Tuesday, April 30, 2013

Rupiah Tuesday afternoon moving steady

Jakarta (The Car Insurance Info)-the exchange rate of the rupiah against the u.s. dollar on Tuesday afternoon was still steady as market participants were still waiting for money upon policy of subsidizing fuel oil (FUEL).

The exchange rate of rupiah interbank traded in Jakarta on Tuesday afternoon move weakened the value of one point to Rp 9,718 than before (Monday, 29/4) in the position of Rp 9.717 per u.s. dollar.


"The Government is still waiting for the compensation Community Fund readiness regarding the increase in fuel prices, the conditions that make market participants await policy was applied," said Trust Securities analyst Reza Priyambada in Jakarta on Tuesday.


He added the financial market participants expect any clarity so that the negative effects that occur if FUEL subsidies offered up can be calculated.


"The Expected fuel price hike also accelerated so that the trade balance deficit could hit Indonesia, the rupiah exchange rate will be so since the trend is strengthening," he said.


Reza also said the exchange rate of the rupiah is likely to respond to a statement of the Ministry of finance found that inflation for this year could reach 5.5 percent, higher than a previous target of 4.9 percent.


Bank money market observers set of brothers, Ruly Nova adds Bank Indonesia is also still keeping exchange rate movements amid domestic FUEL subsidies that have not been announced.


"Care of the BI rate was made rupiah stable will move," he said.


He said u.s. economic growth slowed briefly depress its currency, but on the other hand the European economy still in crisis conditions is still a negative sentiment for the currency markets of Asia.


Meanwhile, Bank Indonesia Middle exchange rate on Tuesday, the rupiah was weakening thin move to Rp 9.722 than previous positions worth Rp 9.721 per u.s. dollar.
(KR-ZMF/S025)




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Sale of Indofood first quarter grew 5.4 percent

Jakarta (The Car Insurance Info)- Affluent Tbk PT Indofood Success achieved consolidated net sales of the first quarter of this year was Rp12,86 trillion, up 8.7 percent from the same period last year, which amounted to Rp11,83 trillion.

"In terms of contribution to the consolidated Group sales neto, Branded consumer products (CBP) contributes about 45 percent, while Production, agribusiness and the distribution of each contributing $ 26 percent, 21 percent and 8 percent," said President and CHIEF EXECUTIVE OFFICER of Indofood Anthoni Salim in the affidavits here on Tuesday.


According to him, the total sales value of the CBP Group mainly consists of instant noodle Division, Dairy, snacks, Food Flavoring and nutrients to grow special food & 10.9 percent driven mainly by sales volume growth in all divisions in the group.


The Group noted the increase in the total value of Production sales by 13.3 per cent mainly due to the increase in average selling prices and sales volume.


Although the sales volume of CPO and sugar increases, the Group noted the decrease in the total value of Agribusiness sales by 3.1 percent due to a decline in the average selling price of oil palm and rubber products as well as a decline in sales of oil products and vegetable fats.


Distribution group recorded growth in the total value of sales by 10.4 percent mainly because of an increase in Group sales of CBP.




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VP distribution raskin asked addressed

A number of fuel price hike compensation workers haul impoverished rice (raskin) at one of the warehouses of Bulog Subdrive, Indramayu, West Java, Tuesday (7/4). to anticipate inflation against the fuel price hike, the Government plans to compensate by increasing the number of ration raskin from Rp 17,197 trillion to Rp 22.5 billion. (Photo Of/Dedhez Miroslav) ()


I know there is a node that does not correspond to the plan, such as the price to be paid by the beneficiaries, "
Jakarta (The Car Insurance Info)-Vice President Boediono said the distribution of rice to the poor or the poor program need to be addressed as a form of compensation if later there is a price adjustment of fuel oil.

"I know there is a node that does not correspond to the plan, such as the price to be paid by the beneficiaries," he said when delivering a speech closing down Deliberations national development planning (Musrenbangnas) in Jakarta on Tuesday.


Present in the closing Musrenbangnas a second United Indonesia Cabinet Ministers, Governors, Regents and mayors from all regions in Indonesia.


According to the Vice President, one of the rights that need to be fixed urgently when fuel price adjustments, one of which is to provide compensation to communities in need.


"The targets must be sharpened and raskin recipients increased in volume and issue in the field needs to be fixed," said Boediono.


Vice President ask that local governments immediately improve the distribution system and the price for sale to beneficiaries in accordance with the established Government.


While Director Sutarto Alimoeso Perum Bulog said it is ready to increase the number of supply of rice to poor pascakenaikan the price of subsidized fuel.


"We are ready to add any amount required because rice stocks are enough to Bulog," he said while attending the annual event.


According to Sutarto, the number of citizens reached raskin received 15 pounds per family, can meet the 30-40 percent of food needs for the recipient.


When the number of raskin raised to 30 kilograms, can meet up to 60-70 percent of food needs.


The number of poor program transmitted per month reached about 230,000 tons.


Sutarto said, as of April 30, 2013 Bulog rice stocks reached more than 2.5 million tons, or enough for up to 10 months.


"The bottom line, Bulog is ready to raise the allocation of raskin if needed. If FUEL goes up surely raskin definitely plus. So if the allocation of raskin to be raised because of the impact of the fuel price hike, Bulog does not matter, "he said.
(A025/M026)




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VP: the Government set up a compensation package

Vice President Boediono (Between/Yudhi Mahatma)


Such compensation is certainly in accordance with the agreement of the Executive (the Government) and legislative (House of representatives) that require the cooperation of the Central Government and regions in channeling, "
Jakarta (The Car Insurance Info)-Vice President Boediono said the Government in the near future to prepare a compensation package that is addressed to the poor as tindaklanjut when done adjusting the price of fuel oil.

"Such compensation is certainly in accordance with the agreement of the Executive (the Government) and legislative (House of representatives) that require the cooperation of the Central Government and regions in channeling," Vice President Boediono said when closing the Discussion in national development planning (Musrenbangnas) in 2013 at the Hotel Bidakara, Jakarta, Tuesday, April 30, 2013.


The poor will get compensation, among others in the form of direct assistance While community (BLSM), scholarships for poor students, and through the Family's hope Program (PKH).


In the implementation of the compensation, said Vp, there are various things that can be mapped over the Central Government and regional relations.


The first thing is the distribution of rice for poor households (raskin) will be the main package. "When we conducted the adjustment of FUEL, we improve and sharpen in volume," said Vice President.


