Insurer Ardonagh agrees to buy Swinton brand in £165m deal September 27, 2018 Ardonagh, the UK’s largest independent insurance broker, has announced a £165m deal to buy specialist insurance firm Swinton from a French rival. It will sell some of Swinton’s assets to fund its bid to take over the group, which has existed since 1957 and has a focus on motor and home insurance. It intends to [...]
Industry groups call on World Health Organisation to change stance on vaping September 26, 2018 An international coalition of vaping industry groups has called on the World Health Organisation (WHO) to reform its stance on vaping regulation. Vaping advocacy groups from sixteen countries have called on the public health agency to reverse its stance that members states could ban vaping products outright as part of a tobacco control plan. Lead [...]
Roman Abramovich accused of money laundering and crime links by Swiss police September 25, 2018 Chelsea football club owner Roman Abramovich has been forced to deny an explosive allegation that he was known for “suspicion of money laundering and presumed contacts with criminal organisations”. The billionaire Russian, who was unable to obtain a UK visa, lost a seven-month battle against a Swiss newspaper publisher to stop the allegations, reportedly made [...]
BMW warns of falling profits as trade and regulation pressures bite September 25, 2018 BMW has warned its 2018 profits will fall and lowered its guidance for car profit margins, as the German car manufacturer wrestles with competition, rising costs and new rules on emissions. The group pinned its problems on several factors, including international trade conflicts, which it said were “distorting demand more than anticipated and leading [...]
German watchdog calls for Deutsche Bank to crack down on money laundering September 24, 2018 Germany’s financial regulator, BaFin, has called on sector giant Deutsche Bank (DB) to take action against money laundering and terrorist financing, appointing a special auditor to monitor its progress. In a statement, BaFin called on the bank to adopt “appropriate internal safeguards” and “comply with general due diligence obligations”. It said it had appointed a [...]
Weight Watchers slims down name in ‘wellness’ rebrand September 24, 2018 Weight-loss company Weight Watchers has announced it will slim down its branding, changing its name to simply WW in an effort to reflect a focus on “overall health and wellness”. Adopting a new tagline, “Wellness that Works”, the US company – which has seen its share price surge since media personality Oprah Winfrey took [...]
UK export growth tumbles to lowest level since Brexit vote September 24, 2018 UK export growth fell for the sixth consecutive quarter to its lowest level since the Brexit vote, it has been revealed today. A study by accountancy and business advice firm BDO found that export growth in the UK had “slowed significantly”, performing the worst out of Europe’s five largest economies – placed behind Germany, France, [...]
Bumper rise in US takeovers of UK businesses as EU interest wanes September 24, 2018 The value of M&A deals in which US companies took over UK business has more than doubled in the past year, as takeovers by EU-based companies slipped. In total, the value of US takeovers in the year to the end of June this year skyrocketed from £36.8bn in 2016/17 to £79bn the past year, analysis [...]
United Nations to investigate how financial sector can fight modern slavery September 24, 2018 Leaders from the financial sector, global regulators and non-governmental organisations will work alongside survivors as part of a new United Nations (UN) commission which aims to explore the role of the financial sector in fighting human rights abuses. The Financial Sector Commission on Modern Slavery, launched today, will examine the ways in which financial services [...]
Moneyland review: How the world’s ultra-rich get away with it September 23, 2018 What do Japanese surrogate babies, luxurious London condos and the tiny Caribbean island of St Kitts have in common? For Oliver Bullough, they’re all part of the terrifying and vertigo-inducing ways the world’s ultra-rich – the denizens of what he dubs ‘Moneyland’ – protect themselves and their money. In Moneyland: Why Thieves and Crooks Now [...]