FCA probe and bonus clawbacks: WH Smith acts against former directors as North America profit plunges
Insurer Hiscox sets aside $165m for catastrophe claims November 4, 2019 A trio of natural disasters has caused Hiscox to set aside $165m (£127m) for claims, exceeding the insurer’s catastrophe budget for the second half of the year. The FTSE 100 specialist insurer said this morning that it has reserved a net $165m based on insured market losses for hurricane Dorian and typhoons Hagibis and Faxai. [...]
Eurozone manufacturing stuck in steepest decline for seven years November 4, 2019 The health of the eurozone’s embattled manufacturing sector remained in the depths of a seven-year low last month, with Germany remaining the main point of weakness in the bloc’s economy. Factory output showed little sign of picking up last month, with IHS Markit’s Eurozone manufacturing purchasing managers’ index (PMI) hitting 45.9 in October. While the [...]
McDonald’s boss fired for relationship with employee November 4, 2019 The chief executive of McDonald’s has been fired for violating a company policy by dating an employee. British-born boss Steve Easterbrook has left the fast food chain after demonstrating “poor judgement”, McDonald’s said on Sunday. Read more: McDonald’s misses estimates in latest quarterly earnings In an email to staff, Easterbrook acknowledged he had struck up [...]
Marston’s sells off 137 pubs for £45m as it looks to slash debt pile November 4, 2019 Marston’s has offloaded 137 pubs to Admiral Taverns in a deal worth almost £45m. As part of a plan to slash its debt by £200m over the next four years, the British brewery giant has sold a portfolio of pubs that contributed operating profit of £3.7m in the last 12 months. Read more: Pubs cash [...]
Google to buy Fitbit for $2.1bn November 1, 2019 Google is set to snap up Fitbit in a deal worth roughly $2.1bn (£1.6bn). The tech giant is acquiring the fitness tracking company for $7.35 a share, in a move that is expected to be completed next year. Read more: Technical issue with Revolut app leaves customers unable to sign in Fitbit’s stock jumped 16 [...]
Three problems at the top of new RBS boss Alison Rose’s to-do list November 1, 2019 Alison Rose begins life as the new boss of RBS today with her work cut out for her. In a letter to staff this morning, the RBS lifer set out her commitments, which included “a clear focus on shared success” and “investment in people”. But as the firm’s recent quarterly financial results demonstrated, there is [...]
Lookers shares slump as it warns profit will halve November 1, 2019 Troubled car company Lookers gave the City a double-whammy of surprises this morning after revealing two senior departures and worse-than-expected profit forecasts. Profits are expected to more than halve this year to roughly £20m, falling significantly below City estimates. Read more: Treasury committee urges reform of ‘broken’ business rates system The London-listed motor retail group, [...]
Sajid Javid delays appointment of new Bank of England governor November 1, 2019 The eagerly-anticipated appointment of the new Bank of England governor has been pushed back until after the general election. Chancellor Sajid Javid has delayed the announcement of a successor to Mark Carney, who is leaving the role on Threadneedle Street at the end of January next year. Read more: BBC data breach reveals names of [...]
FTSE 100 climbs after Asian stocks hit three-month high on China PMI November 1, 2019 European markets ticked up slightly this morning as traders showed slightly more optimism following another week of Brexit uncertainty and US-China tensions. The FTSE 100, Dax and Cac all rose 0.4 per cent after the opening bell. The blue chip index turned green today after enduring its steepest losses in nearly a month last night. [...]
MPs demand banks do more to tackle economic crime November 1, 2019 MPs have said that regulators should consider slapping sanctions on financial firms which have not introduced certain anti-fraud measures by March next year. Banks have been told by the Treasury committee to do more to protect and reimburse consumers exposed to economic crime. Read more: Lloyds Banking Group profit slumps after £1.8bn PPI hit Watchdogs [...]