Indeed, Vp, distribution of raskin acknowledged in some areas is still not going well. He gave examples of findings in the field in which raskin sold by up to Rp400 per kg and sold at Rp 2,000 per kilogram.


The second is the compensation package Help poor students (BSM). BSM is expected to be expanded, of course with the approval of the deliberations of the HOUSE of REPRESENTATIVES. Granting of BSM is based on an integrated data base data becomes available.


"Later we will use this data as the basis for the determination of students eligible, and delivered to each family," said the Vice President.


VP ordered that the Office of education in the district/city create and send you a recap of recipient poor students on schedule. "Do not let anyone who obstructed so that the liquid can be poured funds just in time. Never too far from the beginning of the fiscal year, "said the Vice President.


Other compensation


The other is the compensation package, Family Expectations Program (PKH) that it is now running. PKH is the program giving cash to Households so poor (RTSM) under the terms and conditions established by implementing its obligations. Verification issues, he said, is heavy work.


"But the bottom line, not the direct cash assistance PKH, but existing aid requirements," said Vice President.


VP also mention if PARLIAMENT approves, then the Government will provide direct assistance While community (BLSM). The mechanism of this through BLSM post office.


"The role of local authorities is very important, especially for the allocation of BLSM," Roosevelt said.


For all of these compensation packages, Roosevelt requested that the data used is the Integrated Data base so that all data is sourced to one upstream. With a good program and the exact target, the benefits and the implementation of the granting of compensation to the maximum. (A025/S025)




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Monday, April 8, 2013

CAR INSURANCE : KOSPI Strengthened After The Cyprus-European Union Agree Upon A Proposal

KOSPI Menguat Setelah Cyprus-Uni Eropa Sepakati Proposal
CAR INSURANCE Monexnews-South Korea Stock Exchange Index moved up Monday after Cyprus and the European Union agreed on bailout proposal to help banking and finance sector of the country, raising the risk of interest after the index closed flat in the low for 5 weeks.
The main stock exchange, Samsung Electronics rose 1.4% in early trade.
South Korea stock exchange index, the KOSPI, up 1% on the figure of 1, 968.39 points.
(AR)


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CAR INSURANCE The Euro Reached A Deal On Cyprus Will Be The Optimistic

Euro Optimis Kesepakatan Cyprus Akan Tercapai
Monexnews-Euro reverses traded amid increasing optimism that the Government of Cyprus will be able to reach an agreement to avert a financial crisis before the deadline on Monday. The European Union gave Cyprus a deadline until Monday to increase funding of € 5.8 billion, which became a requirement pengucuran € 10 billion international bailout package. In the absence of an agreement, the ECB will also stop the banking liquidity assistance to Cyprus. CAR INSURANCE
"Some combination of taxes on savings in the bank, an additional loan from the Government's fiscal commitment to Russia and Cyprus remained the most options possible," said Steven Englander, head of G10 strategy at CitiFX in New York. "But the resolution will probably not give strong impetus or permanent for the Euro." (vid)


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CAR INSURANCEStable Oil Ahead Of A Deadline On Cyprus Bailout

Minyak Stabil Menjelang Tenggat Waktu Bailout Cyprus
Monexnews-US crude oil Contract last stable near $ 94 a barrel on Monday as the market participants looking forward to do a deal on Cyprus and the European Union will be achieved today, officially after the await the approval of the Minister of finance.
The NYMEX contract for delivery in may unchanged at $ 86, after enduring up $ 1.26 Friday 101 U.S. Stock Exchange related. CAR INSURANCE
Brent oil contract in the us for the month of May was down 26 cents at $ 107.40 a barrel, up 19 cents after enduring the numbers $ 107.66.
(AR)


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CAR INSURANCE Wall Street Was Optimistic Of A Deal On Cyprus

Wall Street Optimis Terhadap Kesepakatan Cyprus
Monexnews-U.S. stock exchanges closed higher on Friday, recovering from the biggest decline in nearly a month, as anxiety about Cyprus began to subside and after a number of earnings reports. But all three major indexes still closed in the negative area for as low as weekly. The Dow ended the four-consecutive week of increase and decrease S&P scored the second 500 weeks this year. "There is optimism in the next few hours there is agreement to a parliamentary platform able to approve such a step would be inconsistent with the approach, framework and targets at least Eurogroup," Deputy leader of the Democratic Party Rally in Cyprus, Averof Neophytou.(xiang). CAR INSURANCE


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Sunday, April 7, 2013

CAR INSURANCE Economic Indicators Support The Aussie

Indikator Ekonomi Menopang Aussie
Monexnews-Australia Dollar managed to obtain a weekly rise in a row after the 3rd major economic indicators showed an increase in January. The Data bodes the stability of Australia's economy, forcing investors to trim expectations of interest rate reductions by the RBA. The Conference Board's report on Friday showed Australia's economic indicators up 0.2% to 121,9 after experiencing decreased 0.2% in December. CAR INSURANCE
"Expectations of a decline in interest rates in the near future RBA has trimmed down again," said Takuya Kawabata, an analyst at Gaitame.com Research Institute Ltd. in Tokyo. "A positive domestic Data continues to provide support for the Aussie, even with the crisis in Europe that has lasted a long time. The market also seems to be not too worried about the risk of the spread of the crisis in Cyprus to other countries such as Italy and Spain. " (vid)


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CAR INSURANCE Blue-chips Lejitkan Kospi thanks to Cyprus

Blue-chips Lejitkan Kospi Berkat Cyprus
Monexnews-Seoul – Korea stock South, Cyprus deal news that receive international bailout respond positively by the market participants so as to lift the Kospi index Korea streaked in trading early last week (Monday, 25/3). CAR INSURANCE
Such sentiment triggered a rally for blue chips and helped the Kospi rebounded more than 1 percent from the low point in five weeks on Friday. The main index rose 1.41 percent or recorded as much as + 27.52 points to 1976.23, while the range index Kospi futures also observed the rally to + 4.10 points to area level 260.40.
Noted technology giants Samsung Electronics surged 2 percent and Hynix was up to SK 2.3 percent. While shares of Hana Financial Group Inc. rebounded 3.8% and Woori Finance Holdings Co. soared to 5% after the sector suffered a slump linked to cyber attacks (cyber attack) which has hit Korea banking and other targets.(dar)


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CAR INSURANCE Review Fitch Head Off The Appreciation Of Sterling

