London motorists hit with sharpest uptick in car insurance costs as UK premiums surge January 25, 2023 Motorists are now paying £100 more for car insurance than last year, according to new research which shows premiums have increased at their sharpest rate in six years. Car insurance premiums have increased 19 per cent over the past 12 months, meaning motorists now pay average sums of £629 to insure their vehicles, Confused.com’s Car [...]
December’s deep freeze: Cost of living crisis leaves Aviva with a £50m bill for burst pipes and water tanks January 25, 2023 Aviva said last December’s freezing weather meant it had to pay out £50m to policyholders claiming for damage caused by burst pipes and water tanks. An Aviva spokesperson told City A.M. said soaring energy costs had led to more frozen pipes because households were more reluctance to turn on the heating, leading to more extremes [...]
Former Janus Henderson analyst charged in £1.5m insider trading case January 25, 2023 The UK’s financial watchdog has launched criminal proceedings against five individuals over claims they used insider information from an analyst at a top asset manager to illegally generate profits of £1.5m. The Financial Conduct Authority (FCA) claims Redinel Korfuzi, a former analyst at asset manager Janus Henderson, and his associates allegedly used confidential information from [...]
Saga to launch new over-50s media brand to capitalise on UK’s ageing population January 24, 2023 Saga is set to launch a new over-50s media brand, the conglomerate’s chief executive told City A.M., as the company looks to capitalise on the UK’s ageing population. Saga, which sells travel, insurance, and financial services to over-50s, is seeking to exploit a “gap in the market” and build a “superbrand for older people” by [...]
UK’s ‘science superpower’ dreams at risk due to HMRC crackdown on R&D tax relief fraud January 24, 2023 The UK’s goal to become a ‘science superpower’ is at risk as an increasing number of British firms move their R&D activity abroad, due in part to HMRC’s crackdown on fraudulent tax relief claims, a new report says. More than two-thirds (69 per cent) of UK businesses moved R&D activity abroad last year, figures from [...]
Insurers falling short in modelling cyber and natural catastrophe risks, Bank of England warns January 23, 2023 The UK’s insurance regulator has called on insurers to bolster their cyber and natural catastrophe risk modelling capabilities in preparation for a period of “high volatility and uncertainty”. In a letter sent to UK insurance companies today, the Prudential Regulation Authority (PRA), which sits within the Bank of England, warned insurers models are continuing to [...]
Podcaster Audioboom see revenues increase to £60m but advertising headwinds could mean future layoffs January 23, 2023 Podcast platform Audioboom today said it boosted its revenues to become America’s fourth largest publisher, but its boss has hinted at mass job layoffs. The company’s chief executive however hinted that job cuts could be on the horizon as vowed to control costs and “restructure” Audioboom’s sales team. The online distribution platform said its revenues [...]
National Express wins £880m contract to run German rail lines January 23, 2023 National Express has been awarded a €1bn (£878m) to operate two regional train lines in the German state of North Rhine-Westphalia. The transport group’s German rail business has won €1bn contract to run the RE1 and RE11 Rhein-Ruhr-Express (RRX) lines until 2033. The Rhein-Ruhr-Express is a regional rail network in north west Germany, in the [...]
UK consulting firms no longer filled with Russell Group uni grads, new research shows January 23, 2023 British consulting firms are no longer dominated by Russell Group university graduates, according to new research from the Management Consultancies Association (MCA). Instead, the proportion of graduates from Russell Group universities – a group of 24 of the UK’s “leading” research universities, including Oxford and Cambridge – working in consultancies has more than halved [...]
Private finance firms have fewer women leaders than listed rivals, new research shows January 23, 2023 Financial services companies that are structured as privately-owned partnerships have significantly fewer women in leadership positions than their publicly-listed rivals, new research shows. Fewer than one-sixth (15.1 per cent) of partners in privately-owned finance firms are women, according to research from employment law firm Fox & Partners. By comparison, women account for 43 per [...]
