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Hitachi fined over insurance breach

THE Central Bank has fined Hitachi Capital Insurance Europe €25,000 for breaching insurance rules. The breach related to a failure by the firm to comply with an undertaking to maintain available assets of at least 150pc of the total required solvency margin or its minimum guarantee fund of €3.5m, the bank said.

US durable goods' orders on the rise

ECONOMY

ORDERS for US durable goods rose in February as demand for cars, computers and capital equipment spurred the fourth monthly gain in the last five. Bookings for goods meant to last at least three years advanced 2.2pc, less than projected, after a revised 3.6pc decline the prior month, data from the Commerce Department showed.

Ormonde Mining's results 'positive'

COMMODITIES

ORMONDE Mining revealed results from the first three holes in a nine-hole drilling programme on the Zamora gold project in western Spain. Davy Stockbrokers said the drilling results were "positive with grades and widths sufficient to give encouragement that a resource can eventually be built".

Lloyd's loses £516m after difficult year

INSURANCE

THE Lloyd's of London insurance market crashed to its second-biggest ever annual loss last year. This comes after Lloyd's absorbed claims from major natural catastrophes, including Japan's earthquake and heavy floods in Thailand. Lloyd's, which traces its origins back 324 years, made a loss of £516m (€615m) in 2011. This compared with a £2.2bn profit the previous year.

Apple offers refund after 4G confusion

TECHNOLOGY

APPLE has offered to refund Australian customers who felt misled by advertising about the 4G capability of its new iPad. The device can only access the ultra-fast wireless network in North America. Apple's problems in Australia could have wider repercussions in markets where Apple also advertises the iPad as featuring 4G. This is despite those countries having an incompatible network.

Indo Business