even if modest, is more exciting considering the £33 million Ogden headwind,” he said. whatsapplast_img read more

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Co-op owners sound out potential buyers

first_imgThe Co-op declined to comment. whatsapp Sebastian McCarthy In November the Co-op reported widening losses for the third quarter of this year, with half of those losses stemming from a £60m charge over the mis-selling of payment protection insurance (PPI). US bank Goldman Sachs has been tasked with helping to sound out buyers, but a formal sale process has not yet begun. More From Our Partners UK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com whatsapp The syndicate of hedge funds are understood to be pushing to speed up a sale, Sky News reported, while the Co-operative Bank’s board is keener on a more patient stance given its five-year turnaround plan has yet to bear real fruit. The broadcaster cited sources as saying that several British retail banking giants have been in discussions with the firm. Show Comments ▼ The Co-op has also faced pressure from an increasingly competitive mortgage market, where a price war has eaten into profits in the banking sector. Two-and-a-half years after the lender was rescued from collapse, the US investors which took control of the Co-op have started holding talks with possible bidders, according to Sky News. In 2013 the group was on the brink of collapse, having revealed a £1.5bn black hole in its accounts. Read more: Bank of England vacancy gets 650 applications on LinkedIn Co-op owners sound out potential buyers Share Read more: Will the Bank of England cut interest rates? The hedge fundowners of the Co-op Bank are reportedly on the hunt for potentialbuyers. Wednesday 18 December 2019 2:33 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterBetterBe20 Stunning Female AthletesBetterBeThe Chef PickElisabeth Shue, 57, Sends Fans Wild As She Flaunts Age-Defying FigureThe Chef PickCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstDefinitionThe Funniest Yard Signs EVER WrittenDefinitionzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.combonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableylast_img read more

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Senate committee grills state over inaccurate oil production forecast

first_imgAlaska’s Energy Desk | Economy | Energy & Mining | State GovernmentSenate committee grills state over inaccurate oil production forecastApril 14, 2017 by Rashah McChesney, Alaska’s Energy Desk – Juneau Share:Sen. Anna MacKinnon, R-Anchorage, speaks during a Senate Majority Press Availability on April 3, 2017.  MacKinnon is the chair of the Senate Finance committee. (Photo by Skip Gray/360 North)Alaska’s Department of Revenue faced criticism during a Senate Finance Committee meeting on Friday after it put out its spring forecast. It predicts an unprecedented 12 percent drop in oil production next year. That prediction came from the state’s Department of Natural Resources, which took over the task of predicting oil production last year. The state used to use an outside consultant. While the Department of Revenue issues a revenue forecast in the fall and spring, the Department of Natural Resources (DNR) only issues one forecast for oil production. They won’t update that forecast again for several months. And if their initial fall prediction is wrong, it can skew the spring forecast. And that’s what DNR’s Ed King says happened this year. “So the numbers you’re looking at this year for [fiscal year 20]18 on this particular forecast are…stale,” King said. “They have not been updated. Just to say, on the record, [it’s] very clear the department does not anticipate a 12 percent decline over the next year.”That didn’t sit well with lawmakers who use the spring forecast — and projections of revenue that will come in to the state from oil production — to justify their proposals for state’s budget.  Among other proposals, lawmakers are considering an income tax this session, to help fill the state’s budget gap. Eagle River Republican Senator Anna MacKinnon says her finance committee needs better modeling. “Production will play a huge role,” MacKinnon said. “It makes a huge economic difference in the picture that is being painted for Alaskans as we go forward with at least one legislative body in pursuit of taxing individual Alaskans.”King told members of the Senate finance committee that Department of Natural Resources staff are trying to do more with less. “I guess the parting comment I would make is that, with reduced budgets and the reduced resources and the task of producing this forecast without any additional resources is a fairly heavy lift for us to absorb and we can’t necessarily do that every single month while new data comes in,” King said. “We are doing the best we can.”Prices per barrel of oil are projected to increase slightly to $54 per barrel in the 2018 fiscal year. And another bright spot in the revenue forecast is that the state expects to have about $200 million more in general fund revenue this fiscal year than it originally projected. And another $208 million more next year. Share this story:last_img read more

