Shell and BASF to appeal ruling

first_img Royal Dutch Shell and German chemicals maker BASF plan to appeal a Brazilian court ruling on health injuries related to pollution at a former pesticide plant. A Brazilian court has sentenced BASF and Shell to pay £1.1bn Brazilian real (£403m) for soil and ground water pollution. “We expect that the Brazilian courts at a higher level will eventually establish that we were not responsible for alleged health impacts and other claims,” a Shell spokesman said yesterday. BASF also plans to appeal, arguing former owner Shell was to blame, a BASF spokeswoman said. Shell built the factory in the 1970s and sold it to chemicals manufacturer Cyanamid in 1995. BASF bought the site in 2000 and produced pesticides there for only two years before shutting it down, the spokeswoman said. Since 2008, the owner of the plant is Shell again. Share KCS-content Shell and BASF to appeal ruling Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Sunday 22 August 2010 9:48 pm whatsapp Show Comments ▼ whatsapp Tags: NULLlast_img read more

Unite: BA strike ballot is inevitable

first_img KCS-content Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com whatsapp UNITE, the union representing British Airways (BA) cabin crew, has warned that a further strike ballot is “inevitable” with the Christmas holidays the next likely target for industrial action.Yesterday up to 2,000 members of the British Airlines Stewards and Stewardesses Association (BASSA), the BA crew branch of Unite, met at Kempton Park Racecourse to debate whether or not to launch another strike ballot.Union members voted to go ahead with the ballot, leaving the final decision to launch the poll with Unite’s joint general secretaries Tony Woodley and Derek Simpson.Unite is to meet with BA next week in Manchester at the Trade Union Congress in a bid to settle the long standing dispute, which has already seen crew cause disruption to BA passengers and cost the airline more than £150m.BA management and Unite remain at odds over disciplinary actions taken by the airline during the previous 22-day strike period and the removal of travel perks from striking crew.A spokesperson from BA said: “We continue to be in contact with Unite. We have received no notification of any ballot for industrial action. Unite’s crew branch BASSA has been talking about a ballot for the last three months. It does not have the authority to call a ballot.”Should the vote for further industrial action go through, BA’s Christmas operations could be severely disrupted causing headaches for the airline’s passengers.The news comes as BA chief executive Willie Walsh has outlined his plans to significantly expand the airline’s footprint.Walsh has already drawn up a shortlist of 12 possible airlines BA could merge with once the American Airlines and Iberia tie-ups are complete.BA also signed a codesharing agreement with India’s Kingfisher Airlines to share flights between the UK, Europe, India and Sri Lanka. Share Monday 6 September 2010 8:34 pmcenter_img whatsapp Unite: BA strike ballot is inevitable More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Tags: NULLlast_img read more

Google in wind farm venture

first_img Google has thrown its financial clout behind an ambitious $5bn (£3.16bn) proposed electric transmission line intended to spark investment in new wind farms off the heavily populated US East Coast. The move, which comes at a time when about a dozen wind projects have been proposed off the eastern United States but none have been built, marks the internet search giant’s latest move away from its core business, joining investments in solar energy and a plan to develop a car that will drive itself. Japan’s Marubeni Corp and New York investment firm Good Energies are joining in financing the planned 350-mile underwater electric cable, which will be led by Trans-Elect. whatsapp Google in wind farm venture Tuesday 12 October 2010 7:52 pm Share KCS-content center_img Show Comments ▼ 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 A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndo 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 Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe 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 Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Tags: NULLlast_img read more

