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In addition, the Bakrie Group also made a conditional proposal on Thursday 11th to buy back the remaining 18.9% shareholding in Bumi Tbk for cash before Christmas 2012, and made a conditional proposal to make a cash offer within the next six months for the company's approximately 84.7% shareholding in PT Berau Coal Energy Tbk. The independent non-executive directors of Bumi are relying on Rothschild Group's advice to determine whether the Bakries' proposals represent fair value to Bumi shareholders. Nat Rothschild, who is related to Baron David de Rothschild, the Chairman of Rothschild Group, is putting together a consortium of backers to launch a counter-offer to the Bakrie family's proposal, news agency Reuters reports. "Sources familiar with the matter said Rothschild - who set up Bumi with the Bakries two years ago - was in talks with various partners including former general and current presidential candidate, Prabowo Subianto, to thwart the Bakrie plan and take control of parts of the coal empire," Reuters reports. Subianto is the former son-in-law of ex-Indonesian President Suharto.

The Rothschild family get-together at Hannukkah could be interesting this year, with Bumi appointing the Rothschild Group as its financial adviser while former Bumi director Nathaniel Rothschild is said to be forming a consortium to back him in a buy-out attempt. Business is business, however, and the appointment of the Rothschild Group, a finance house with a history dating back to the early nineteenth century, comes as no surprise after Bumi called in the group to evaluate proposed transactions by major Bumi stakeholder, the Bakrie Group, that are intended to bring to an end board room strife at the Indonesian mining group. On Thursday 11th October, shares in Bumi leapt after the Bakrie Group tabled an offer under which it would swap its stake in the group for a stake of equivalent value in Bumi Resources, a subsidiary of Bumi. It was hoped that the proposal could bring the curtain down on the fractious relations between the Bakries, one of Indonesia's wealthiest and most influential families, and another of the Bumi's original backers, financier Nat Rothschild. However, on Tuesday 16th Rothschild resigned from the board of Bumi, saying he had lost confidence in the management's ability to stand up for investors.

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Direct Line, the insurance group that was spun off from the Royal Bank of Scotland in October, has reported mixed trading for the nine months to September 30th. For the nine month period, operating profit from ongoing operations was up 3% at £347.9m compared with the same period in 2011. The number of policies in force increased to 20.1m, up 4% since the beginning of the year (December 31st 2011: 19.4m) with motor insurance and home insurance broadly stable and growth in 'rescue' or car breakdown insurance and other personal lines. Its combined operating ratio (the sum of net insurance claims, commission and other operating expenses expressed as a percentage of net earned premium) for ongoing operations was 99.7% for the nine months, an improvement against the nine months to September 30th 2011 (101.9%). This was driven principally by a significant improvement in the loss ratio. However, operating profit from ongoing operations for the third quarter of 2012 of £123.7m, down 4% compared with third quarter 2011, reflected lower investment returns partially offset by a better underwriting result; the third quarter 2012 combined operating ratio of 96.9% compared with 100.5% for third quarter 2011, driven by improvements in both the loss and expense ratios.

Uncalled commitments to funds at September 30th were £10.6m and the company had cash of £51.5m. The company's unaudited net asset value per share at September 30th was 85p, down 3p from 88p as at June 30th, mainly due to unrealised currency losses as the US dollar weakened against pound sterling. As of March 15th, Shroders held 18.12% of the company and Jupiter Asset Management 8.11%.

LMS Capital, an investment company specialising in small- to medium-sized companies in the consumer, energy and business services, intends to return up to 40m pounds to shareholders, it announced on Friday. The £40m marks the first chunk of what is hoped will be ongoing distributions to shareholders. To qualify shareholders must be on the register by the end of November 22nd. This is the latest step in a strategic move as it attempts to gradually realise the value of its portfolio, much of it invested in unlisted companies, and return cash to shareholders. In the three months to September 30th, it received proceeds from 'realisations' (principally distributions from its fund interests) of £21.4m, including £17.9m from San Francisco Equity Partners following its sale of Method Products. In the same period calls from its outstanding fund commitments were £1.1m. Total realisations in the first nine months of the year were £31.5m, with fund calls of £4.9m.

