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Lloyd's of London sees most profitable year since 2009

Lloyd's of London, the centuries-old insurance market, said Wednesday that it had seen its most profitable year in 2013 since the height of the financial crisis. Pre-tax profit rose 15 percent to £3.205 billion ($5.31 billion, 3.85 billion euros) last year compared with £2.771 billion in 2012, Lloyd's said in a statement. The group benefited from an absence of major claims for natural catastrophes.

Biographical data for Timothy Massad, nominee to head the Commodity Futures Trading Commission

NAME — Timothy G. Massad AGE-BIRTHPLACE — 57; New Orleans EXPERIENCE — Assistant U.S. Treasury Secretary for Financial Stability, 2010-present; chief counsel, Troubled Asset Relief Program, Treasury Department, 2009-2010; adviser to newly established Congressional Oversight Panel, overseeing TARP, December 2008-February 2009; corporate attorney, Cravath, Swaine EDUCATION — Bachelor's degree from Harvard College, 1978; law degree from Harvard, 1984. FAMILY — Wife, Charlotte Hart; two children, Emil and Jayne.

British reporting rule change exposes transatlantic cultural gap

By Jemima Kelly LONDON (Reuters) - As investors prepare to digest the latest round of company earnings figures, Britain's move to scrap the quarterly reporting requirement has revealed a divergence of opinion between the domestic and U.S. investment communities. While British investors endorse what they perceive as a measure against short-termism, their counterparts across the Atlantic are concerned that less frequent company reports will mean less transparency.

Lloyd's of London picks first female chief executive

Lloyd's of London, the 325-year old insurance market, announced on Monday the appointment of its first female chief executive -- industry veteran Inga Beale. Lloyd's said British national Beale would succeed Richard Ward who is stepping down after eight years at the helm. Beale, 50, takes over in January. Ward had announced in July that he would leave the top post. "I am absolutely delighted that we have appointed Inga as chief executive," Lloyd's chairman John Nelson said in a statement.

Attorneys say Montana man severely injured in Bakken fire gets $10 million-plus in settlement

BILLINGS, Mont. - A Montana man severely burned in a Bakken oil patch fire has reached a multimillion-dollar settlement with a Texas company accused of providing him insufficient training and equipment, according to attorneys for the plaintiff and court documents. Thirty-year-old Lester "Gary" Roberts of Billings received what his attorneys described Wednesday as a "substantial eight-figure sum" to resolve his lawsuit against EOG Resources Inc. of Houston. That would make the settlement worth at least $10 million, although a precise figure was not released.

Exclusive: Inside Nasdaq's succession planning process

By John McCrank (Reuters) - For more than two years, a recurring question has gnawed at the board of Nasdaq OMX Group Inc: If Chief Executive Bob Greifeld were to leave, who would step into his shoes?

Developers face heat for London's car-frying skyscraper

By Tom Bill and Belinda Goldsmith LONDON (Reuters) - A new London skyscraper that reflects sunlight at an intensity capable of melting parts of a car became the latest attraction in the city's financial district on Tuesday as the developers acted to find a quick fix. The glass-clad tower, dubbed the Walkie Talkie for its distinctive flared shape, was blamed this week for warping the wing mirror, panels and badge on a Jaguar car parked on the street below the 37-storey building that is under construction.

US stocks decline for 3rd straight day

US stocks Wednesday retreated for the third straight session on another quiet news day that left investors searching for direction. The Dow Jones Industrial Average dropped 48.07 (0.31 percent) to 15,470.67. The broad-based S&P 500 gave up 6.46 (0.38 percent) at 1,690.91, while the tech-rich Nasdaq Composite Index fell 11.76 (0.32 percent) to 3,654.01. Analysts said markets are still steadying themselves after the barrage of corporate earnings and economic data releases in recent weeks.

London Stock Exchange logs soaring quarterly revenues

The London Stock Exchange Group reported a surge in revenues in the first quarter of its financial year on Thursday, boosted by the acquisition of a majority stake in clearing house group LCH.Clearnet. Revenues jumped 39 percent to £249.7 million ($379 million, 289 million euros) in the three months to the end of June, compared with the outcome in the same period a year earlier. "The group has made a positive start to the year," said the group's French chief executive Xavier Rolet.

London Stock Exchange posts sliding profits

The London Stock Exchange Group said Wednesday that 2012/2013 net profits more than halved, but expressed optimism over the outlook for the current financial year. Earnings after taxation slumped to £217.0 million in the 12 months to the end of March, the LSE said in a results statement. That compared with £522 million in 2011/2012, when results were skewed by a large exceptional gain on its stake in FTSE International.
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