Review Fitch Menghadang Apresiasi Sterling
Monexnews-Sterling touched a highest position of 1-month versus the U.s. Dollar as the emergence of signs of impending deal in the final minute to save Cyprus from the financial crisis. However, the appreciation of Sterling terhadang by action of Fitch Ratings, which on Friday had put the ' AAA ' rating on United Kingdom review for a possible downgrade due to increased anxiety will membengkaknya the State debt. Following the weak economic Data also still has the potential to restore Sterling under pressure to sell. CAR INSURANCE
The negative Outlook reflects Fitch's if given the economic and fiscal projections are the latest published by the Office for Budget Responsibility shows the United Kingdom Government debt will soon escalate and surpass the level it has been estimated that rating agencies before. (vid)


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CAR INSURANCE Rally Hang Seng Are Motivated News Cyprus

Rally Hang Seng Termotivasi Kabar Cyprus
Monexnews-Hong Kong stock Index – the Hang Seng opened directly in early trading a rebound week (Monday, 25/3) largely thanks to the news that the State of Cyprus and a number of international banks has reached a mutual agreement in the disbursement of bailout so as to lift the spirit of the investors. CAR INSURANCE
The positive sentiment was China Construction Bank shares spurred Corp. where the stock is already superior to lead China after banking earnings reports. The benchmark Hang Seng Index (.HSI) observed strengthened 0.9% to 22, while index 310.81 Hang Seng futures recorded 133 points in increasing + range 22273 area. While the composite index of Shanghai China looks also strengthened 0.3 percent to level 2, 335.05.(dar)


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CAR INSURANCE News Of A Deal On Cyprus Lesatkan Nikkei

Kabar Kesepakatan Cyprus Lesatkan Nikkei
Monexnews-Japan's Nikkei Index – rally in early trading weekend (25/3) thanks to positive market sentiment after reports emerged that the country tentatively reached a deal on Cyprus to receive aid from European banks and tires of the IMF, so that financial stocks and banking today is superior to lead the market. CAR INSURANCE
The main Nikkei index rebounds recorded 1.42% or + 177.05 points in the range of 12515.58, while the Nikkei futures index also recorded rally 110 points and ranges on 12455 area.(dar)


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Saturday, April 6, 2013

CAR INSURANCE The European Finance Ministers Approved A Proposal On Cyprus

Para Menteri Keuangan Eropa Setujui Proposal Cyprus
Monexnews-The European Finance Ministers gave their approval to the bailout proposal Monday, Cyprus gave the above stamp proposals that fundamentally would improve the condition of the two largest banks of the country. CAR INSURANCE
A discussion group of officials of the European Union confirms that European Finance Ministers had 17 gave approval to the aid plan, which was negotiated earlier Sunday between the President of Cyprus and the leader of the European Union and the IMF.
"Approved", is said to be a top brass in a text message.
The Proposal would have separation "good bank" and "bad" bank, with deposits of under 100,000 euros in Popular Bank of Cyprus which will be transferred to the Bank of Cyprus, bank of Cyprus's largest lender.
(AR)


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CAR INSURANCE Hang Seng Opened Up 1%, Sinopec

Hang Seng Dibuka Naik 1%, Sinopec
Monexnews-Hang Seng opened strengthened Monday after the bailout approval of Cyprus, with oil stocks and CNOOC Ltd's flagship China Petroleum and Chemical Corp. (Sinopec) rose after they reported earnings. CAR INSURANCE
The Hang Seng index opened up 1% in numbers 22, 327.50. The China enterprises index of Hong Kong-listed they would rise 0.8%.
(AR)


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CAR INSURANCE Cyprus and the European Union agree upon the Proposal Help

Cyprus dan Uni Eropa Sepakati Proposal Bantuan
Monexnews-Cyprus, the European Union and the INTERNATIONAL MONETARY FUND has approved a proposal to assist Cyprus to help provide a solution to the Cyprus and the country's financial sector, said an officials from the European Union on Monday.
The Proposal, which will be discussed at a meeting of European Finance Ministers, will involve the classification "good" bank and a "bad bank", which means the closure of Popular resulted in the Bank of Cyprus, known as the "Laiki". CAR INSURANCE
Deposits under the 100,000 Euros at the Laiki is transferred to the Bank of Cyprus. Deposits under 100.00 Euro, which under Eu rules do not get bail, will be frozen and will be used to resolve the debt. It is still not clear until when will apply.
A European Union spokesman said no tax savings aka nada imposed by perbankanCyprus.
(AR)


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CAR INSURANCE Euro and Asian Exchanges thanks to the Positive agreement of Cyprus

Euro dan Bursa Asia Positif Berkat Kesepakatan Cyprus
Monexnews-Euro and Asian stock exchanges rose Monday after an EU source said that the President of Cyprus and the European Union have agreed on the outline of a deal to help the financial sector collapse of menghindarkanCyprusdari Gorge. CAR INSURANCE
The Eu source said that the outline included the classification "good" bank and a "bad bank" and the closure of the second largest lender bank of Cyprus, and it was approved by President Nicos Anastasiades the Cyprus negotiations with the leadership of the European consulates Herman Van Rompuy and President of European Commissioner Jose Manuel Barroso. CAR INSURANCE
The deal will be a discussion with the Finance Ministers of Europe, officials sources said.
The Euro strengthened to $ 1.3050 from previous close $ 1.2980, away from the low 4 months at 1.2844 happened Tuesday. CAR INSURANCE
(AR)


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PM Gillard Appoints Former Officers Of Woodside Petroleum

PM Gillard Tunjuk Mantan Petinggi Woodside Petroleum

Monexnews-Australia's Prime Minister Julia Gilliard pointed to former officers of the Woodside Petroleum, Gary Gray to fill positions in the Division of resources and energy Monday in a re-shuffle the Cabinet.

Gillard has been separated from the pressure of his rival Kevin Rudd Thursday yesterday, but lost three cabinet ministers and two junior ministers, including the Minister for resources and energy Martin Ferguson, in favor of Kevin Rudd.

(AR)



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The Nikkei Advanced While The Cyprus-European Union Ready To Achieve An Agreement

Nikkei Melaju Saat Cyprus-Uni Eropa Siap Capai Kesepakatan

Monexnews-Japan Stock Exchange Index, the Nikkei move to rebound in early trading session Monday after dropping sharply at the weekend, while Cyprus and the European Union agreed to help provide a solution.