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TSX, S&P 500 and Nasdaq set record highs

first_img Three of North America’s stock markets closed at all-time highs Tuesday after getting lifts from strong U.S. corporate results and higher crude oil prices.Canada’s main stock market, the S&P 500 and the Nasdaq composite all set new highs. Related news S&P/TSX composite hits highest close since March on strength of financials sector Toronto stock market dips on weakness in the energy and financials sectors Share this article and your comments with peers on social media “The earnings are coming in higher than expectations and therefore I think it’s creating a bit of confidence, so I think that’s part of what’s going on,” said Dominique Barker, portfolio manager at CIBC Asset Management.The S&P/TSX composite index closed up 92.12 points at 16,669.40, after reaching an intraday high of 16,672.71. The records came a day after closing at its highest point since last July.Energy led the way, gaining 1.44% on higher crude oil prices. Telecommunications lost ground as just three of the 11 main sectors were up on the day.The June crude contract was up US75¢ at US$66.30 per barrel and the June natural gas contract down 5.9¢ at US$2.50 per mmBTU.Oil prices rose for a second day following the Trump administration’s announcement that buyers of Iranian oil must stop purchases by May 1 or face sanctions.The big winners were Encana Corp., Imperial Oil, Canadian Natural Resources, Enbridge Inc. and Suncor Energy Inc.The gain by Suncor is particularly newsworthy because it is the go-to name for foreign money, said Barker.“So that may be an indication that we’ve got foreign non-Canadian money going into the Canadian market finally,” she said in an interview.“We’ve been anticipating that for some time. It’s been surprising how Canadian energy companies have been largely ignored by the world and have been trading at very depressed valuation multiples versus peers and so potentially this is the start of something more significant.”In New York, the Dow Jones industrial average was up 145.34 points at 26,656.39. The S&P 500 index closed up 25.71 points to 2,933.68, after reaching a high of 2,936.31 earlier in the session. Those are the highest levels since Sept. 20. The Nasdaq composite was up 105.56 points at 8,120.82 after reaching 8,128.87 in intraday trading.U.S. markets gained on a variety of corporate results that beat expectations and defied analyst pessimism heading into the first quarter.“Those are pretty good indicators of a strong economy and they’re also large parts of the index,” added Barker.The Canadian dollar traded at an average of US74.51¢ compared with an average of US74.89¢ on Monday.The June gold contract was down US$4.40 at US$1,273.20 an ounce and the May copper contract was down 0.8¢ at US$2.89 a pound.Despite the new record highs, Barker says she’s cautious about the future market trajectories given that many of the global risks, including Brexit and China-U.S. trade, have subsided.“But these are the type of things that can come back fairly violently so I am cautious.” 40556994 - close up image of stock market data on a computer monitor. 123RF TSX gets lift from financials, U.S. markets rise to highest since March Ross MarowitsCanadian Press Keywords Marketwatch Facebook LinkedIn Twitterlast_img read more

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NCAA backs working group recommendations on name, image, likeness

