Prudential’s Asia business drives growth in operating profit March 3, 2021 Prudential is preparing to spin off its US unit as it focuses on its main Asian business which boosted operating profit four per cent last year. The insurance giant reported overall adjusted operating profit from continuing operations of $5.5bn while Asia operating profit jumped 13 per cent to $3.7bn. It comes after a difficult first [...]
Brian Mattingley leaves 888 to become Playtech chair March 3, 2021 Gambling software developer Playtech has concluded its near two year search for a chairman, appointing 888 chair Brian Mattingley to the role. Mattingley will become the long-term successor to Alan Jackson who announced he was stepping down from Playtech almost two years ago. He replaces Claire Milne who has served as interim chair since May [...]
Recruiter Page Group profit slumps as hiring comes to a standstill March 3, 2021 Recruitment firm Page Group has reported an almost 90 per cent drop in full-year profits after the pandemic prompted hiring freezes. Page Group, which operates in 36 countries, reported pretax profits for the year ended 31 December 2020 of £15.5m, down from £144.2m the previous year. Revenue in its EMEA business, which brings in more [...]
Charm offensive: Hiscox prepares to woo customers following pandemic ‘brand damage’ March 3, 2021 Insurance giant intends to build back its reputation “one policy at a time”, after the Covid-19 pandemic and subsequent court case left the business facing “brand damage”. Earlier this year Hiscox came under fire after customers complained they were not being granted payouts on claims made on their business interruption insurance. In a landmark case [...]
US ‘on track’ to vaccinate every adult by May, says Biden March 3, 2021 US President Joe Biden has said the US will have enough Covid vaccines for all adults by the end of May, but admitted the country is unlikely to get back to normal until next year. “We’re now on track to have enough vaccine supply for every adult in America by the end of May,” Biden [...]
Greensill Capital seeks insolvency protection in Australia March 2, 2021 Greensill Capital has sought insolvency protection in Australia as it comes under further pressure after Credit Suisse suspended funds investing in its products. The beleagured firm, advised by former Prime Minister David Cameron, is reportedly looking to invoke “safe harbour” protection in Australia, according to the Financial Times. This would protect directors from personal liability [...]
Blackstone founder took home $610m during the pandemic March 2, 2021 Blackstone boss Stephen Schwarzman’s salary swelled 20 per cent last year as he took home $610m from dividends and compensation. The majority of the pay package stemmed from Schwarzman’s 19.3 per cent stake in Blackstone after the firm’s distributable earnings jumped 16 per cent year-on-year. The private equity boss received $86m in compensation with $524m [...]
Calisen increases revenue despite pandemic delay to installations March 2, 2021 Energy company Calisen has increased its full year revenue to nearly £250m even after the suspension of installations during the first lockdown. The smart meter company said it had installed a total of 9.1m meters by the end of 2020 comprising 6m smart meters and 3.1m traditional meters. It pushed revenue 18.8 per cent higher [...]
Ebay and Adevinta sell British units to secure CMA approval March 2, 2021 Ebay and Adevinta have announced plans to divest three smaller British units, including Gumtree, in a bid to secure regulatory approval for their merger. The Competition and Markets Authority (CMA) last month said the two companies would have to resolve their concerns before proceeding with the $9.2bn tie-up. As a result the companies have set [...]
House prices rebound unexpectedly in February on hopes of stamp duty extension March 2, 2021 House price growth beat expectations last month rising 0.7 per cent month-on-month, according to Nationwide’s latest figures. It brings year-on-year growth to 6.9 per cent from 6.4 per cent in January, beating the consensus 5.5 per cent. It more than offsets the 0.2 per cent monthly decline recorded at the start of the year. No [...]