The Nikkei advanced 1.4% to 12, while the Topix index 525.37 alone rose 1.2% to 1, 050.75.

(AR)



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Friday, April 5, 2013

The Euro Strengthened After The Planned Deal Would Reached

Euro Menguat Setelah Rencana Kesepakatan Akan Dicapai

Monexnews-Euro move strengthened Monday after an EU source said that the President of Cyprus and the European Union have agreed on a treaty that will subsume the "good bank" and a "bad bank" in Cyprus.

The Euro rose as much as 0.3% today to $ 1.3027, compared to $ 1.2985 in before the news emerged. Against the Yen, the Euro climbed 0.4% today to 123.57 Yen.

(AR)



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Aussie And Kiwi Off The High Versus Euro

Aussie Dan Kiwi Lepas Tingginya Versus Euro

Monexnews-Australia and New Zealand Dollar moved down Monday from the high near 4 months against the Euro, which strengthened in General after Cyprus is ready to secure the relief funds worth 10 billion euros.

Cyprusmencapai agreement with the lenders a few hours before the deadline to prevent Cyprus from financial collapse. The Proposal involves the closure of the country's largest bank, and put pressure on the owners of the unsecured deposits.

Euro in A $ 1.2470 figures, up from about A $ 1.2400 early in the session. The price touched A $ 1.2335 figures last week, the lowest since mid-December, weighed down by the ketidakpastianCyprus.

New Zealand dollars NZ $ 1.5603 NZ $ 1.5501 versus before, moving increasingly away from the low mid-December at NZ $ 1.5446.

(AR)



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Hastings 2012 profit jumps 81% after strong year

Motor broker/insurer doubles EBITDA and posts 91.6% COR

Motor broker/insurer Hastings Insurance Group made a profit after tax of £ 47 million in 2012, 81% on the profits of the £ 26 m who made it in 2011.

Profit before tax almost doubled to £ 61 m (2011: £ 31 m), while the profit before interest, taxes, depreciation and amortisation (EBITDA) doubled to £ 70 m (2011: £ 35 m).

The Insurance Division combined operational ratio catch with 4.3 percentage points from 91.6% (2011: 95.9%). The company attributed the improvement in the underwriting profitability to "underwriting prudence and an expense ratio, which we as an important advantage in the industry."

This added that the fraud and risk management systems may Select customers more accurately reducing the frequency and severity of claims.

The profit was also supported by top-line growth. Gross premiums published by the broking firms Division increased 19% to £ 423 m (2011: 355 million pounds), while the gross premiums written by the insurance side of the business increased by 20% to £ 354 m (2011: £ 296 m).

The result was also driven by a continued focus on cost efficiency, the company said.

' Deeply impressed '

Group chief executive Gary Hoffman said: "2012 was a year of great progress and growth for Hastings. I went in the last quarter and have been extremely impressed with what the management team and my new colleagues have achieved. We have a great platform on which to build. "

Hoffman became Group chief executive appointed in October 2012, after the completion of the group formation.

Hastings Insurance Group consists of UK based broker Hastings Insurance services and Gibraltar-based insurer advantage Insurance Company.

The group, based in Jersey, was established in June 2011. Formal ownership of the UK operations was made in October 2011 and advantage in the Group brought in April 2012.

The results are presented on a consolidated, pro forma basis, as if the companies had been operating as a group for the past two years.

' Very competitive '

Looking forward to 2013, the company said that it expects the market to remain "extremely competitive". But added: "[We] are confidence in our ability to grow our customer base profitable, partly through investment in our brand and direct marketing channels."

Hastings 2012 results in £ m (compared with 2011)

Gross premiums posted: 423 (355) gross premiums: 354 (296) EBITDA: 70 (35): 61 (31) profit before tax profit after tax: 47 (26) combined ratio (%): 91.5 (95.9) customer numbers: 1, 145,000 (972,000) 22 March 2013

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April 4, 2012



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The co-op sales confirms rumors as results worsen

The co-operative Group has confirmed that it wants to sell the General insurance arm, such as the Division posted worsening results for the year 2012.

The co-operative insurance managing director Mark Summerfield said that selling the group to focus on its banking ambitions.

"As part of that, we need to rationalize our activities," he said. "It is not without regret, because this is a huge success, we have but to succeed in our bank group general insurance group strategy, we need to focus."

Summerfield scotched rumors that private equity firm that was bidding for the cooperative insurance. He said: "there is not a preferred buyer at the time. We have a significant number of expressions of interest directly but tungsten was not one of them. "

He added that the co-operative insurance an attractive purchase was partly because its trusted brand was, her home insurance book performs well and the telematics-arm was strong.

But in the 2012 results, posted today, the company's combined operating ratio rose to 110.9% of 104.4% in 2011, while the profit before tax to £ 3 m from 32 sank. 3 m.

The co-operative insurance head of home insurance that Lee Mooney said that these shifts were both due to the strengthening of the previous years motor claims reserves.

"The reserve strengthening for prior year's motor claims reserves is around £ 50 m. So the underlying profit before tax without that would have been £ 53 m, that's a pretty healthy result is," he said.

The total gross written premium the insurance arm fell to £ 555.7 m in 2012, from £ 668.8 m in 2011, mainly as the company took measures to improve the quality of motor broker company written, including the introduction of credit scoring and the underwriting footprint limit.



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Sims joins Allianz commercial real estate team

21 March 2013 |By Newsdesk

Anneke Sims joins Allianz as manager of property.

In her new role will Sims are responsible for the team reference branch for Allianz Commercial.

Previously, she worked for nine years as an underwriter manager on property accounts and a regional senior underwriter for AIG.

Allianz Commercial head of property insurance Catherine Dixon said: "I am delighted that Anneke to the team of commercial real estate.

"I have every confidence that the knowledge and experience she brings tremendous value and strength to the role the commercial Department and our customers will add."

6 March 2013

5 March 2013

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January 17, 2013

7 January 2013

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20 December 2012

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Charles Taylor hopes to make acquisitions this year

New products and services support plan for profit growth in 2013

Loss adjustment and consulting firm Charles Taylor hopes to make acquisitions this year as part of plans to encourage gains.

The company grew revenue 6% to £ 108.2 m in 2012, but custom profit was flat at £ 9.6 m.

Speaking to insurance times after the release of the results this morning, Charles Taylor Director David Marock said the Group would look to acquire "bolt-on" companies in the coming year. "The acquisitions that we have in mind are bolt-on type acquisitions fit into what we are basically about professional services search the insurance space, that is," he said.