CITY VIEWS: WILL YOU BE SPENDING LESS THIS CHRISTMAS BECAUSE OF WORRIES ABOUT THE ECONOMY

first_img KCS-content Thursday 14 October 2010 8:39 pm KEVIN SKELLY | KIRKLAND“I’ll be spending more this Christmas. I have a grandchild now so it’s definitely going to be more expensive. The austerity measures won’t have any real effect. It’s just something you have to spend money on.”VIKAS SAINI | TMFI’ll be spending about the same this year. The spending cuts and the economy won’t have an effect. I don’t have any children so I don’t have to shell out loads on them. The VAT hike won’t make much difference to me.”ANNA POLLINS | RAYMOND JAMESI’ll probably be spending more but I’ve definitely budgeted for it this year. I made a decision to keep some money set aside for Christmas, where I might not have before. The VAT rise won’t affect me.” CITY VIEWS: WILL YOU BE SPENDING LESS THIS CHRISTMAS BECAUSE OF WORRIES ABOUT THE ECONOMY whatsapp Sharecenter_img 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 Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe 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 Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Show Comments ▼ 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 PastThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaco RelishOnly People With An IQ Of 130 Can Name These ItemsTaco RelishMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUpbeat NewsThese 25 Celebrities Ruined Their Career in a Matter of MinutesUpbeat NewsFinancial ThreadHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeFinancial Thread whatsapp Tags: NULLlast_img read more

UK government set to fight EU maternity leave proposals

first_img UK government set to fight EU maternity leave proposals BUSINESS leaders and the government yesterday vowed to fight controversial draft EU proposals to extend maternity leave to a mandatory 20 weeks at full pay.Ministers said the UK would “work hard to oppose the plans”, which have been approved by MEPs but not yet by EU governments. Germany and France are also opposed to the plans.A spokesman for the Department for Business said government estimates put the potential cost of the measure at over £2bn per year – twice the current spend on maternity leave – “at a time when economies across the EU can least afford an increase”.Minimum maternity leave in the EU is currently set at 14 weeks.Business leaders also warned that the state may force employers to pick up some or all of the tab for the rise, hitting small firms which are already struggling in the wake of the crisis.The Institute of Directors said: “Some large businesses won’t mind the change because they are already gold-plating statutory maternity pay by making their own additional payments. But the effect on small firms, almost none of which can afford to supplement statutory maternity pay, would be very severe.” Show Comments ▼ Wednesday 20 October 2010 7:37 pm whatsapp Share whatsapp Tags: NULL KCS-content Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky 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 Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap last_img read more

Pension to be £140 for all

first_img Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky 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 Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap 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 PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald whatsapp Tags: NULL Show Comments ▼ Sunday 24 October 2010 11:13 pmcenter_img whatsapp Pension to be £140 for all Share A MASSIVE shake-up of the pension system is set to award everyone the same amount – £140 a week.Details of the Green Paper proposal emerged last night, with Work and Pensions secretary Iain Duncan Smith and pensions minister Steve Webb reportedly advocating a “single tier” state pension which would make savings by reducing beurocracy.The radical new scheme would cut out means testing and give a boost to women, who are more likely to be disqualified from the full basic pension because they have taken time out from work to raise children and therefore not paid as much National Insurance. “Our aim will be a simple, decent State Pension for future pensioners, which is easy to understand…..and affordable,” a spokesman said last night. KCS-content last_img read more

Arab Bank’s earnings dip, deposits up

first_img whatsapp Arab Bank’s earnings dip, deposits up Sunday 31 October 2010 11:09 pm JORDAN’S Arab Bank nine-month net profits dropped 19.7 per cent to $402.3m (£251m) against the same period last year, according to financial statements released yesterday that showed higher provisions.The bank saw a three per cent growth in assets to $52.12bn against $50.6bn at the start of the year, financial statements showed. Arab Bank Group, which includes Arab Bank Switzerland based in Zurich, also reported third-quarter net profit fell to $99m, down 37 per cent from the same period a year ago.The balance sheet showed the bank had set aside $203m in provisions for non-performing loans in the first nine months of 2010, up from $111m in the same period last year. Arab Bank, one of the Middle East’s major financial institutions, put aside $79.3m in provisions in the third quarter, up from $54.7m in the same period last year.Most Jordanian banks are setting aside higher provisions to cover possible defaults and non-performing loans by businesses and real-estate firms reeling from the impact of the global downturn on the aid-dependent economy. The bank saw a 4.4 per cent drop in net earnings and commissions to $990.5m in first nine months, the financial statements showed.Bankers said while the credit provisions weighed on profits, Arab Bank was cushioned by a healthy capital base and $8bn of shareholder equity.Bankers said that as long as few economic recovery signs emerge, Arab Bank and other financial institutions will continue to book provisions to cover anticipated defaults, though not at the same high levels they have put aside since the start of last year.Deposits rose to $32.8bn by the end of September 2010 from $31.5bn at end of last year. Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comcenter_img More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their mailboxesnypost.com KCS-content Show Comments ▼ whatsapp Tags: NULLlast_img read more

