Cayman Islands fund manager convicted over role in £100m ‘no win, no fee’ investment fraud August 10, 2022 The founder of a Cayman Islands investment fund, that bankrolled ‘no win, no fee’ lawsuits, has been convicted of using a complex network of overseas trust to defraud investors of millions. Timothy Schools, investment manager at the Cayman Islands headquartered Axiom Legal Financing Fund, used investors cash to fund his luxury lifestyle, that saw [...]
Musk sells $7bn worth of Tesla shares as Twitter battle heads to trial August 10, 2022 Elon Musk has sold nearly $7bn (£5.7bn) worth of Tesla shares as his battle with Twitter over his botched takeover heads to court. Musk, tech entrepreneur and the world’s richest man, will head to trial on 17 October. Musk had sold $8.5bn (£7bn) worth of Tesla shares in April, assuring shareholders that he was not [...]
Dozens of people in China infected with new virus called Langya transmitted from animals August 10, 2022 Chinese authorities are urgently looking into a new deadly virus that has infected over three dozen people in the country, several media in Asia report this morning. The virus, called Langya, is carried to humans from animals, particularly shrews, according to The Taipei Times. The Langya henipavirus has been discovered in China, with 35 confirmed [...]
Insurers grapple with transition to a greener world August 10, 2022 Last week, a coalition of thirteen of the UK’s major insurers vowed to cut their supply chain emissions as part of the Sustainable Markets Initiative’s (SMI’s) sustainable supply chain pledge. In signing the SMI pledge, the 13 insurers and brokers – including Axa, Phoenix, Lloyd’s, and Direct Line – vowed to work with their suppliers [...]
Aviva hikes dividend and assures £400m takeover nearly over August 10, 2022 Insurance giant Aviva has sought to soothe investor concerns today, confirming that the nearly £400m takeover of Succession Wealth will be completed later this year. The deal is expected to be wrap up in the second half. While its interim dividend for this year has jumped 40 per cent to 10.3p per share – up [...]
Royal Mail expects full-year loss if strikes go ahead August 10, 2022 Royal Mail said it would be “materially loss-making” for the financial year 2022-2023 if its employees go ahead with planned strike action. More than 115,000 Royal Mail postal workers are set to strike for four days in a dispute over pay, with the Communication Workers Union (CWU), which represents the workers, announcing that 24-hour walkouts [...]
Tui takes £63m hit from recent travel chaos after 200 flight cancellations in just two months August 10, 2022 Holiday giant Tui has revealed a £63m hit from the recent travel chaos that crippled airports and led to flight cancellations and lengthy delays. The firm said its customers were impacted by about 200 flight cancellations in May and June, in particular due to woes at Manchester Airport amid staff shortages. Tui remained loss-making in [...]
China’s zero-Covid policy hits Prudential’s business August 10, 2022 London insurance company Prudential today said it had suffered steep losses from its Hong Kong business due to China’s zero-Covid policy. The Asian focused insurer said profits from underwriting new policies fell 31 per cent in Hong Kong and four per cent in Mainland China. Covid restrictions in Prudential’s other cornerstone markets – Indonesia, Malaysia, [...]
Widening losses for Deliveroo while Next chair Lord Wolfson exits board August 10, 2022 Delivery platform Deliveroo has posted a heftier loss while also announcing the departure of Next chair Lord Simon Wolfson from its board. In its half-year results, the London-listed firm posted an adjusted EBITDA loss of £68m, a wider loss than the £26m posted in the first half of 2021. However, it marked an improvement of [...]
Admiral profit and share earnings halve as ‘unique’ pandemic conditions fade August 10, 2022 Insurance giant Admiral has had its pre-tax profits and share earnings halve over the past year, nearing pre-pandemic levels as the “unique” Covid-19 market conditions fade. The group’s profit before tax sunk 48 per cent to £251.3m in the six months to 30 June, in comparison with the same period in 2021. However, the figure [...]