The company had announced plans for acquisitions in 2012, but didn't find the right opportunities. "We look quite a lot of options but they do not meet our criteria, so I'm happy to say that we didn't do anything," said Marock. "I never want to get in the position where I feel pressure to do a deal. In 2013 we will look at more possibilities and I'm hopeful that we will find something that meets our criteria. "

The expansion plans follows a year of mixed results for the three main companies within the group.

Charles Taylor management services Division Posted revenues of £ 7.1 m up from £ 5.7 m in 2011, with new products in kidnapping and ransom insurance and safety management service, traders help growth. Marock said new products would be continued this year: "We have a number of products in mind and I'm reasonably optimistic we will some new things about this year."

The company insurance support services also saw new product launches in 2012, but performance was below expectations because the products were released later in the year. The Division profit fell at £ 0.1 m (2011: £ 0.2 m). "We wanted more traction on some of the new products," said Marock. "Unfortunately we got them on the market later in the year than we hoped, but we would expect to see that help 2013."

The group loss adjusting company was rocked by a 40% drop in claims in the field of energy, but it succeeded to revenue. "The decline in claims was a market-wide recession specifically in the energy space," said Marock. "It made it a particularly quiet year on the front of the progress not help working generation. The good news story is that despite what's happened in the market we can maintain our income. "

Loss adjusting profits were also affected by investments in three new offices. Marock said the company would continue to invest in the company in 2013 and beyond. "It is a long-term business and we must continue to invest," he said. ' We set up offices in Columbia, Indonesia and the west coast of the us. I expect more of that in 2013. "

The ambitious chief executive has high hopes for all three main divisions. "We have incredibly strong relationships with our customers so that there's no real reason why we shouldn't be able to grow throughout the entire group."And we have initiatives underway to exactly that effect, "said Marock.



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Thursday, April 4, 2013

We need to practice sustainable, says Kendrick Aces

21 March 2013 |By Matt Scott

Andrew Kendrick details of his vision for the future of take over.

Insurers must usher in an era of "sustainable take over" to deal with changes in the market who have made a "new normal" said ACE European Group President Andrew Kendrick.

Talking to an audience of industry members on an industry of London insurance market issues Lecture on Lloyd's today, Kendrick put his vision of what should be done to profit in a "permafrost" economy.

Kendrick set "five do's and don'ts of sustainable take over" that he said should be respected:

·         "Smarter allocation of capital,

·         Protection of the asset side of the balance sheet,

·         Control of our pricing strategies,

·         Better management of an investment portfolio and

·         Making more of the age of big data. "

These steps were highlighted in a response to a market that he said now found it difficult to reach and where new business profit was hard to come by.

He said that the changes in the economy means that combined operating ratios of 100% can no longer be relied upon to profit, and that "the industry should now focus on a combined ratio in the low to mid 90 's a chance to generate sufficient returns."

Closes his reading Kendrick said: "sustainable take over is not rocket science. Basically what it comes down to that a long term vision and a greater sense of resolve and purpose. "

20 March 2013

18 March 2013

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Lloyd's is to agree on the new terms and conditions for marine surveyors and loss adjusters

21 March 2013 |By Newsdesk

To provide values for clarity on the services provided, terms and liability

Lloyd's and London market insurers have agreed on new standard terms of engagement for the marine surveyors and loss adjusters who on behalf of their works.

The work, which began in January 2012 and a year later was closed, was carried out by the Lloyd's Market Association (LMA) and the Navy Claims Committee (JMCC) joint in combination with the underwriters of Lloyd's and London market.

Support of the entire market was given to the new conditions.

Imports of 10 surveyors and 10 loss adjusters who work for the market also received.

The new conditions provided by surveyors, liability and loss adjusters with clarity about services are provided and timeline expectations.

The terms were based on a JMCC initiative to the Lillehammer conditions involvement mirror for energy experts, that market support received in 2010.

The most important modification of the conditions concerns the increased authority that experts have influence on ship owners and managers of drydocking and its decisions send the cost of recovery.

The conditions also have a flexible limitation of liability depending on the size of the surveyor and a fixed limit posted for loss adjusters.

LMA manager to buy and claims operations Doug Humberstone said: "this new marine terms of commitment will bring more transparency the claims process and with that, the potential for more efficient claims handling costs. It is an important step forward for the market and a solid basis for inspectors and experts on to base their work. "



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Kendrick warns insurers over long-tailed obligations

21 March 2013 |By Matt Scott

Can a underwriter last year to book to collapse.

Past book of long-tailed obligations may come back to haunt the industry according to ACE European Group President Andrew Kendrick.

Answering questions after a lecture at Lloyd's of London insurance market issues industry today, Kendrick said take over the long term was the most likely cause of an underwriters collapse in the future.

He noted that any error in the past year reservations can result in a great period of reserves that need adjustment. "There comes a time when there may be a realisation that reserves shortage that has been booked over the last 5, 10, 20 years suddenly becomes clear," he said. "And then you have to deal with a huge problem and that kills your balance."

Kendrick had talked about the need for insurers to practice "sustainable take over" a response to a weaker economy and a tougher market than the industry was used.



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RSA sign fifth bilateral agreement

21 March 2013 |By Newsdesk

Insurer agrees to treat it with mutual

RSA has a bilateral agreement with NFU Mutual aimed at speeding up the payments and removing unnecessary costs for motor claims.

The agreement is the fifth that RSA has signed in nine months after previous arrangements with cooperative insurance, Groupama and LV =.

The move follows RSA's victory in the High Court last year on subrogated engine repair costs. Rival insurers Allianz and Provident (now Covea insurance) had challenged the legality of the RSA use of schemes to charge for Add-ons for not-to-debt repair customers, but it was dismissed in court.

After the lawsuit, RSA signaled its intention to sign bilateral agreements with competitors.

RSA Director claims in respect of the United Kingdom and Western Europe David Pitt said: "We are pleased that another industry bilateral agreement, who have signed our fifth in nine months. We are excited for the industry to see the advantage of these offers and remain open to discussions with other insurance companies. "

NFU Mutual chief claims Manager Matthew Scott said: "as a mutual insurer, we are always committed to business practices that achieve fair results. We are happy to have signed a bilateral agreement with RSA strengthens this clarity and openness in the way claims are settled and delivers a better result for our members. "

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Open GI and PowerPlace launch online SMES proposition

Companies set to target micro SMEs after Open GI takeover of PowerPlace

Open GI chief executive Chris Guillaume has announced plans that Open GI and PowerPlace work together to focus on the high volume micro-SME market.

