After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
Data might be like oil, but reputation is still the real black gold October 24, 2017 For those firms harbouring inordinate reserves of our personal information, despite the endless profit-churning opportunities, an unblemished corporate reputation remains priceless. Today’s internet giants were founded on our personal data. Amazon, Facebook, Google. They don’t have high street stores. There’s next-to no human interaction. It’s all data. But today, data is a democracy. Businesses in [...]
Black Monday 30 years on: how big was the crash and how fast did markets recover? October 17, 2017 On 19 October 1987 global stock markets came crashing down amid worries about a slowing global economy and high stock valuations. The concerns were compounded by a computer glitch. In the space of 24 hours stock markets in Asia, Europe and the US suffered falls of up to 23%. It was the biggest crash in [...]
Wells Fargo share price falls after it says it took a $1bn legal hit in the third quarter October 13, 2017 US lender Wells Fargo took another hit from the fake accounts scandal that enveloped it last year, as legal costs topped $1bn in its third quarter. The figures Revenues fell two per cent to $21.9bn (£16.5bn) in the three months to the end of September, it said today, while net income fell to $4.6bn, from [...]
Bank of England deputy governor pushes for EU and UK commitment to Brexit transition by Christmas October 4, 2017 The Bank of England’s deputy governor will tonight urge UK and EU politicians to agree transitional arrangements for financial services by Christmas, as regulators push for continued close cooperation after Brexit. Sam Woods, who leads the Prudential Regulation Authority (PRA), is expected to warn that firms will be forced to start putting their plans for [...]
The world’s first ever insurtech IPO has raised $1.5bn September 22, 2017 The world’s first float of an insurance technology (insurtech) firm has raised US $1.5bn (£1.1bn). Monday’s IPO of ZhongAn Online Property & Casualty Insurance has been priced at the top of its indicated range at HK $59.70, sources told the Financial Times. The public offering of the online-only group marks the world’s first float of [...]
Former spy chief takes up top role on cyber security at insurer Hiscox September 20, 2017 Specialist insurer Hiscox, a Lloyd’s of London underwriter, has appointed a former GCHQ director as its special advisor on cyber security. Robert Hannigan was credited with developing the UK’s first cyber security strategy, and with setting up the National Cyber Security Centre as part of the intelligence and security agency GCHQ in 2016. He also [...]
Asset manager Pemberton launches new debt strategy to fill funding gap left by banks July 5, 2017 Pemberton, a UK-based asset manager backed by insurance giant Legal & General, has launched a new private debt strategy to fund mid-market companies. The “strategic credit opportunities” strategy differs from Pemberton's previous offerings as it will provide junior capital, as well as senior. The junior capital, which has a lower repayment priority in event of [...]
Lloyd’s of London deputy chair Robert Childs: Brexit won’t threaten London’s prized insurance status July 3, 2017 Brexit will not threaten London’s prized global insurance crown, the new deputy chair of Lloyd’s said today. Hiscox chairman Robert Childs was unveiled this morning as the replacement for Paul Jardine, taking up the position immediately. Speaking to City A.M. he downplayed the impact of Britain’s exit from the EU, saying it will have a [...]
The new voice of British banking: UK Finance launches today with new board members revealed July 3, 2017 The British finance industry will be publicly represented from today by a single new body, UK Finance, after the merger of six separate lobby groups. The new body, which officially starts operations today at Angel Court, behind the Bank of England, will represent over 300 British firms providing credit, banking, markets and payments services. The [...]
Global cyber attack hits UK firms as WPP reports hack June 27, 2017 A massive cyber attack which has hit a number of institutions in Ukraine appears to be spreading across Europe. Several firms, banks and government offices in Ukraine began to report attacks earlier today caused by ransomware named “Petya”. London-based advertising giant WPP has reported problems with its IT systems caused by a “suspected cyber attack”, [...]