Munich Re FY Profit Rises; Proposes Higher Dividend
Munich Re (0KFE.L), a provider of reinsurance, primary insurance and insurance-related risk solutions, reported that its profit for fiscal year 2019 rose to 2.71 billion euros from 2.28 billion euros last year.
Operating result grew to 4.00 billion euros from 3.73 billion euros in the prior year.
Gross premiums written increased by 4.9% year on year to 51.46 billion euros.
The company said that it is confident to reach the profit target of 2.8 billion euros for 2020 that it set out in our multi-year ambition for 2018-2020. Of this, around 2.3 billion euros will be generated by the reinsurance field of business, and around 530 million euros by the ERGO field of business.
The company will propose to both the Supervisory Board and the Annual General Meeting an increase in the dividend to 9.80 euros per share, and also to launch a further share buy-back programme with a volume of 1 billion euros.
Veolia Environnement FY19 Net Income Group Share Rises; Revenue Up 4.3%
Veolia Environnement (VE) reported that its fiscal 2019 net income – group share – rose 41.8% to 625 million euros from 441 million euros in 2018 represented. Current net income – group share – rose 13.1% and 13.5% at constant exchange rates, to 760 million euros compared to 672 million euros for 2018 represented. Current net income – Group share – per share was 1.07 euros compared to 0.65 euros, last year. EBITDA improved to 4.02 billion euros compared to 3.84 billion euros, represented, a growth of 4.7% at current exchange rates and up 4.5% at constant exchange rates.
Fiscal 2019 revenue was 27.2 billion euros compared to 25.9 billion euros in 2018 represented, a growth of 4.8% at current exchange rates.
For 2020, the company projects: EBITDA of approximately 4.1 billion euros; and solid organic growth in revenue.
For 2023, the company projects: EBITDA between 4.7 billion euros and 4.9 billion euros; and continued solid growth in revenue.
Veolia’s Board will propose to shareholders the payment of a dividend of 1.00 euros per share with respect to the 2019 fiscal year, payable in cash.
Cracked window forces passenger plane to fly back to Moscow airport – TASS
MOSCOW (Reuters) – A Boeing-777 passenger plane en route to Bangkok with more than 200 people on board has been forced to fly back to Moscow’s Sheremetyevo airport because of a cracked cockpit window, the TASS news agency cited emergency services as saying on Friday.
The plane reported the crack after entering Kazakh air space, the report said.
Nigeria one-year naira slides past 400 on forward market after first coronavirus case
ABUJA, Feb 28 (Reuters) – Nigeria currency slid past 400 naira on the one-year forward market after the West African country recorded it first case of coronavirus.
The naira was priced much weaker on Friday at 413.55 to the dollar in a year’s time, compared with the 399.73 it traded at two weeks ago. (Reporting by Chijioke Ohuocha; Editing by Alison Williams)
Russian businessman Oleg Tinkov attends court hearings over tax: TCS
MOSCOW (Reuters) – Russian businessman Oleg Tinkov is attending court hearings initiated by the U.S. Internal Revenue Service to resolve potential tax issues, the TCS financial group which he founded said on Friday.
Tinkov is attending the hearings as a private individual and is confident the matter will be resolved swiftly, TCS said in a statement, adding that the case would not affect any of the group’s companies.
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Greta Thunberg appears at climate rally in English city of Bristol
BRISTOL, England (Reuters) – Greta Thunberg appeared at climate rally on Friday in the English city of Bristol.
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Kenya's high court orders suspension of flights from China over coronavirus
NAIROBI (Reuters) – Kenya’s High Court on Friday ordered flights from China to be temporarily suspended over the coronavirus outbreak, following a petition by the Law Society of Kenya.
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Kenya has had no confirmed cases of the disease.
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German economy could miss lowered growth forecasts in 2020 – Bundesbank
FRANKFURT, Feb 28 (Reuters) – The German economy could miss already lowered growth forecasts this year as the coronavirus epidemic hits demand as well as supply in China while also spreading abroad, the country’s central bank governor said on Friday.
“All in all, economic growth this year could come in slightly lower than our experts estimated in December,” Bundesbank President Jens Weidmann said.
The Bundesbank halved its real GDP growth prediction for 2020 in December to 0.6%. (Reporting by Francesco Canepa; Editing by Alison Williams)
Turkey CDS hit four-month high after death of soldiers in Syria
LONDON, Feb 28 (Reuters) – The cost of insuring exposure to Turkey’s sovereign debt climbed to a four-month of 351 basis points on Friday as tensions in the region escalated following the death of 33 Turkish soldiers in an air strike in Syria.
Turkey’s five-year credit default swaps (CDS) added 25 bps from Thursday’s close, according to IHS Markit data.