Sadiq Khan unveils Brexit panel featuring Lord Mandelson and Santander chair to advise on getting “best deal” for London December 19, 2016 Sadiq Khan has recruited an assortment of business leaders, investors and academics in an effort to boost London's Brexit credentials. The mayor announced a new Brexit Expert Advisory panel to advise him on the risks, challenges and opportunities for the capital in the wake of June's vote to leave the European Union. Members include Sir George Iacobescu, [...]
UK banks still vulnerable to a “toxic cocktail” of taxpayer bailout risks says Treasury Select Committee chair December 19, 2016 The UK’s banks are still vulnerable to a “toxic cocktail” of risks for which the taxpayer may have to foot the bill, according to the head of the Treasury Select Committee (TSC). TSC chair and Conservative MP Andrew Tyrie is launching a new inquiry into the sector, stating that the public has a right to know [...]
Is Lloyd’s of London set for sunnier climes? December 18, 2016 MALTA has emerged as one of the possible sites for the European base of Lloyds of London should the UK lose passporting rights after Brexit. The insurance giant wants to establish contingency arrangements should the UK lose the current level of access to the EU’s market for financial services. A spokesperson told City AM last [...]
Japanese banks threaten to leave UK unless given clarity on Brexit December 17, 2016 Japanese banks have told the UK government they will start moving out of London in the next six months unless they receive more information on the UK's Brexit plans. Investment banks Nomura and Daiwa Capital Markets met UK City minister Simon Kirby and the international trade minister for financial services, Mark Garnier, in a meeting [...]
Tata leadership race must show open mind December 16, 2016 Trump, May, Modi: protectionism takes many forms, and has many masters (and mistresses). In India, a curious case of economic nationalism is quietly unfolding at the country’s most significant conglomerate. In one sense, that’s unsurprising – India’s track record of foreign ownership restrictions in industries like insurance, banking and technology, is a lengthy one. But at [...]
Lloyd’s of London to set out plans for EU move in the new year December 15, 2016 Lloyd's of London will provide more insight into its Brexit preparation plans early next year, when it unveils the timetable for moving part of its business to another EU member state, with Ireland, France and Germany among the front-runners for its new foreign setup. The insurance giant is in the process of choosing a destination [...]
The City of London’s newest skyscraper has another new tenant and it isn’t even built yet December 14, 2016 One of the City’s newest skyscrapers on the block has secured another commercial tenant. Bermuda-based insurance provider Axis Capital have confirmed that they will move into 52 Lime Street, otherwise known as The Scalpel, by 2018. Insurance broker BPL Global has already bagged the 12th floor in the 35-storey structure, while Axis will take up residence on [...]
The hell of being middle-aged: The financial pressures of children and ageing parents mean that 45 to 54 year-olds are more likely than any other group to be saving nothing for retirement December 14, 2016 New research has found that an overlooked "sandwich" generation is saving surprisingly little for retirement Young people between the ages of 25 and 34 are often singled out as being the most hard done by in the UK today. Rates of home ownership within this group have fallen dramatically since the early nineties, leading many [...]
Lloyd’s of London says insurers will need to be picky in 2017, after underwriting turns a loss in 2016 December 13, 2016 Lloyd's of London has today cautioned that insurers will need to choose what risks they take on in 2017 carefully, after underwriters found themselves in the red in 2016. Writing in the Lloyd's annual email to the market, chairman John Nelson and chief executive Inga Beale warned the failure for underwriting to make an aggregate profit this year was [...]
Bank shares and stress tests: the value investor’s verdict December 8, 2016 The Bank of England’s latest stress tests of the UK banking system attracted many column inches of space in the newspapers last week. The aim was to calculate whether these institutions would have enough capital to withstand certain grim scenarios. Moving away from some of the inflammatory headlines, it is worth looking in more [...]