The car insurance boss who wants to motor into new foreign markets

first_img It is a case of ‘Recession? What recession?’ for motor insurance firm Admiral, which is in the middle of taking on 750 staff in the UK alone this year.And that means an awful lot of meetings for the Cardiff-based firm’s 53-year-old chief executive Henry Engelhardt. The Chicago-born boss meets every one of his new hires personally, and as part of his induction gives them a single piece of a jigsaw. “I do that because I want to illustrate that no individual on his own can complete a puzzle,” he says. “Only teamwork can give you the whole picture.”Engelhardt, amiable and relaxed, is sitting in a sixth floor meeting room of his advisers Bank of America Merrill Lynch in the City in a blue short-sleeved shirt and casual pants.It is fair to say that he is the heart and soul of the firm that has an eight per cent share of the car insurance market and a market valuation of £4bn. He headed the team that wrote the business plan to form the company in 1991, and led it through both a management buyout in 1999 and its initial public offering in 2004.He has seen the firm grow from a group of five people researching a business plan to become the only FTSE 100 company based in Wales, employing 3,800 staff, with units in Germany, Spain, Italy, and the US. The company also owns the price comparison website, Confused.com. The business fared well during the financial crisis and its aftermath. In March it posted full year pre-tax profits up seven per cent to £215.8m on sales up 18 per cent to £1.08bn.Around 95 per cent of the firm’s sales come from the UK. Its foreign units are all relatively new ventures of which Spain, which launched in 2006, is the oldest.Engelhardt and his French wife Diane own 15 per cent of the business, which together with other investments puts their wealth at £572m.Admiral has based its business around offering cheaper insurance to people who have in the past found that hard to get.“In general our book is skewed towards the under 40s, bigger cars and cities – London and the southeast in particular,” he says.“The amount of people buying our product has been quite stable over this period. No other product I know has the police riding around checking that you have bought it.”To price policies the firm uses a range of factors such as age, vehicle type, driving history and postcode.He adds: “We use a very complex rating structure from our own customer data, as well as using third party information. It is updated all the time.”Engelhardt says that competitive pricing allied with keen cost control drives the firm’s profits. He says: “Our business is very sensitive to price. On a £600 purchase people will move if they can save £5. That leaves us very little margin for error. That’s why we need to keep costs down, because it feeds directly into our prices.”The firm’s combined ratio – a key industry measure of claims and costs as a percentage of premiums – is 88 per cent on its UK business, and 89 per cent across the group. Many rivals in the sector have combined ratios of 90 per cent and above.The car insurance boss adds that the price of policies across the industry have been depressed to retain customers during the downturn, but he says that over the next 12 months they look set to rise.He adds: “Analysts think we will make more money in 2010 than in 2009. I am comfortable with that.” Engelhardt says he is happy with the pace of the organic growth the firm is showing and has no plans for major acquisitions.For this reason he says he is not keeping an especially close eye on rivals Direct Line and Churchill, which are both owned by the troubled Royal Bank of Scotland (and together account for 19 per cent of the car insurance market). The bank has said it plans to IPO the units before 2014. However, if conditions are not right analysts say a trade sale is possible. But Engelhardt says: “We don’t think we will be able to buy either of these firms without a lengthy monopolies and mergers investigation. And even if this is passed we think if they are sold to us it will give us such a hefty share of the market, the sellers will make us pay a large premium for it. We think we can grow pretty rapidly on our own.”Engelhardt points to the slew of foreign markets he has entered into over the last four years. He adds: “Spain was our first, it has an €8bn (£6.6bn) car insurance market and is the smallest foreign market we are in. There are a lot of opportunities out there.”Even though Admiral worked its staff hard to quickly establish itself in a mature marketplace, Engelhardt believes it is important to enjoy your work.Each month one of his departments is appointed the Ministry of Fun and has to think of a game for the rest of the office to play. In the past this has meant anything from table football competitions to egg roulette, where a mixture of boiled and raw eggs are cracked open on executives’ foreheads.The Admiral boss says: “If people like what they do, they will do it better.”Engelhardt is the son of a Chicago meat packing businessman, who took a degree in journalism at the University of Michigan. After that he drifted into a job as a runner on the Chicago Mercantile Exchange. But he did not stay there long, and then, at 29, he travelled to France and studied at the Paris business school Insead, where he met his wife before spending time in Asia. He settled in the UK where he became a management consultant with SRI in Croydon in 1988, and later joined insurer Churchill as the business was beginning. A few years later Engelhardt got a call from Lloyd’s of London agent Brockbank, which wanted to create a rival to Direct Line, which did not use brokers to sell insurance.Engelhardt took up the challenge and worked on the business model for some time, before setting up in Cardiff after the local council gave the project a £1m grant. Admiral opened its doors with 57 staff in 1993.In the mid-90s Brockbank changed hands twice, both times bought by Bermuda-based investment firms.“We went further and further down the food chain,” says Engelhardt. This led to a management buyout backed by Barclays Private Equity in 1999.Engelhardt was at the helm when the firm launched on the London Stock Exchange in 2004 floating at 275p, valuing the insurer at just over £700m. Today the firm trades at £15.10 and is valued at £4bn.Before the IPO, Engelhardt and his management team had created an employees trust, so when the float took place some 1,400 workers shared a pot of £60m. Some became millionaires, with the average handout being £39,000.“The day the firm floated, so many people got a share of what we had become. That was probably the best day of my working life,” says Engelhardt. The Admiral boss is a big Chicago Cubs fan, and the second thing he does in the office in the morning, after checking the daily sales figures, is cast his eye over the baseball results.It has not been good reading for him for some time.He says: “We have gone through the longest period without winning a league title than, I think, any other major sports club anywhere in the world. This is our 102nd year without the title. It has been a bad century for us.”The Cubs could do worse than push for Engelhardt as their next chief executive – he tends to get results.CV | HENRY ENGELHARDTAge: 53Work: Runner at the Chicago Mercantile Exchange; Management consultant at SRI; joined car insurer Churchill as it was setting up; chief executive at Admiral since 1993.Education: University of Michigan, read journalism; MBA from Insead business school.Family: Married with four children.Lives: Just outside Cardiff.Hobbies: He and his wife work with a number of charities, follows the Welsh rugby union team and the Chicago Cubs baseball team. The car insurance boss who wants to motor into new foreign markets Share Show Comments ▼ Tags: NULL whatsappcenter_img whatsapp KCS-content Sunday 22 August 2010 9:42 pmlast_img read more