first_img Published: May 1, 2020 The NCAA Board of Governors this week supported rule changes that would open the door for student-athletes to receive compensation for their name, image and likeness beginning in the 2021-22 academic year. At its April 28 meeting, the board directed all three divisions of the NCAA to consider appropriate rule changes based on recommendations from its Federal and State Legislation Working Group, which had presented a comprehensive report to the board. CU Boulder Chancellor Philip DiStefano is a member of the board, while Athletic Director Rick George is a member of the working group.The recommendations now move on to the rule-making structure in each of the three divisions for further consideration. The divisions are expected to adopt new name, image and likeness rules by January 2021. DiStefano sits on the Division I Board of Directors, in addition to the NCAA Board of Governors, and George is a member of the Division I Council.“I enjoyed being part of the working group process, and am excited that the board of governors supported the recommendations in the report so that we can keep moving this important work forward,” George said. “There’s still a lot of work to be done by the divisions to draft legislation and flesh out the details of this framework, and I anticipate we’re on track to meet the January 2021 timeline.”Rule changes supported by the board include allowing student-athletes to receive compensation for third-party endorsements, both related to and separate from athletics. The board also supported compensation for other student-athlete opportunities, such as social media, businesses they have started and personal appearances within the guiding principles originally outlined by the board in October.While student-athletes would be permitted to identify themselves by sport and school, the use of conference and school logos, trademarks or other involvement would not be allowed. The board emphasized that at no point should a university or college pay student-athletes for name, image and likeness activities. The board is requiring guardrails around any future name, image and likeness activities. These guardrails would include no name, image and likeness activities that would be considered pay for play; no school or conference involvement; no use of name, image and likeness for recruiting by schools or boosters; and the regulation of agents and advisors.“The working group should be commended for their efforts in making recommendations that would modernize our rules around name, image and likeness in support of our student-athletes and do so in a way that upholds the NCAA’s mission,” DiStefano said.In other NCAA legislative news from the NCAA Board of Governors, Division I Board of Directors and Division I Council over the past week:The NCAA Board of Governors expanded its existing association-wide campus sexual-violence policy as it relates to the disclosure of student-athlete conduct that has resulted in an investigation, discipline through a Title IX proceeding or a criminal proceeding for sexual, interpersonal or other acts of violence.The Division I Board of Directors and Division I Presidential Forum discussed how to best support schools, student-athletes and incoming student-athletes in the wake of the COVID-19 pandemic. Both groups discussed several membership requirements and other legislative obligations with the goal of identifying which requirements speak to core values of the division and which might be less vital. Ultimately, the groups decided that requirements that support student-athletes and opportunities for participation are the most important.The board and forum also discussed requests from the majority of Division I conferences to consider providing all Division I members blanket waivers of several legislative and membership requirements. The letters asked for the blanket waivers for a period of two to four years to allow schools to recover from the impact of the COVID-19 pandemic. Both the board and forum endorsed a set of principles to guide the division’s discussion of the requests, including that given the impact of the COVID-19 pandemic, examining areas of potential flexibility was appropriate while continuing to preserve opportunities for student-athletes.The groups also received an update from the Transfer Waiver Working Group. This group, appointed by the board last fall, is charged with studying potential changes to the waiver process. Waiver guidelines can be changed at any time, and this group has recommended that waiver guidelines allow the opportunity for a one-time transfer waiver for student-athletes in the five sports not legislatively allowed to transfer and compete immediately: men’s basketball, women’s basketball, baseball, men’s ice hockey and football. The waiver criteria would mirror the legislative opportunity for student-athletes in other sports. The Division I Council could vote on the guideline changes as early as May.Categories:Deadlines & AnnouncementsAthleticsCampus Community Share Share via TwitterShare via FacebookShare via LinkedInShare via E-maillast_img read more

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No new Covid-19 deaths reported in Ireland

first_imgHomepage BannerNews No more Covid-19 deaths have been reported in the Republic today, and just six new cases.It brings the total number of cases to 25,766 and the death toll remains at 1,753. Google+ Important message for people attending LUH’s INR clinic Pinterest DL Debate – 24/05/21 Previous articleMain Evening News, Sport and Obituaries Monday July 20thNext articleDL Debate Ep 21 – Ryan Ferry / Mo O’Donnell / Paul Campbell News Highland Loganair’s new Derry – Liverpool air service takes off from CODA Twitter Facebook WhatsApp Twittercenter_img No new Covid-19 deaths reported in Ireland By News Highland – July 20, 2020 Facebook Google+ Arranmore progress and potential flagged as population grows RELATED ARTICLESMORE FROM AUTHOR News, Sport and Obituaries on Monday May 24th Pinterest WhatsApp Nine til Noon Show – Listen back to Monday’s Programmelast_img read more

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Alcohol forum had multiple bank accounts to manage spending

first_img Pinterest Alcohol forum had multiple bank accounts to manage spending WhatsApp WhatsApp Pinterest Twitter Twitter Previous articleVariable speed limit signs may be erected outside Magherabeg NSNext articleHarps Ciaran Coll in battle to be fit for Derry admin 45 new social homes to be built in Dungloe Homepage BannerNews Disruption to cancer service will increase mortality – Oncologist Hospitalisations rise as Donnelly suggests masks will stay ’til autumn center_img Google+ By admin – February 18, 2016 Donegal hoteliers enjoy morale boost as bookings increase Facebook Today is the 30th anniversary of Eddie Fullerton’s murder The Alcohol forum has said it had multiple bank accounts to allow it account for its spending to various funders.It was reported today that an audit carried out in 2013 highlighted the number of accounts, and suggested that processes be streamlined.The forum, a national initiative based in Letterkenny, is funded by a number of organisations, including the HSE.Spokesperson Kieran Doherty spoke to Greg Hughes this morning:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/02/kieran1.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. RELATED ARTICLESMORE FROM AUTHOR Google+ Facebook Consultation launched on proposal to limit HGV traffic in Cladylast_img read more

