US regulator subpoenas Hannover Re

In Short: Hannover Re, a German reinsurer, yesterday said it had received a subpoena from the US Securities and Exchange Commission…

In Short: Hannover Re, a German reinsurer, yesterday said it had received a subpoena from the US Securities and Exchange Commission (SEC) requesting information on finite reinsurance products.

Hannover Re said the subpoena was a general request from the SEC for information on financial or finite reinsurance products, and did not relate to inquiries by US regulators into American International Group, (AIG) the world's biggest insurer, or MBIA, the world's largest bond insurer. Hannover Re said it was not accused of any wrongdoing, and would co-operate with the SEC.

The group is the latest European insurer or reinsurer to be contacted by US regulators amid broadening inquiries into practices in the industry. - (Financial Times Service)

Statoil 34% profit rise beats forecast

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Norwegian energy group Statoil reported a slightly bigger than expected 34 per cent increase in first-quarter operating profit, driven by high oil and gas prices, favourable refining margins and cost controls.

Operating profit at the Nordic region's biggest industrial company by revenue rose to 21.50 billion Norwegian crowns (€2.65 billion) in the January-to-March period from 16.05 billion in the same quarter a year earlier.

The result topped an average forecast of 21.17 billion but was within the range of estimates of 20.02 billion to 22.66 billion crowns. Net profit climbed 44 per cent to 6.77 billion crowns. - (Reuters)

Casey to lead financial lobby

Denis Casey has been appointed chairman of Financial Services Ireland, the lobby group for the financial services industry. He succeeds William Slattery, who has held the position since 2002.

Mr Casey, who joined Irish Life in 1980, is a certified accountant. A member of the Irish Life & Permanent board, he is currently chief executive of Irish Life Retail.

Survey to examine financial literacy

The National Adult Literacy Agency and EBS Building Society are to carry out a research project into financial literacy.

The survey, the first of its kind in the Republic, is aimed at identifying the barriers to financial services for people with low literacy and numeracy skills levels.

It is part of a three-year programme to raise awareness of the issue of financial literacy.

Accenture to recruit 100

Management consulting and outsourcing group Accenture is to recruit an additional 100 people for its Irish operations. The company said the jobs would be created between now and the end of August.

The jobs will bring to 1,200 the number it employs in Ireland. They will be concentrated in Accenture's Dublin operations including in its consultancy practice in the IFSC and its European Service Centre in Grand Canal Plaza.

African Diamonds finds stones

The John Teeling-chaired African Diamonds said yesterday that it has found 54 stones weighing a total of 6.33 carats in its interest in Botswana.

The company said that the area, in which it and joint venture partner, De Beers, have been drilling has turned up 54 stones, including one weighing 2.26 carats.

The company said that the overall results indicated that the overall quality of its AK8 area in Botswana could be higher in some areas that originally anticipated.