Admiral reinstates special dividend as profit boosted by lockdown August 12, 2020 Car insurer Admiral reinstated its special dividend today as it reported a jump in first-half profit thanks to a slump in claims as coronavirus lockdowns kept drivers off the road in March and April. The company’s combined ratio, considered the main gauge of an insurer’s profitability, dropped to 83 per cent from 92.3 per cent [...]
Two-in-five businesses expect to cut jobs in the next six months August 12, 2020 Two-in-five finance chiefs at UK businesses expect to cut jobs in the next six months as a result of the coronavirus slowdown. The survey of 800 senior finance executives at UK companies also found one third had already cut jobs since the start of lockdown and 54 per cent said their organisation had furloughed staff. [...]
Prudential to spin off US unit to focus on Asia and Africa August 11, 2020 Insurer Prudential said today it planned to spin off its US business Jackson to focus on Asia and Africa, as its adjusted operating profit fell three per cent in the first half. A minority initial public offering (IPO) of Jackson is planned for the first half of 2021, with “full divestment over time”, Prudential said [...]
Government coronavirus business loans total nears £52bn August 11, 2020 The government has lent nearly £52bn to businesses via its emergency coronavirus loans funding schemes as companies try to weather the pandemic-triggered downturn. Data released by the Treasury today showed the total lent to businesses had hit £51.7bn by 9 August. The bounce back loan scheme (BBLS) accounted for £34.96bn with 1,157,296 facilities approved and [...]
Plus 500 boosts profit following coronavirus market volatility August 11, 2020 Trading platform Plus 500 today unveiled stellar numbers for the first half of the year with profit growing 452 per cent on the back of increased market volatility. Plus 500 boosted revenue 281 per cent to $564.2m (£431.6m) in the six months to 30 June. The company grew earnings 452 per cent to $361.8m during [...]
US Federal Reserve sets out capital ratios for major banks August 10, 2020 The US Federal Reserve today set out capital requirements for major banks following a round of stress tests. It marks the first time the Fed has mandated custom capital requirements for each bank under its new so-called stress capital buffer. The new requirements take effect from 1 october. Goldman Sachs and Morgan Stanley were ordered [...]
L&G boss: We must ‘break down’ the fear of using public transport August 10, 2020 Legal & General chief executive Nigel Wilson said it is vital to “break down” the fear of using public transport to get workers back to the office. Wilson told City A.M.’s The City View podcast that public confidence in the safety of cities and public transport networks needs to be restored to get workers back [...]
Hong Kong media tycoon Jimmy Lai arrested under new security law August 10, 2020 Hong Kong media owner Jimmy Lai was arrested by police today under the territory’s draconian new security law. Lai was accused of collusion with foreign forces and the offices of his Apple Daily newspaper were raided by more than 200 police officers. Lai is the most high-profile victim of a Beijing-backed crackdown following the passing [...]
Royal London swings to £181m loss on drop in sales and asset values August 10, 2020 Pensions provider Royal London today said it swung to a loss in the six months to 30 June which it blamed on falling asset values and slow sales during lockdown. Royal London posted a loss before tax of £181m for the six-month period, down from a profit of £397m at the half-year in 2019. Its [...]
British Airways-owner mulls quarantine legal challenge June 5, 2020 The owner of British Airways is mulling a legal challenge against the government’s quarantine plan which will require passengers coming in from overseas to isolate for 14 days on landing in the UK. With planes grounded since March, airline bosses fear the quarantine rule which is set to be introduced from 8 June will sink [...]