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Money Fairfax president Rivett retiring; company earns record US$2 billion in 2019

10:35  14 february  2020
10:35  14 february  2020 Source:   msn.com

Record year for Morocco tourism with 13 million visitors

  Record year for Morocco tourism with 13 million visitors A record 13 million tourists visited Morocco in 2019, up 5.2 percent from the previous year, official figures showed Wednesday. The number includes Moroccans from the diaspora, who account for around half of visitors annually.Tourism revenues hit 78.6 billion dirhams ($8.16 billion) in 2019, up from 73.04 billion dirhams ($7.58 billion) the year before, the Moroccan Tourism Observatory said.It attributed the rise -- for the first crossing the 12-million mark -- to its primary markets, France and Spain.

Worldwide spending on information security products and services will reach more than 4 billion in 2018, an increase of 12.4 percent from last year, according to the latest forecast from Gartner, Inc. In 2019 , the market is forecast to grow 8.7 percent to 4 billion .

stock holdings,” Paul Rivett , Fairfax president , said by email. “It is also worth mentioning that half of our Blackberry position is in a convertible debenture.”Here are details of the Tuesday selloff:To contact the reporters on this story: Aoyon Ashraf in Toronto at aashraf7@bloomberg.net

  Fairfax president Rivett retiring; company earns record US$2 billion in 2019 © Provided by The Canadian Press

TORONTO — The president of Fairfax Financial Holdings Ltd. is retiring after 17 years with the company.

However, Paul Rivett will remain chairman of certain Fairfax investees, including Recipe Unlimited and Fairfax Africa.

Chairman and chief executive Prem Watsa says Rivett has been "instrumental in our success."

The announcement came as the holding company involved in property and casualty insurance and reinsurance said it swung to a US$672-million profit in the fourth quarter, compared with a US$477.6 million loss a year earlier. Net premiums increased 5.5 per cent to US$3.2 billion.

For the full year, Fairfax earned a record US$2 billion or US$69.79 per diluted share for the period ended Dec. 31, up from US$376 million or US$11.65 per share in 2018.

This report by The Canadian Press was first published Feb. 13, 2020.

Companies in this story: (TSX:FFH, TSX:RECP)

The Canadian Press

Grounded jet sends Boeing to first annual loss in 2 decades .
Boeing, an icon of American manufacturing, suffered its first annual financial loss in more than two decades while the cost of fixing its marquee aircraft after two deadly crashes soared to more than $18 billion. New CEO David Calhoun on Wednesday stood by his estimate that regulators will certify changes Boeing is making to the 737 Max by mid-year. Calhoun criticized the company's prior leadership for not immediately disclosing a trove of damning internal communications that raised safety questions about the Max. He promised to be more transparent.“I have to restore trust, confidence and faith in the Boeing Co.,” he told Wall Street analysts.

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