Morning in brief: Lloyd's of London posts first full year losses since 2005
Insurance and reinsurance market Lloyd’s of London has posted its first full-year loss since 2005 following the worst year on record for natural disasters.
Bloomberg reports that the market reported a pre-tax loss of £516m during 2011, as a result of several natural disasters, including the Japanese tsunami.
The head of the Organisation for Economic Co-operation and Development (OECD) has warned that the eurozone needs to double the size of the bailout fund, to £836m, if it is to restore market confidence, reports the BBC.
A study commissioned by Morgan Stanley claims that the proposed Volcker rule on trading and investing will cause energy prices to rise, reports Reuters. The authors of the report claim that the bank plays a critical role in helping energy companies hedge risk.
The British Bankers’ Association is to impose a tighter code of conduct for the London Interbank Offered Rates (Libor) following recent scandals, writes the Financial Times.