After Open GI's recent acquisition of PowerPlace, the companies are set to launch a new property-based business-to-consumer (B2C) online proposition, including the brokers quote and buy products, websites and works with a new insurer-based underwriting platform that will insurers real-time control over products.

PowerPlace has small and medium-sized enterprises trade provisions that are already in use in its commercial lines business developed.

PowerPlace chief executive Nick Giddings said: "In the past four years, PowerPlace has established itself as the accepted standard for SMEs in the market. We are approaching £ 100 million of annualised premium about 15 lines of the small and medium-sized enterprises and the support of more than 1,200 brokers and insurers have 13.

"The product standards lend themselves to B2C distribution, and will our broker partners not only to protect their market share, but to grow by enabling efficient, comparative trade and meeting the increasing consumer demand for online allow access.

"Our strategy of offering important brokerage free, branded, quote and buy B2C websites is a natural progression and only possible with the technology of Open GI."

Guillaume said: "our strategy is simple: build on existing benefits PowerPlace to brokers offers while providing access to new distribution channels for the entire market.

"In Parallel, we will switch insurers to monitor, manage and distribute their products through a web-based, PowerPlace solution over it. This allows them to build once and distribute through multiple channels.

"For the low premiums, low margin SME subsector this PowerPlace take it to the next level and further cement it as the standard for small and medium-sized enterprises trade."

The company said the technology would be made available on the market in June.

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JM Glendinning bags Towergate Regional Director

22 March 2013 |By Newsdesk

Forrest will take of the broker North East companies

Towergate the Regional Director for the North-East Neil Forrest joins broker JM Glendinning. Forrest will be taking the position of managing director for the real estate agents North East Affairs on April 23.

JM Glendinning Director Nick Houghton (pictured) said hire Forrest of Towergate shows the power of the company.

"When someone with the skills and experience of Neil on the market you need to act quickly and seize the opportunity," he said. "Is a fantastic win for us and a great opportunity for Neil to build an asset with a tangible value attached to it to be able to sign Neil."

Houghton added that the levels of consolidation in the Northeast could see more people move from intermediaries to smaller brokers. "There Is a reasonable amount of broker consolidation in the North-East over the last few years-this unsettles good quality client that allows people," he said. "That's who we're looking for yards."

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Wednesday, April 3, 2013

Jelf pays £ 1.4 m to drivers

22 March 2013 |By Newsdesk

Jelf Board pay increased by 8.8% for 2012.

Board pay increased to £ 1.4 m in 2012 by £ 1.2 m in 2011. The highest Director at the broker took home £ 399,000 in total remuneration including a bonus of £ 176,000 of related sales activities.

Jelf said In its annual report: "to pull and a senior management team of the caliber needed to make a significant contribution to maximizing shareholder value, it is necessary to provide a competitive remuneration structure."

The company announced profits of £ 3.9 m for 2012, up from £ 3.2 m from the previous year.

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Hoffman: Hastings ' keep options open ' on the IPO

Company plans to non-aggregator business grow

Motor broker/insurer Hastings Insurance Group keeps its options open regarding an initial public offering (IPO), says CEO Gary Hoffman.

The company has long considered a float and the rumor had is to shoot for a 2012 debut stock exchange, but volatile power market conditions put the plans.

Speaking to insurance times after the introduction of Hastings of 2012 results, Hoffman said, "there's no rush to do anything, but we keep our options open.

"We don't need external funding to finance our growth plans. We are expanding rapidly, and we create our own capital to invest in the company. "

He added that the company has always said that it would look an IPO when market conditions were good and the company was finished, but he added: "We have no plans for anything at this time."

This is despite the fact that a rival, direct line group, has undergone a successful IPO and another, Esure, is set to get more of its IPO in treatment than expected to earn.

Hoffman said: "my concentration is on the growth of the company and creating value for the shareholders."But we would not rule out anything. "

He added that the company also would not rule out acquisitions, but that the main focus was on growing organically.

Growth Plans

Hastings reported a solid set of results for 2012, including an increase in the profit of 81% and up 20% of the gross premiums written.

Hoffman said that Hastings would continue to grow its core car insurance business, most of those by aggregators. The company currently has a share of 4% as the British car market, which means there is room to get bigger.

But, he added that there was also not much room Hastings-car, not aggregator business grow.

Hoffman said: "there is much more room for growth in other products for us, whether it's cycling, from, home, travel or pet. We have small companies in these products. We will extend and expand our distribution also.

"We expect to continue in the future by means of the compilers very successful, but we will also write more direct business."

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Esure to over £ 2bn IPO values 1.

22 March 2013 |By Newsdesk

Appreciation will make provider eligible for FTSE 250

Personal lines insurer Esure has the initial public offering (IPO) priced at 290 p per share, valuing the company at £ 1.2bn.

This is more than the £ 1 1.1 the company was rumoured to be looking for, and it will qualify for membership of the FTSE 250.

Conditional trading in the stock has opened today.

The IPO sees Esure Chairman Peter Wood (pictured) is just under 40% of share capital, with the other directors of the company possess of about 1%.

The flotation consists of 17.2 million new shares and existing shares of 191.2 million. The new element of the share of the IPO is expected to raise 50 million pounds for Esure, which it plans to use to pay debt.

Wood said: "today pricing is a ringing endorsement of Esure the strengths and prospects for the future and we welcome all of our new shareholders as co-investors in these interesting phase of our development. As a premium company listed, Esure will have the right corporate platform for development, and it is our job to maximize the opportunities we for us for the mutual benefit of our shareholders. "

Chief executive Stuart Vann said he wanted to reward the new shareholders for their investment in the company. "The strong reception for our offer is a reflection of investor appetite for differentiated, high quality exposure to the UK insurance industry," he said. "Looking forward, our priority is to trust in us by our new shareholders as we continue with our strategy for profitable growth through innovation, efficiency and top quality customer service boost reward."

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CPP Xchanging appoints for continuity business solutions

21 March 2013 |By Newsdesk

Outsourcing firm risk management strategies with phone insurance specialists

Technology services outsourcing company has been named by Xchanging Insurance Homecare, part of the mobile phone insurance specialists CPP group, to business continuity and recovery solutions for the infrastructure.

