Sanjeev Gupta’s GFG vows to fund steel producer ABB’s fight against New York bankruptcy case March 14, 2023 Sanjeev Gupta’s GFG Alliance has set out its plan to block steel producer Aartee Bright Bar (ABB) from being forced into bankruptcy. The conglomerate, which fully acquired the Midlands company last month, said it would ask a court to block New York investment fund FGI from plunging ABB into insolvency. GFG said its rescue plan [...]
Silicon Valley Bank collapse poses ‘tremendous opportunity’, lawsuit funder LCM says March 14, 2023 The collapse of Silicon Valley Bank poses a “tremendous opportunity” for more lawsuits, funder Litigation Capital Management (LCM) has said. The firm is readying itself to profit on an uptick in bankruptcies as the global economy hits a slump, the company’s chief executive has said. The Australian financier, that in February made £7m in profits [...]
Calls to overhaul ‘antiquated’ trial rules grow as SFO forced to drop G4S case March 14, 2023 The UK’s Serious Fraud Office (SFO) on Friday said it would be dropping its case against three former G4S executives over claims they defrauded the UK government of tens of millions of pounds. The collapse of the SFO’s case came after G4S itself took responsibility for the fraud that saw it mislead Britain’s Ministry of Justice [...]
Phoenix: Insurer hikes dividend after volatile markets hit investments and share price March 13, 2023 British insurer Phoenix Group today posted a £1.23bn loss as volatile markets hit the value of the insurance company’s investment portfolio. Shares in the FTSE 100 company fell sharply on the news as Phoenix pointed to the “challenging economic backdrop” after noting it generated 12.5 per cent less cash than in 2021 The insurer, however, [...]
EY puts global split on hold following fight over tax business March 9, 2023 EY’s plans to split its audit division from its consulting arm are on the brink of collapse amid a fight over the future of its tax business. The Big Four accounting firm has “paused” its plans for a global split, in the face of fierce disagreements over the extent to which its tax division should [...]
Aviva launches £300m share buyback scheme after posting 35 per cent surge in profits March 9, 2023 Aviva today vowed to buy back another £300m worth of its owns shares from investors after the insurer outstripped analysts expectations by posting a 35 per cent uptick in its operating profits in 2022. The UK insurance giant today said its operating profits had surged by 35 per cent, to £2.2bn, in what company chief [...]
Lloyd’s of London chief: Why the City needs Monday to ‘come back’ March 8, 2023 Lloyd’s of London chief executive John Neal has said he wants to “get Monday back” in calling for brokers and underwriters to return to the office four days a week. The insurance chief said that while “Tuesdays, Wednesdays, and Thursdays are busy” he now wants Lloyd’s staff to work in the firm’s City building on [...]
Beazley forced to lower chief exec’s pay following mistake in insurer’s results March 8, 2023 Beazley was today forced to publish a correction to its balance sheet after the Financial Times spotted an embarrassing error in its annual report. In its annual results statement, insurer Beazley overstated the value of its ‘net assets per share’ in reporting them at 420.8c instead of their real value 386.7c. Beazley’s error is particularly [...]
In-house lawyers will need both investment and a more proactive approach to survive, says senior PwC exec March 8, 2023 PwC is seeking to profit on the global downturn by offering companies advice on ways they can overhaul their in-house legal segments, to boost growth and cut costs. The Big Four firm is claiming businesses must fundamentally transform their in-house legal departments, in order to survive in an increasingly competitive world. This means turning risk [...]
Insurer Hiscox hikes dividend after posting best underwriting profits since 2015 March 8, 2023 London-listed insurer Hiscox today upped its dividend after posting its highest underwriting profits since 2015. Profit from its insurance business surged 25 per cent, from $215.6m in 2021 to $269.5m in 2022 shrugging of the potential impacts from several extreme weather events and the war in Ukraine. Hiscox, however, saw its overall profits drop, as [...]