Credit Suisse raises stakes on UK bonuses

first_imgMonday 30 August 2010 9:36 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search Ads whatsapp CREDIT Suisse, the second largest Swiss bank by assets, will this week provide many of its UK managing directors with early bonuses, in an effort to hang on to its star performers.Sources said that the bank, which trimmed its bonus pool for 2009 to alleviate the cost of the UK government’s 50 per cent tax on bonuses, feels it needs to make the awards in order to remain competitive in the UK.One City source told City A.M. last night: “After the reduction in the bonus pool last year, it was obvious that the bank needed to act sooner rather than later this year in order to reward and hang on to its top talent.” Normally bonuses would be paid closer to the end of the calendar year.Managing directors in the UK were notified last week about the payments, which will be deferred over three years and will be subject to clawback provisions as well as tied to the bank’s return on equity performance. “This is not like getting cash in the bag now,” said a source with knowledge of the awards.Credit Suisse’s corporate finance team, headed up by Sebastian Grigg and James Leigh Pemberton, is one of the strongest in the City, even though it did suffer a very public setback earlier this year when it advised the Prudential on its aborted takeover of AIA. Despite the Prudential disappointment, the likes of Grigg and Leigh Pemberton nevertheless remain hot properties who could easily move to rival banks.After its decision to reduce bonus payments last year, Credit Suisse paid $436m (£282m) for the UK bonus tax. Among New York-based firms, Goldman Sachs paid $600m and JPMorgan Chase $550m.An outbreak of bonus awards and any evidence of especially conspicuous consumption by bankers could raise the temperature politically, since the coalition government’s new bank levy is unlikely to raise as much revenue as the previous government’s one-off bank bonus tax.When the IFS last week criticised the government’s recent budget, saying it would hit the poorest the hardest, Labour leadership candidate David Miliband, who is the most pro-City of five contenders, weighed in by saying the budget had been “hard on the poor and easy on the bankers”.Chancellor George Osborne told City A.M. in an interview ahead of the election: “The levels of pay in finance have got completely out of kilter with the rest of society. So you have a heart surgeon that is paid a 30th or 40th of what someone is paid at the top of financial services. That is quite difficult to justify when you have an implicit state guarantee as you do in the banking sector.”On the other hand the investment banks will argue that their new awards take on board fully the new disciplines that were imposed as a consequence of the financial crash.Earlier this summer Credit Suisse said its second-quarter profits had risen one per cent year-on-year, but were down 22 per cent on the first three months of this year. Show Comments ▼ Share Credit Suisse raises stakes on UK bonuses KCS-content whatsapp Tags: NULLlast_img read more