The three-year agreement will provide Homecare disaster data recovery solutions to ensure that a standalone power as part of its approach to risk management, prevention and recovery.

Xchanging head of selling insurance Mike Reynolds said: "We are pleased to work with the team Homecare and look forward to our partnerships with them, drawing on our important insurance and technology expertise to support them in achieving their business strategy."

General Manager homecare Claire Sirett said: "We are delighted to work with Xchanging to support us in our risk management planning. Our main objective is to deliver a solution that makes it possible to support clients any event should affect our activities if we improve our operational efficiency and manage, predict and identify risk areas for our company. "

In February confirmed CPP that RBS was non-renewal of its mobile phone insurance contract with the company, which has more than 2.5 million contracts at its peak.

Last year, CPP was fined £ 10.5 m by the FSA for misleading card protection policy. The company expects to pay out more than £ 14.5 m in compensation for affected customers.

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Home serve announce further job cuts

22 March 2013 |By Newsdesk

Headcount savings needed if customers to leave troubled emergency home business.

Home serve is to cut a further 300 jobs due to falling customer numbers, with the company expected to save around £ 10 m.

Home serve plc chief executive Richard Harpina psylla said that the number of customers would continue to fall until 2014. ' We expect the customer base to stabilize at around 1.9 million UK customers in March 2012 and this will be the financial performance of UK in FY14 FY15 and, "he said. "As a result, we announce the loss of 300 roles in the UK business."

The company expects to see a £ 35 m reduction in contributions in the year 2014 as a result of the departing customers. Income for 2015 must also be hit by a further £ 20 million due to fewer customers and the launch of new products and marketing campaigns.

However, Harpina psylla said the Group was expected to return to "modest growth" in 2015.

Home serve is under review by the FSA for poor customer service, complaints handling and sales techniques. Home serve UK chief executive Jonathan King (pictured) told this earlier Insurance Times was a result of trying to grow too fast. "We set for sales and profit targets that were maybe a little to stretch," he said. "We have our not concentrating enough on the way we monitor and control of the company."

The FSA investigation is still going on and can result in a fine, but Home serve the ways they already has improvements to do business. They experience now 41% fewer complaints than last year and customer satisfaction levels.

The company also invests in a new it system, spending £ 30 m over the next three years. It expects to start seeing the benefits for operational efficiency by 2015.

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Investors target £ 600 m co-op insurance arm

21 March 2013 |By Newsdesk

Ex-Tory Treasurer supporting bid for co-op insurance business

An investment vehicle with support from funders including the former Conservative Party Treasurer Michael Spencer, is preparing a bid £ 600 m for the cooperative group general insurance arm, according to a report from Sky News.

Tungsten Corporation, which is led by Edmund Truell, founder of private equity firm Duke Street Capital, is still a formal approach make the co-op, but is understood to have made an informal expression of interest in acquiring the insurance business last year.

On Tuesday, insurance Times reported the sale of the co-op life insurance and asset management arm to Royal London, a mutual, other for £ 219 m.

The co-op is exploring a sale of the insurance operations as it tries to move forward with a proposed acquisition of 632 Lloyds Banking Group capital.

The Sky report added that the co-op is close to appointment of bankers to work on the sale of its remaining insurance operations with Deutsche Bank and another enterprise which is likely to work on a deal.

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Tuesday, April 2, 2013

Autonet appoints new head of sales

22 March 2013 |By Newsdesk

Autonet insurance recruits Jonathan Walker as head of sales.

Walker is the broker Staffordshire based after previously working for a number of companies including Lifestyle Services Group, phones 4 U group and Lloyds TSB. He will be responsible for inbound and outbound sales and Auotnet of business verification team and Development Center.

Director of operations Phil Evans said: "Jonathan has many years of experience in campaign and sales management and comes up with a real appetite to support and develop our ever growing sales department. With the insurance industry still as competitive as ever, Jonathan will prove to add even more expertise to the company. "

Walker added: "I am very happy that such a reputable company within my LAN. Have worked in the sales industry for many years, which I look forward to my career development and work with all my new colleagues within the insurance industry. "

The designation follows the promotion of Chris Jolley to Director of trading.

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The DLG Geddes and Stein travel took pay cut in 2012

Missed objectives has led to lower bonuses

Direct line group chief executive Paul Geddes (pictured) and chief financial officer John Stein travel were paid less in 2012 than the previous year despite bonuses are awarded.

The two also have their base salaries frozen for 2013, according to direct line 2012 annual report.

Geddes, including base salary, allowances and benefits in kind total 2012 pension benefits and annual bonuses, were £ 1.66 m, by 3.3% on 2011 of £ 1.72 m.

Stein travel was paid £ 894,000 in 2012, of 5% on the £ 937.000 he received in 2011.

Under objective

Geddes is a performance-related bonus of £ 760,000 paid during the year and Stein travel £ 345,000. But this was less than they would have had their performance is consistent with the objectives of direct line group remuneration Committee.

The Commission found that the overall performance of the bonus for 2012 marginally under "on-target".

The report said: "the Commission recognized that the commitments at IPO is met, and that the share price has increased significantly since the offer. Taking into account broader factors and internal stretch objectives, however, overall performance was slightly below on-target. "

If the performance had been on target, would have received a bonus of £ 798,000 Geddes and Stein travel £ 414,000.

If performance is considered by the Committee as ' superior ', Geddes would get a bonus of £ 1.33 m and Stein travel £ 690,000 would get.

Geddes the basic salary is £ 760,000 contract under his direct line group and Stein travel of £ 460,000.

But the actual basic salary the two men received in 2012 was different because the two migrated from their old RBS contracts to their new direct line group ones in September. Under the direct LineGroup contracts, some elements previously paid as benefits are included in the basic salary.

RBS Executive Directors 2012 pay distribution (in £ thousands)

Paul Geddes

Base salary: 671Allowances and benefits: 44Pension contributions: 189Performance bonuses: 760Total: 2,056

John Stein Travel

Base salary: 407Allowances and benefits: 27Pension contributions: 115Performance bonuses: 345Total: 89428 February 2013

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Electra bank £ 51.5 m from Esure IPO

22 March 2013 |By Newsdesk

The private equity firm sees £ 30 m investment delivering strong returns.

Electra receives money proceeds of £ 51.5 m after the floating of personal lines insurer Esure. The proceeds represent the repayment of the preceding ranking of capital, the yield and the proceeds from the sale of existing shares.

