Bank of England pledges to get tough on insurers’ risk plans September 25, 2014 INSURANCE firms will not get regulatory approval unless they can prove they have rigorously estimated the risks they face across their business, Bank of England boss Mark Carney said yesterday. The new Solvency II rules come into force next year, making insurers lay out more detailed risk and capital plans, across Europe. “This rigour has [...]
Recovery is on track as Britons keep spending September 25, 2014 SALES of clothes and furniture shot up in the year to September, industry data showed today, while department stores saw exceptionally strong growth. A total of 48 per cent of retailers told the Confederation of British Industry (CBI) their sales were up on the year, far outweighing the 17 per cent who saw sales fall, leaving [...]
Sanctions push Russian prices up 7.5 per cent September 25, 2014 Russia’s rate of inflation may exceed 7.5 per cent this year, as foreign and domestic sanctions act to restrict the supply of goods. Russia’s target has been around four per cent since the end of hyperinflation in the early 1990s, but it is highly likely to miss the target this year, according to the head [...]
US economy continues to surge ahead September 25, 2014 THE NUMBER of Americans filing new claims for unemployment benefit increased less than anticipated last week as the US labour market looks to be tightening. Initial claims for unemployment benefit rose 12,000 to 293,000 for the week ending 20 September, according to figures released yesterday by the US Department of Labour. The US central bank, the [...]
Lloyd’s chairman John Nelson: We have global ideas and diversity will help September 25, 2014 With more than 325 years of history behind it, Lloyd’s of London is one of the City’s most venerable insurance fixtures – but that hasn’t prevented it from moving with the times, according to chairman John Nelson. “I’ve seen a lot more diversity here than when I started three years ago,” Nelson said, and [...]
£430m sale by Direct Line to boost investors September 25, 2014 INSURANCE group Direct Line announced yesterday it had agreed to sell its international division to major Spanish insurance firm Mapfre for €550m (£430.5m) FTSE 100-listed Direct Line said the sale of its international division, comprising its German and Italian businesses, would lead to a pre-tax gain of around £160m from the sale. Direct Line said [...]
Longest serving bank boss exits September 25, 2014 RBS CHAIRMAN Sir Philip Hampton yesterday formally announced his planned move to become chairman of GlaxoSmithKlein. He will make the move in early 2015 when a successor is found – among the front-runners is thought to be Lord Myners, the former City minister under Gordon Brown through the financial crisis. Hampton will become a non-executive director [...]
PPI complaints fade away but current account woes increase September 25, 2014 THE PAYMENT protection insurance (PPI) mis-selling scandal showed signs of drawing to a close yesterday as the City watchdog revealed complaints volumes were falling sharply. But other problems in banks are starting to emerged, with complaints about current accounts starting to creep upwards. There were 2.4m new complaints opened in the first half of 2014, the Financial [...]
Charles Stanley kicks off search for Sir David’s new replacement September 25, 2014 WEALTH manager Charles Stanley yesterday launched the hunt for a new chief executive after current boss Sir David Howard announced he would stand down after 26 years. Charles Stanley, listed on the junior stock market, said the decision was made in light of new EU regulations, which ban fund executives from holding the role of [...]
Michael O’Leary proves he’s still good for laughs September 25, 2014 RYANAIR has the best shareholder meetings. Despite Michael O’Leary’s decision to “step out of the public spotlight”, he’s still good for quips when he gets in front of a crowd. Yesterday’s meeting in Dublin was no different. Tesco was first to get it in the goolies. When speaking about chief marketing officer Kenny Jacobs, O’Leary [...]