Carlyle scraps $1bn Arinc sale

first_img Show Comments ▼ Private equity firm Carlyle Group has scrapped plans to sell US defence and aviation group Arinc, after failing to find a buyer for the firm in the past six months, several people familiar with the matter said. Carlyle, which hired Goldman Sachs to advise it on the $1bn (£651.4m) sale, is now thought to be pursuing an initial public offering. Carlyle declined to comment. KCS-content whatsapp Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Timesautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comTaco RelishOnly People With An IQ Of 130 Can Name These ItemsTaco RelishUpbeat NewsThese 25 Celebrities Ruined Their Career in a Matter of MinutesUpbeat Newscenter_img Share Carlyle scraps $1bn Arinc sale whatsapp More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA 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.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Sunday 12 September 2010 10:59 pmlast_img read more

Microsoft unveils 10 new phones as it bids to usurp Apple and RIM

first_img whatsapp KCS-content whatsapp Tags: NULL 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 A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Sharecenter_img MICROSOFT has unveiled 10 new Windows Phone 7 powered mobiles as it attempts to catch up with rivals Apple, Google and RIM.Microsoft will supply software to five new HTC phones, two Samsung, two LG and one Dell. The devices will be available with 60 operators in 30 countries. They will hit Europe immediately and the US on 8 November.The move has been seen as a last-ditch effort to break into the lucrative smartphone market after being left behind by its bitter rivals.The software is consumer-focused and integrates with Microsoft’s Xbox and Zune music player. Analysts have been tentatively enthusiastic about the new devices, which have already drawn comparisons with Apple’s all-conquering iPhone.Even Apple-loving Stephen Fry praised the phones yesterday. He said: “I have felt enormous pleasure using this phone. I want biodiversity, the more players there are the more it drives creativity and innovation.” More From Our Partners Connecticut man dies after crashing Harley into live bearnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com Show Comments ▼ Microsoft unveils 10 new phones as it bids to usurp Apple and RIM Monday 11 October 2010 9:14 pmlast_img read more

Microsoft sees its profits double as Xbox sales rise

first_img whatsapp 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 WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap KCS-content Microsoft sees its profits double as Xbox sales rise MICROSOFT reported a higher-than-expected jump in first quarter profits of 51 per cent yesterday, helped by increased sales of its flagship Windows and Office software and the launch of the latest blockbuster Halo video game.The world’s largest software company posted profits of $5.41bn (£3.4bn), or 62 cents per share, in the three months to 30 September, up from $3.6bn, or 40 cents per share, during the same period a year earlier. Revenue soared 25 per cent to $16.2bn – a company record for the first quarter.Microsoft said it continued to see a “healthy and sustaining business PC refresh cycle,” while adding Xbox 360 console sales grew 38 per cent and noting Bing.com continued to build market share. Chief financial officer Peter Klein said the company had not seen any adverse effect on sales of computers running Windows due to Apple’s popular iPad tablet device.Shares rose 2.8 per cent in after-hours trading. Share center_img Show Comments ▼ whatsapp 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 PastUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndo Tags: NULL Thursday 28 October 2010 8:19 pmlast_img read more

BEST OF THE BROKERS

first_img Tags: NULL Show Comments ▼ Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoDiscovery23+ Sports Stadiums Around the World That Are Abandoned NowDiscoveryUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndo KCS-content 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 WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Sharecenter_img whatsapp CENTRICAS&P continues to rate the utility a “strong buy” with a 12-month target price of 385p. The broker believes the shares are good value, despite ongoing competition in the UK energy supply market, and that the firm’s trading update on 17 November will show a continued strong performance, particularly in the US. AGGREKOUBS rates the power supplier “buy” with a raised 12-month target price of £18.50. Revenue growth has accelerated significantly, the broker believes, with growth of 17 per cent during the third quarter even when Aggreko’s World Cup contracts are excluded. UBS sees the firm starting 2011 with strong momentum for further gains. INVENSYSSinger Capital Markets rates the technology company a “buy” with a target price of 305p. It sees the firm’s rail operations declining slightly, and predicts revenue of £1.14bn, below consensus estimates, when Invesys reports its interim results on Thursday. However, Singer notes that the UK’s Crossrail project lends future stability. BEST OF THE BROKERS Sunday 31 October 2010 10:56 pm whatsapplast_img read more

