Supreme Court rejects insurers’ claims in landmark business insurance case January 15, 2021 The Supreme Court has largely ruled in favour of policyholders and the City regulator in the landmark business interruption insurance case. In a judgment handed down today, the court said it “substantially allowed” the appeal by the Financial Conduct Authority (FCA) and campaign groups Hiscox Action Group and Hospitality Insurance Group Action. The insurers Arch, [...]
Business interruption case: Light at the end of the tunnel for SMEs January 15, 2021 Hundreds of thousands of businesses will today breathe a sigh of relief after the Supreme Court ruled leading insurers must pay out on business interruption policies. The court “substantially allowed” the appeal brought by the Financial Conduct Authority (FCA) and campaign groups Hiscox Action Group and Hospitality Insurance Group Action. It brings months of uncertainty [...]
Hammerson finance chief James Lenton to step down January 15, 2021 Hammerson has announced its chief financial officer James Lenton intends to step down after less than 15 months in the role. The company, which owns Birmingham’s Bullring shopping centre, said it had started looking for Lenton’s replacement but he would continue in his role until then. Lenton took the role in October 2019, before the [...]
Ashmore assets rise 9 per cent but net outflows persist January 15, 2021 Wealth manager Ashmore Group’s (ASHM) assets under management (AUM) rose by $7.5bn in the second quarter as positive market movements helped to offset outflows. The investment manager, which focuses on emerging markets, said total AUM rose 9 per cent to $93bn as at 31 December, after a positive investment performance of $8.1bn. But Ashmore still [...]
Martin Gilbert snaps up stake in ESG boutique run by former colleague January 14, 2021 City veteran Martin Gilbert has bought a stake in his former Aberdeen Asset Management colleague’s ESG boutique, Alquity. Gilbert stood down from Standard Life Aberdeen in March 2019 to join challenger bank Revolut as its chairman, but he has started to move back into the wealth management space. The investor has taken on several board [...]
Blue Prism enjoys fifth year of revenue growth despite pandemic downturn January 14, 2021 Automation specialist Blue Prism has enjoyed its fifth year of revenue growth even as businesses delayed purchases amid the pandemic. The Aim-listed firm develops Robotic Process Automation (RPA) software, which helps large companies automate complex administrative tasks. Customers responded to the pandemic by delaying purchasing decisions or reducing deal sizes which meant Blue Prism took [...]
Premier Inn owner Whitbread confirms 1,500 job cuts amid restructuring January 14, 2021 Premier Inn owner Whitbread (WTB) has confirmed 1,500 job cuts following a restructuring of its hotel and restaurant operations as sales tumble amid lockdown restrictions. While the restructure had led to 1,500 job cuts, it is far lower than the 6,000 it had projected in September. The group, which also owns Beefeater and Brewers Fayre, [...]
Global investors flock to London in ‘golden age’ for tech January 14, 2021 London has cemented its role as Europe’s leading tech hub after a near-record year of investment as overseas investors circle in on the capital’s best firms. Global tech investors are piling into the capital with a total $10.5bn (£7.7bn) investment recorded in 2020, a quarter of Europe’s whole VC investment for the year. The amount [...]
Leading startups shed 25,500 jobs during the pandemic January 13, 2021 As the pandemic ravages businesses, some of the world’s leading startups have been forced to make large-scale redundancies to stay afloat. Since the start of the pandemic, approximately 25,500 jobs have been lost in the top ten largest startup layoffs, according to Buy Shares analysis. Unlike their more established counterparts, startups do not have the [...]
Europol takes down dark web’s ‘largest illegal marketplace’ January 13, 2021 An illegal marketplace on the darkweb which boasted almost half a million users has been taken down in an international operation led by Europol. Darkmarket, which is said to be the world’s largest illegal darknet platform, had more than 2,400 people selling drugs, counterfeit money and anonymous sim cards to the sum of more than [...]