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Daniel O’Donnell makes music history in the UK

first_img Pinterest WhatsApp Daniel O’Donnell makes music history in the UK By News Highland – February 23, 2016 Donegal’s Daniel O’Donnell has made chart history in the UK. Twitter Pinterest News, Sport and Obituaries on Monday May 24th Journey home will be easier – Paul Hegarty He’s become the first recording artist in the history of the UK Artist Albums Chart, to have had a new album enter every year since 1988 – an unbroken 29 year span. RELATED ARTICLESMORE FROM AUTHOR Important message for people attending LUH’s INR clinic Google+ Facebook Previous articlePeople living in Donegal continue to have the lowest level of disposable incomeNext articlePolice use new powers to forfeit money believed to be in the hands of dissident republicans News Highland Facebook Daniel’s latest album ‘The Best of Music And Memories’ charted on the midweek chart at No. 7, the third highest new entry. Twitter WhatsApp Homepage BannerNews Harps come back to win in Waterford In total, he has reached the UK Artist Albums Chart with more than 35 albums and has now amassed 29 Top 30 albums over the course of his career. DL Debate – 24/05/21 Arranmore progress and potential flagged as population grows Google+last_img read more

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People / IAG Cargo appoints Pravin Singh to head Asia Pacific and India, as John Cheetham moves back to HQ

first_img By Alex Lennane 14/06/2016 IAG Cargo has appointed Pravin Singh as regional commercial manager, Asia Pacific and India to drive growth across these key markets, ensuring that IAG Cargo continues to expand its footprint.Mr Singh has been at IAG Cargo for 12 years, most recently as area commercial manager, South Asia, and has 20 years of airline experience in total.Mr Singh will manage a team across 23 countries and 50 stations including Australia, New Zealand, South-east Asia, China, Hong Kong, Japan, Korea and South Asia.  He replaces John Cheetham, who takes on the strategy-based role of head of joint business at the carrier.David Shepherd, head of commercial for IAG Cargo said: “Asia Pacific and India are commercially key for our business, covering a vast geographical area. Pravin has delivered an outstanding performance as area commercial manager and has a clear understanding of how to best serve our customers in this region. I have every confidence he will succeed in his new role.”Mr Singh added: “Having managed IAG Cargo’s commercial performance across part of this region for the past four years, I am excited to take up the challenge of managing the broader geographic region and continuing to expand IAG Cargo’s market share.” Pravin Singhlast_img read more

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Ga. Muslim Group: Newton County Must Lift Building Moratorium

first_img Legal Advocate Discusses Medical Abuse At Shut Down Georgia ICE Facility Share A civil rights group is continuing its call for Newton County to end a moratorium on new religious buildings. Edward Mitchell, executive director of the Georgia chapter of the Council on American-Islamic Relations or CAIR, stood with religious leaders and social justice activists Tuesday to condemn the moratorium.It blocks the construction of any new religious buildings in the county for five weeks.The fact that county commissioners approved the moratorium soon after they granted the mosque an administrative-use permit makes it unconstitutional, Mitchell said.“If a Protestant church had made use of the existing law, you and I would not have been having this conversation. We wouldn’t be here,” Mitchell said.Mitchell said, at the request of CAIR, the U.S. Department of Justice is reviewing the moratorium as a possible case of discrimination. If the department declines to investigate, Mitchell didn’t rule out the possibility of private litigation.Newton County said Tuesday the commission had made no further decisions about the mosque. Hundreds, however, showed up at county meetings Monday to express concern about the plans.The mosque on Newton County land is being planned by a Doraville mosque. Along with the place for worship, they hope to build a burial center and possibly a school.Like us on Facebook For Whom The Bell Rings Related Stories ‘It’s Fractured’: Georgia Lt. Gov. Geoff Duncan On Healing Republican Party Add to My List In My Listlast_img read more

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