Mitchells & Butlers chairman John Lovering to resign

first_imgSunday 23 January 2011 10:20 pm whatsapp whatsapp Share JOHN Lovering is set to step down as chairman of the pubs group Mitchells & Butlers this week, a year after taking over following an investor-led board battle.Lovering, the former chairman of retailer Debenhams, has told the board he wants to leave as soon as a successor is found, because he feels he has done as much as he can to improve the group.His departure is expected to be announced at the company’s annual meeting this week.A source familiar with the company told City A.M.: “It has always been his intention to leave once he’d done what he set out to do.“He came in last year and set out a new strategy in March, which was to have foods-led, rather than drinks led pubs, and that is now the focus of the company.”Lovering joined the M&B board in January last year following a high-profile row instigated by the Bahamas-based Joe Lewis. Lewis had been involved in a public spat with M&B, who accused him of trying to take control of the board.The group, which has over 1,600 pubs and restaurants and whose chains include Harvester, All Bar One and Toby Carvery, sold over 300 pubs in the last year, helping it to reduce debt. Its financial results have also improved, and the share price is up almost 30 per cent in the year since Lovering took the helm.In September it reported a 4.4 per cent increase in sales at outlets open for more than a year, driven by a surge in demand for food. KCS-content Mitchells & Butlers chairman John Lovering to resign center_img 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 AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldSenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search Ads Tags: NULL More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI 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.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comlast_img read more

Charities get taxation boost

first_imgWednesday 23 March 2011 9:07 pm KCS-content Share CHANGES to inheritance tax rules in yesterday’s Budget means that those leaving 10 per cent or more of their estate to charity will now also get a 10 per cent tax relief on their donations. Charities welcomed the move, but accountancy firm KPMG called the 10 per cent target for donations “ambitious”, and said the net rate reduction would only work out to four per cent, falling from 40 per cent to 30 per cent. The chancellor also made adjustments to gift aid rules, raising the benefit limit from £250 to £5000 to allow “thank you gifts” for significant donors. More From Our Partners Charities get taxation boost 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 Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Show Comments ▼ whatsapp Tags: NULLlast_img read more

Popular and Allianz in link up

first_img 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Tags: NULL Share KCS-content BANCO Popular, Spain’s third-largest listed bank, and German insurer Allianz are creating a joint insurance company to manage over €11bn (£9.68bn) in assets.Popular will book capital gains of €490m from the deal, which a spokesman said yesterday will be used to strengthen its balance sheet.Spanish banks have been under close scrutiny on concerns about potential capital shortfalls after the collapse of the property sector, forcing groups to shore up assets.Popular’s agreement with Allianz, a long-time partner and shareholder, covers pensions and investment fund management as well as the insurance business.A new company, Allianz Popular, in which Allianz will hold 60 per cent and Popular the balance, will combine existing joint ventures in insurance and pensions with Popular’s fund management operations.“The new venture is positive, although it will have little significant impact on Popular’s balance sheet in the short term,” Renta 4 bank analyst Nuria Alvarez said.BPI analysts flagged the capital gains from the deal, which will boost Popular’s generic provisions cushion, which, as in the case of many Spanish banks, has been eroded over the past 18 months due to rising bad loans. Show Comments ▼ whatsapp Thursday 24 March 2011 8:53 pm Popular and Allianz in link up whatsapp last_img read more