The number of new tech startups in the UK grew 14 per cent last year February 24, 2019 The number of new tech companies launched in the UK rose 14 per cent in 2018. Data from Companies House shows there were 11,864 software development and programming businesses incorporated in 2018, up from 10,394 companies the year before. London had the highest number of tech startups with 4,752, a 14 per cent increase. Read [...]
Backlog of employment tribunal cases balloons 77 per cent February 24, 2019 The backlog of cases at employment tribunals has risen 77 per cent in a year after the number of cases rocketed following the scrapping of fees in July 2017. In the three months ended September 2018 outstanding cases hit 23,700, up from 13,360 in the same period in 2017. There were 36,900 single claims in the year to [...]
Competition regulator set to launch reforms to beef up consumer protection February 24, 2019 Consumer protection is set to be beefed up with bigger fines and disqualification for company directors under a new set of proposals to be announced tomorrow by the competition watchdog. The chairman of the Competition and Markets Authority (CMA) Lord Tyrie will announce a set of proposed reforms at an event with the business secretary Greg [...]
Private equity player KKR reportedly circling Asda following Sainsbury’s deal setback February 24, 2019 US private equity house KKR is reportedly mulling a bid for Asda after a ruling last week by the competition regulator that could stymie its proposed tie-up with fellow big four supermarket Sainsbury’s. The Competition and Markets Authority (CMA) said last week that a deal between the two supermarkets could lead to "a substantial lessening [...]
Swiss Re boosts profit 27 per cent in 2018 despite tough year for natural disasters February 21, 2019 Swiss Re boosted net profit 27.2 per cent in 2018, despite sustaining hits from natural and man-made disasters. The reinsurer reported net profit of $421m (£366m) compared with $331m a year previously, despite 2018 being the fourth-costliest year on record for the insurance industry. However, its profit is 37 per cent behind consensus, according to figures [...]
A terrible year for deaths in 2018 could boost insurers’ balance sheets February 21, 2019 A grim year for deaths in 2018 could see insurers flush with cash as they release reserves earmarked for paying incomes to pensioners. According to analysts at Royal Bank of Canada (RBC) Capital Markets 2018, was “the worst year for deaths this millennium” with a prediction that the soon-to-be-published mortality tables used by UK insurers [...]
Profit at insurer Axa plunges 66 per cent on write downs and natural catastrophes February 21, 2019 Net profit at French insurer Axa plunged by two thirds last year which it blamed on charges related to its US arm’s initial public offering and a rash of natural disasters. Net profit plunged 66 per cent from €6.2bn to €2.1bn for the year ended 31 December. This was influenced by a €3bn write-down on [...]
Rathbone Brothers boosts profits but warns of Brexit impact on funds February 21, 2019 Wealth manager Rathbone Brothers said today it had boosted its-full year profit but warned Brexit could affect the value of its funds. Underlying operating income in investment management grew to £275.3m for the year to 31 December, up from £254.6m the previous year. That figure includes £8.7m in relation to Scottish wealth manager Speirs and [...]
Foreign affairs select committee calls for overseas territories to publish ownership registers February 20, 2019 The Foreign Affairs select committee has called today for British Overseas territories to publish registers of the ultimate owners of assets on national security grounds. The Sanctions and Anti-Money Laundering Act which became law in May 2018 requires British overseas territories such as Anguilla and Bermuda to establish publicly-accessible registers of beneficial ownership by 31 [...]
Watchdog gives insurance brokers clean bill of health on competition worries February 20, 2019 Regulator the Financial Conduct Authority (FCA) today said it had not found evidence of significant levels of harm in its probe into insurance brokers, meaning that “intrusive remedies” will not be necessary. The FCA launched its analysis of the wholesale insurance brokers market in November 2017 to assess how competition was working in the sector. It said that [...]