The private equity firm also maintain a stake in Esure worth £ 17.9 m based on the IPO price. Electra has already received £ 15.3 m of his £ 30 m investment.

The original investment was done as part of a management buy-out led by Esure Chairman Peter Wood.

At the time of the deal Electra deputy managing partner Tim Syder said: "We are delighted to be involved in this agreement; Esure has a great brand, is managed by an entrepreneur with a great track record and it's a good time to invest in the cycle of the industry. "

The IPO values the insurer at £ 1 Esure. 2bn, with conditional deal on the shares as of today.

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Miller reinsurance team Hires Kevin Gill

21 March 2013 |By Newsdesk

Broker takes over repurchase production and placement specialist

Miller insurance services has hired Kevin Gill, a non-marine retrocession production and installation specialist, who joined the broker reinsurance team.

Miller head of reinsurance and Board Member James Geffen said: "Kevin is respected within the market of London and has an excellent reputation in the international arena of non-marine. I am glad that this one area of our business that we have is to strengthen further. "

Gill began his career in 1985 with E.W.Payne and has joined an higher production and role broking firms have kept on Aon Benfield Miller.

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The Nikkei Plunged New Concern Cyprus

Nikkei Terjerumus Kekhawatiran Baru Cyprus

Monexnews-Japan Stock Exchange Index, the Nikkei, became the stock exchange with the worst performance in the Asian session, with the rise of the Yen as a result of the return of safe-haven buying action when Cyprus is facing a deadline and the Governor of the central bank's bailout of Japan, the BoJ, for details on future monetary policy in the near future.

The Nikkei index traded down as much as 1.1 percent, while the KOSPI and S&P/ASX 200 each traded down 0.1%.

Help the fall of the stock indexes in Asia, the U.S. stock market ended Thursday down yesterday, battered still bertahannya Cyprus financial future and weak economic data from Europe.

(AR)



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The Nikkei Weakened Related Issues Deadline On Cyprus

Nikkei Melemah Terkait Masalah Tenggat Waktu Cyprus

Monexnews-Japan's Nikkei stock Index moved down Friday, down from as high as 4-1/2 years in the previous day's return-related debt problems concern Cyprus, while the strengthening Yen hit exporter sector.

The Nikkei dropped 0.9 percent to 12, 522.05, down from the previous day's high at 12, 650.26, the highest level since early September 2008 daily.

The Topix index fell 0.7 percent to 1, 051.07.

(AR)



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Monday, April 1, 2013

S&P Prune Rating Cyprus Into The CCC

S&P Pangkas Rating Cyprus Menjadi CCC

Monexnews-the European Union gave Cyprus time until Monday to raise billions of euros are needed to obtain an international bailout or face a collapse of the financial system that could encourage Cyprus to get out of the euro zone. The rating agency Standard Poor's cut its rating & Cyprus into the CCC from CCC +, warned "that the absence of a source of capital and fiscal financing credible, risk of occurrence of collapse increases." The Downgrade came after the Governor of the central bank of Cyprus Panicos Demetriades said it would take a policy to consolidate the banking sector, including measures to avoid bankruptcy the Cyprus Popular Bank. (xiang)



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EURJPY Survive Above 122.00

EURJPY Bertahan Diatas 122.00

Monexnews-EURJPY was last seen at 122.53, off a low of his daily in numbers, and down as much as 122.02 1.62% for this week. Currency pairs are closing the gap down that began this week, but still not able to move up further, noting the high in Wednesday's weekly figures, the number of the same 124.52 with closing day last Friday. The new Governor of the BoJ, Kuroda will hold a press conference today in Tokyo, to deliver a statement in addressing the problem of deflation in Japan.

Support close to the movement down in low Thursday at 122.02, followed by low Tuesday at 121.80 and low weekly Monday at 107. To rise, resistance movement near the low in Asia-Pacific session Monday at 122.70, followed by the low March 8 at 123.80 and high/low Tuesday, March 14, at 124.10.

(AR)



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Euro Ready Make 1.2900/1.3000 as the object of Consolidation

The underlying connection was closed: A connection that was expected to be kept alive was closed by the server.
Euro Siap Jadikan 1.2900/1.3000 Sebagai Tumpuan Konsolidasi

Monexnews-during the early middle ages this March the Euro traded barely touched the 1.3000 area between the movement to 1.2960 1.3100. But entering the second half of March, the Euro back down one level to 1.2900, where trade is still walking distance from the movement of the previous day.

Entering today's session, the Euro seems still able to move up from his fall at 1.2880 to back above 1.2900 traded at 1.2940 figures, but the momentum seems to be bullish is still not strong enough, so it looks like the Euro is going back to meet support level at 1.2870, where overall, the Euro will still be hit by ongoing bearish pressure and may be ready to test in a few sessions 1.2660, fore, said Sean Lee of FXWW. He hopes there will be action to sell the Euro today menjelan the weekend will be filled with a lot of the news agenda.

(AR)



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Economic Data Immobilizes & Cyprus Euro

Data Ekonomi & Cyprus Melumpuhkan Euro

Monexnews-the Euro weakened around the bursa turned over increasing evidence of the economic slowdown and worries about the banking collapse of Cyprus. The results of the business survey released Thursday indicates a contraction in the eurozone economy is increasingly deep in March, with most investors worry about slowing growth in Germany. While the European Central Bank gave Cyprus a deadline until Monday to increase funding of € 5.8 billion as a condition the disbursement of bailout.

"Uncertainty will be the fate of Cyprus and Euro zone economic data that disappoint have become key issues, 2 factors that be a reason not to buy the Euro at the moment," said Greg Moore, a currency analyst at TD Securities in Toronto. (vid)



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Aussie Rallies Will Buy New Action Act

Reli Aussie Akan Undang Aksi Beli Baru

Monexnews-Dollar Australua has strengthened recently, moving with the movement up the low area on the left for moving up to 1.0363 1.0457, bringing the currency to a new high of 7 weeks before this group at 1.0430. Transpiration bullish for dollar Australia area, indicate the action to buy new followed the market.

For the movement of the accession, there is still room for a figure close to 1.0467/75, where the perpetrators of the action should be to try and sell some pricing prospects selling related action that might be promising.

According to Sean Lee of FXWW, short term chart shows a positive position and gave a bullish bias for the price back to touch the 1.0400 area or at least 1.0370. The daily high at this time will provide the resistance level at 1.0475.

(AR)



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