Insurer Hiscox is planning to move its EU HQ to either Luxembourg or Malta February 27, 2017 Hiscox has narrowed down its shortlist for a new EU base to two countries and says Brexit is unlikely to impact the firm strategically. The insurer today announced record annual results, with profits soaring and its retail operations growing to represent half of the firm's business, and the firm also revealed it is eyeing move to Malta [...]
City Moves for 27 February 2017 – who’s switching jobs? February 27, 2017 Today's City Moves cover legal eagles, market strategy and insurance. Take a look at these movers and shakers: Dorsey & Whitney LLP Employment law specialist Bob Cordran has joined international law firm Dorsey & Whitney’s London office as a partner. Bob, formerly a partner at Marriott Harrison LLP, is an experienced employment lawyer who has [...]
Alarm bells sound for UK business as rising costs and inflation threaten to squeeze margins February 27, 2017 Business groups have renewed calls for government to support companies in the upcoming Budget as firms face a toxic mix of rising inflation, spiralling operating costs and squeezed margins. Inflation is starting to climb and is forecast to reach nearly three per cent by the end of the year. Higher input costs are expected to feed [...]
Labour has invited industry groups for an emergency summit on business rates tomorrow February 26, 2017 Shadow chancellor John McDonnell has convened an emergency roundtable on business rates tomorrow in a bid to increase the pressure on the government to implement reforms. McDonnell will lead the summit alongside newly appointed shadow business secretary Rebecca Long-Bailey, meeting with groups including the Institute of Directors, Federation of Small Businesses and the British Chamber of Commerce [...]
Barclays to install ex-boss of B&Q-owner Kingfisher Sir Ian Cheshire as chair of its UK operations February 26, 2017 Barclays is set to announce Sir Ian Cheshire as chair of its UK ringfenced operations tomorrow. Under the ringfencing rules, banks have until 2019 to split their retail units away from their investment divisions. Sky News, which first reported the news of Cheshire's impending appointment, revealed the Prudential Regulation Authority, the banking sector watchdog, has now [...]
Pulling the plug: Howden forced to increase prices for its kitchenware February 23, 2017 Kitchenware supplier Howden Joinery Group's share price closed down 0.52 per cent today after the company posted strong profit growth, but said it had been forced to increase its product prices. The figures Group revenue rose from £1.22bn in 2015 to £1.3bn last year, a growth of seven per cent. Profit before tax was up [...]
Northern allure: What Stockport offers investors that London never could February 23, 2017 London property has long been the pinnacle of investment portfolios worldwide, but a slowdown in the capital’s market is prompting a shift in attitudes. For areas of the UK which have failed to grab investors’ attention in the past, large cash injections and a shift in government policy have helped fuel immense residential and commercial [...]
Sajid Javid has just signalled a Budget concession on business rates February 22, 2017 Communities secretary Sajid Javid has today signalled a government concession on support for firms facing substantial hikes in business rates later this year. The government has previously promised a £3.6bn package for transition measures, but Javid said today that he was working closely with chancellor Philip Hammond on demands for further support. Despite defending the incoming [...]
A London estate agent has demanded Sadiq Khan offers firms a Crossrail levy holiday as the business rates row continues February 22, 2017 Sadiq Khan's comments on business rate rises in the capital clearly haven't gone down well with some… The mayor said yesterday he was "shocked" by business rate rises set to hit the capital – but a boss at estate agent and consultancy Colliers International has said the mayor can take action himself, and called on Khan to do more. [...]
Metro Bank crept further out of the red in 2016 February 22, 2017 Metro Bank revealed this morning it had taken a leap closer to turning an annual profit during 2016. The figures The challenger bank reported an underlying loss before tax for the year of £11.7m, an improvement of 75 per cent compared with £46.6m the year before, and a statutory loss before tax of £17.2m, compared with £56.8m the year before. [...]