BMW shares fall in spite of massive profit

first_img Tags: NULL Share KCS-content whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorymoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterGloriousaCouple Wins Lottery, 5 Years Later, Their House Had To Be DemolishedGloriousa 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 WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap CARMAKER BMW reported an enormous rise in profit yesterday, due to to rocketing sales in emerging markets, though investors were disappointed with the group’s outlook for the rest of the year. The German company reported third-quarter pre-tax profit of €871m (£760.6m), up from €76m a year ago. This represents an 11-fold increase. Sales in China have almost doubled since last year, far outstripping a 1.8 per cent rise in Western Europe. UK sales of the group’s BMW, Rolls-Royce and Mini models grew 13 per cent. Overall revenue rose 36 per cent on last year to €15.9bn, and the group raised its target for auto earnings before interest and tax equivalent to more than seven per cent of revenue this year from the five per cent-plus aimed for in August.However, shares fell 1.4 per cent to €51.64 as investors had hoped for a more upbeat outlook for next year. “BMW’s Q3 numbers confirm our view that the luxury auto segment has entered a new phase of profitability and that near double-digit margins were not just a peak in Q2 but a sign of a change in underlying profitability,” Barclays Capital analyst Kristina Church wrote. center_img Wednesday 3 November 2010 9:03 pm BMW shares fall in spite of massive profit whatsapp Show Comments ▼last_img read more

MPs: Labour wasted £1bn on PFI projects

first_img Tags: NULL Share Read This NextFresh Fruit Sushi: Recipes Worth CookingFamily ProofCreamy Pumpkin Soup: Delicious Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofA Once in 17 Years Cicada Event in Princeton, New JerseyFamily Proof whatsapp KCS-content Show Comments ▼center_img 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 The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 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 Farm ALISTAIR Darling, the former chancellor, wasted over £1bn by using the private finance initiative (PFI) to fund a series of vote-winning projects in the run up to the election, according to a report by an influential group of MPs. The Public Accounts Committee found the taxpayer had to pay an extra £1bn for PFI deals financed during the crisis, after the credit crunch pushed up borrowing costs for infrastructure projects. Jesse Norman, a Tory member of the committee, told City A.M.: “The government was determined to push through these projects because it wanted to have lots of good news stories in the run up to the election.“But these deals were done at inflated prices.”Norman added that a “rudimentary analysis” of the projects Darling signed off in this period showed a large number benefited voters living in Labour marginal constituencies, suggesting the government was trying to skew the result of the election.The report also criticises the Treasury for failing to use its strong negotiating position – as a shareholder in RBS and Lloyds – to push down financing costs. Wednesday 8 December 2010 9:03 pm MPs: Labour wasted £1bn on PFI projects last_img read more

Robert Walters sees fees soar with China boost

first_img More From Our Partners A 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.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com Robert Walters sees fees soar with China boost WHITE-COLLAR recruitment firm Robert Walters said net fees for the year grew by nearly half, bolstered by growth in China and strong levels of activity across its markets which the company expects to continue.The white-collar recruiter said that group net fee income, also known as gross profit, rose 49 per cent to £155.3m from £104.4m.This echoes the largest recruiter Hays which said that second-quarter net fees jumped 21 per cent as some international markets return to pre-recession levels of growth and offset a sluggish UK market.Hays posted a 38 per cent drop in public sector activity, but Robert Walters, unlike its rivals is not exposed to government spending cuts in the public sector.Robert Walters, which specialises in placing people in accountancy, engineering and IT, said fourth-quarter gross profit in the rose 37 per cent, and jumped 54 percent in the Asia Pacific region to £19.7m.“We enter 2011 with confidence,” the company said in a trading update. “Notwithstanding an uncertain economic backdrop in the UK, we expect levels of activity across the group to remain strong.” Show Comments ▼ Share John Dunne center_img whatsapp whatsapp Friday 7 January 2011 3:23 am Tags: NULL 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.comlast_img read more

Facebook co-founders poke Zuckerberg again in battle for more compensation

first_img Share KCS-content Facebook co-founders poke Zuckerberg again in battle for more compensation Tags: NULL Show Comments ▼ 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 TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.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.comcenter_img whatsapp whatsapp CAMERON and Tyler Winklevoss found a sceptical audience yesterday as they tried to persuade a US appeals court to let them out of a $65m settlement over the founding of online social network Facebook.Zuckerberg did not attend.The Winklevoss twins, along with Divya Narendra, started a company called ConnectU while they were students at Harvard University. They say that fellow Harvard student and Facebook founder Zuckerberg stole their idea. Facebook denies these claims.The twins argue that based on an internal valuation at the time that Facebook did not disclose, they should have received more Facebook shares as part of the 2008 settlement of the dispute. Facebook argues it was under no obligation to reveal an internal valuation.Senior Judge J. Clifford Wallace pointed out that the twins had several lawyers representing them at settlement talks and that their father is a business expert.That makes it difficult to believe that anyone took advantage of them, Wallace said. Tuesday 11 January 2011 7:39 pmlast_img read more