Emerging markets bank Standard Chartered bank hopes to settle all claims over Iran-linked transactions with US agencies by the end of the year. Reuters reports that the bank is close to agreeing a joint settlement with the Manhattan District Attorney, the US Treasury Department, the New York Federal Reserve and the Justice Department that will mirror a settlement made in August with New York's banking regulator. That settlement cost the bank $340m and it is estimated that this settlement will be of the same magnitude. The allegations were that it breached US sanctions and hid $250bn of financial transactions with Iran.

Shares of Alcatel Lucent plummeted in France on Friday morning after the telecom equipment maker swung to a third-quarter loss. Sales dropped 2.8% to €3.6bn with the net loss coming in at €146m, compared to last year's profit of €194m. Even after stripping out one-time items, the adjusted operating bottom line settled at a loss of €125m, down from a third-quarter 2011 profit of €149m. The French company burned through €320m in cash and said it is "in the process of studying different alternatives" to reinforce its balance sheet. Chief Financial Officer Paul Tufano said the company is considering asset disposal but gave no further details. Alcatel was leading the losses on the Cac 40 in Paris in mid-morning trade, dropping 6.43% to €0.7710.

it was hoped that the proposal could bring the curtain down on the fractious relations between the Bakries, one of Indonesia's wealthiest and most influential families, and another of the Bumi's original backers, financier Nat Rothschild. However, on Tuesday 16th Rothschild resigned from the board of Bumi, saying he had lost confidence in the management's ability to stand up for investors. In addition, the Bakrie Group also made a conditional proposal on Thursday 11th to buy back the remaining 18.9% shareholding in Bumi Tbk for cash before Christmas 2012, and made a conditional proposal to make a cash offer within the next six months for the company's approximately 84.7% shareholding in PT Berau Coal Energy Tbk. The independent non-executive directors of Bumi are relying on Rothschild Group's advice to determine whether the Bakries' proposals represent fair value to Bumi shareholders.

Bumi, the FTSE 250 mining company, has confirmed that it has not received a proposal from former Bumi director Nathaniel Rothschild. Following a number of reports which speculated that such a proposal has been made, the company was forced to make the announcement shortly after midday. Shares in the firm initially leapt on the reports and - despite the announcement - were up almost 15% by mid-afternoon trading. Last month it was announced that the company has appointed the Rothschild Group as its financial adviser, a moves which came as no surprise after Bumi called in the group to evaluate proposed transactions by major Bumi stakeholder, the Bakrie Group, that are intended to bring to an end board room strife at the Indonesian mining group. On Thursday 11th October, shares in Bumi leapt after the Bakrie Group tabled an offer under which it would swap its stake in the group for a stake of equivalent value in Bumi Resources, a subsidiary of Bumi.

Wolseley, the FTSE 100 plumbers' merchant, is set to acquire the property, stock and vehicle assets of 22 sites from Burdens, which supplies drainage and civil engineering products in the UK. The consideration for the purchase is set to be in the region of £30m, which includes a goodwill payment of £5.0m. In the three months to the end of September, the sites generated revenue from ongoing business of around £40m. The sites will be integrated with Wolseley UK's core businesses and Wolseley will have exclusive use of the Burdens name in the UK. Ian Meakins, Chief Executive of Wolseley said: "Like our other UK businesses, Burdens has a well established reputation. The acquisition will extend the reach of the Group's successful utilities business in the UK and gain one of the leading positions in the underground drainage sector. We warmly welcome the Burdens staff that are transferring into the Group and look forward to building the pre-eminent brand in this attractive market."

Positive Points: UK claims trends continue to be encouraging with management confirming the group remained on track to meet its expectations for 2012. Group vehicle count was recorded as up 8% to 3.55 million (Q3 2011: 3.28 million). The group confirmed that its financial position remained strong.

Negative Points: The insurer operates in a highly competitive insurance space. A renewed outbreak of price competition in the UK motor insurance market could affect operating profit margins. Regulatory interference could have a negative influence on future business development. The Group has exposure to foreign exchange risk through its expanding overseas operations. In May, the Office of Fair Trading sought further investigation into the private car insurance market after finding evidence of some anti-competitive practices. Car insurers had pushed up premiums for drivers. An outcome from the OFT is awaited............

Financial Highlights: Overall, third quarter Group turnover decreased by 2% to £570 million (Q3 2011: £582 million. Year-to-date turnover improved by 3% to £1.7 billion from £1.6 billion last year.

