Here’s why insurance will be all change on Friday August 7, 2016 Those with weighty insurance contracts might want to double check their paperwork this week, as a law change which shifts more responsibility onto the insured, rather than the insurer, is due to come into force. The majority of the provisions of the Insurance Act 2015, which received Royal Assent back in February 2015, will become [...]
Investment banks to earn a pretty penny off back of Monte dei Paschi rescue deal August 7, 2016 Investment banks are expected to pocket big fees from a proposed emergency plan for Italian lender Monte dei Paschi di Siena. The troubled bank recently revealed it was ironing out a €5bn (£4.2bn) rescue deal to bolster its capital with the help of Mediobanca and JP Morgan, although the deal is still tentative and may yet fall through. However, sources have [...]
Insurers expected to have weathered the Brexit vote storm August 7, 2016 Insurers are expected to reveal they have navigated referendum uncertainty just fine when they announce their half-year results next week. Pensions, investments and insurance giant Standard Life will reveal how it has performed in the first six months of 2016 on Tuesday, as will Legal & General. Meanwhile, results are due from Prudential on Wednesday and from [...]
This might be the reason HSBC’s shares are up despite profits going down August 3, 2016 HSBC did not perform particularly well financially during the first half of 2016, revealing this morning that pre-tax profits dropped 29 per cent. The picture was even bleaker on a quarterly basis, where profits plunged 45 per cent, failing to meet analysts' already glib expectations of a 40 per cent drop. However, there was some [...]
HSBC calls for “calm consideration” following Brexit vote, as profits slide thanks to uncertain environment August 3, 2016 HSBC has today revealed its pre-tax profits have fallen 29 per cent during its first half of 2016, while suggesting it will be taking a cautious but calm approach to the Brexit vote. The figures The bank reported profits before tax for the first six months of the year of $9.7bn (£7.3bn), down 28.7 per cent from $13.6bn, calling it [...]
Financial sector’s problems put front and centre by Brexit vote August 3, 2016 The UK's decision to split from the EU has brought problems lurking in the City to the foreground, research out today warns. The report by TheCityUK highlighted five key areas – strengthening global connections, driving national growth, expanding service areas, increasing innovation and developing talent – where the financial and professional services sector now needs the ante [...]
Bremainer and Brexiteer team up to bolster British businesses August 2, 2016 Proving there are always two sides to every story, even when it comes to businesses and Brexit, a Leave and a Remain campaigner have today announced they are joining forces to help worried firms. Andrew MacLeod, Remain campaigner, former global executive for Rio Tinto and visiting professor in public policy at Kings College London, has teamed up with Donal Blaney, [...]
Commerzbank shares tank as pre-tax profits almost half and it warns there could be more to come August 2, 2016 Shares in Commerzbank have plummeted to their lowest-ever level today, after the bank revealed a slump in profits in its half-year results and warned the current business environment could continue to hamper its performance. The figures Pre-tax profits at the bank fell to €575m (£485.8m) for the first half of 2016, down from €1bn the year before. Meanwhile, revenues before [...]
