Tue, Nov 10, 2015 - Page 15 News List

World Business Quick Take

Agencies

INVESTMENT

LSEG to grow margins

London Stock Exchange Group (LSEG) yesterday said operating margin for its information services division would rise, driven by revenue growth and cost savings from the integration of its FTSE and Russell benchmark businesses. The company, which owns Borsa Italiana, MillenniumIT and the London Stock Exchange, expects double-digit revenue growth annually over the next three years for FTSE Russell, UnaVista and the Stock Exchange Daily Official List. LSEG said last month it would sell Frank Russell Company’s asset management business to US private-equity firm TA Associates for gross proceeds of about US$1.15 billion. The company said at that time that the separation of the Russell Index business from Russell Investments was expected to be completed in the first quarter of next year, following which, the Russell Index would be integrated with the FTSE. Information services accounted for 27 percent of LSEG’s revenue for the year ended Dec. 31.

INSURANCE

Hiscox premiums surge

Hiscox, which underwrites a range of risks from oil refineries to kidnappings, said gross written premiums rose to US$2.31 billion in the nine months ended Sept. 30, from US$2.05 billion a year earlier The underwriter also said it benefited from good risk selection and a lack of storms, floods and hurricanes in the period. Based on early estimates, Hiscox said it expected net claims of US$10 million from the explosion in the Port of Tianjin in August, and that it had limited exposure to the Californian wildfires in September and the more recent South Carolina floods. Hiscox’s London Market increased gross written premiums by 16.9 percent in local currency to £453.4 million (US$683.33 million), while gross written premiums at Hiscox USA rose 17.1 percent to US$321.4 million.

INVESTMENT

Chinese stocks rise

Chinse stocks closed up yesterday, as investors welcomed Friday evening’s announcement by the securities regulator that initial public offerings would resume in the next several weeks. After a lull of more than three months and the market now up over 20 percent from its September low, regulators appear to have concluded that sentiment has recovered sufficiently to permit some additional supply of shares. The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 1.2 percent, to 3,840.35, while the Shanghai Composite Index gained 1.6 percent, to 3,646.88 points. Total turnover of A shares traded in Shanghai was 50.2 billion lots, while Shenzhen volume was 42.2 billion lots.

DEFENSE

India to build Apache

US aerospace group Boeing and India’s Tata Advanced Systems announced yesterday they are joining up to make airframe parts for the AH-64 Apache attack helicopter. After initially building a manufacturing center in India for the Apache, they are to expand the partnership to compete for further work on Boeing commercial and defense platforms, they said in a statement released during the Dubai Air Show. The firms gave no financial details. “This partnership would capitalize on India’s industrial capability, innovation and talent to contribute to Boeing’s long-term competitiveness and position us for future growth in the global marketplace,” said Chris Chadwick, chief executive of Boeing Defense, Space & Security.

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