Interim statement: Admiral reports a fall in quarterly revenues. A brief announcement saw Admiral Group publish a 2% drop in quarterly turnover when compared to the same period a year earlier. The results led chief executive Henry Engelhardt to comment that "little has changed since the half year", adding "The UK car insurance market is cyclical and we are in the softer part of the cycle with premium rates coming down. We believe that the sensible strategy in this part of the cycle is to slow our rate of growth. We remain on track to meet our expectations for the full year.

Company overview Admiral was set up in 1993 as a direct writer of UK personal motor insurance. It has four brands (Admiral, Diamond, Bell and Elephant) and is now the third largest in the market with a leading position for business introduced on the internet. The group has also developed the market leading internet aggregator in the motor insurance space (Confused.com). Admiral floated on the London Stock Exchange on 23rd September 2004 and is a constituent of the FTSE 100 index.

Positive Points: The insurer achieved a successful separation from RBS Group and subsequent IPO of Direct Line Insurance Group on the stock market in early October. Plans to improve the business include continuing the company's recent cost-cutting programme where it has earmarked a further £100 million of gross annual cost savings are on track with approximately 50% of its target achieved. The group is also well placed to capitalise on the shift in Italy and Germany towards buying insurance direct. This has been the fastest growing method of distribution in recent years. The number of policies in force increased to 20.1m, up 4% since the beginning of the year (December 31st 2011: 19.4m) with motor insurance and home insurance broadly stable and growth in 'rescue' or car breakdown insurance and other personal lines. A conservative investment strategy. Direct Line's investment portfolio is managed conservatively with a mix of cash, government bonds, and corporate debt. Cash generative with target of growing dividends. The company aims to return profits to shareholders by way of dividends and has targeted annual increases. The final dividend for the 2012 financial year is expected to be paid in the second quarter of 2013. If payable, the total dividend is expected to be based on a pay-out ratio of between 50 and 60% of the company's post-tax profit from on-going operations. Of this, two thirds is expected to be paid as a final dividend. The insurer benefits from market leading brands and multi-channel distribution. Through its stable of household brands - Direct Line, Churchill, Green Flag, Privilege and NIG - the company provides insurance covering homes, cars, pets, travel and small businesses.

Negative Points: Insurance is a highly competitive market and regulatory or industry changes in future may affect profits. Insurance regulation is currently under review in the UK and also across the EU. New solvency requirements are being discussed in the European Parliament and a vote is due in November. This could mean the company will have to hold greater reserves against their liabilities. The Office of Fair Trading has referred the UK's private motor insurance market to the Competition Commission. Profits will suffer if claims are higher than expected. 86% of Direct Line's Gross Written Premium comes from the UK so its fortunes are closely tied to those of the British economy. Insurance is a risk business and as such it is exposed to factors outside its control such as the weather. Also, 42% of premiums come from motor insurance. The company had to react to the rise in personal injury claims for car accidents and is therefore arguably not immune to similar industry-wide shifts in future. Any change to a business carries risk. The company recently shed specific business sectors such as taxi and motorcycle insurance and moved toward insuring safer drivers. The resulting increase in profit was largely due to lower claims but we believe it remains to be seen if these lower claims are a direct result of the business changes or simply natural variation. As a key part of their business, insurance companies invest the premiums they receive, and investment returns contribute to profit. Whilst we believe the group has a conservative investment strategy any investment losses would reduce profits. All investments can fall in value as well as rise, and any losses would reduce profits. A large shift in the bond market prompted by an increase in central bank interest rates, for example, would affect the value of these investments.

Financial Highlights: Direct Line posted a 4% fall in operating profit for the three months to 30 Sept of £123.7 million, due to lower investment returns (2011- £128.3 million). For the nine month period to the end of September, operating profit from ongoing operations was up 3% at £347.9 million compared with the same period in 2011. The group said it was halfway towards its target of £100m in cost savings by 2014.

Interim statement: Direct Line half way towards cost cutting target. In its first trading announcement as a listed company since floating on the stock market on 11 October, Direct Line said it was half way towards achieving its £100 million cost cutting target. Last month, Direct Line announced plans to shed about 7% of its 15,000 strong workforce in an effort to cut costs and boost its return on equity to 15% from 10% in the first half of 2012. CEO Paul Geddes said "Against the backdrop of a competitive market and subdued investment returns, we continue to focus on disciplined pricing and underwriting, delivering claims improvements and lowering our expenses through our cost savings initiatives"