Insurer Hiscox hikes dividend after posting best underwriting profits since 2015 March 8, 2023 London-listed insurer Hiscox today upped its dividend after posting its highest underwriting profits since 2015. Profit from its insurance business surged 25 per cent, from $215.6m in 2021 to $269.5m in 2022 shrugging of the potential impacts from several extreme weather events and the war in Ukraine. Hiscox, however, saw its overall profits drop, as [...]
Amigo survival options ‘diminish significantly’ as lender scrambles to raise £45m emergency cash March 8, 2023 Beleaguered lender Amigo said its survival options had “diminished significantly” today as it updated on efforts to raise £45m in a bruising meeting with shareholders.
Bank of England risks tipping UK economy into recession with further interest rate hikes, MPC’s Dhingra warns March 8, 2023 The Bank of England risks tipping the UK economy into recession if it raises interest rates too aggressively and worsening the cost of living crisis, a top official said today. Swati Dhingra, an external member of the Bank of England rate setting monetary policy committee (MPC), warned “overtightening poses a more material risk at this [...]
Crypto markets respond to latest US inflation numbers March 8, 2023 The price of Bitcoin was falling from $22,012 this morning, while Ethereum is valued at $1,554 as crypto markets respond to interest rate news.
How Opportunity International helps women escape poverty by starting a business March 8, 2023 Throughout the Global South, Opportunity International is helping underserved communities work their way out of poverty – not through handouts but by providing access to credit and education in financial literacy. With the majority of its work focusing on women, International Women’s Day feels like the ideal time to celebrate some of the amazing people [...]
Legal & General raises dividend as higher interest rates help it profit from pensions buyout boom March 8, 2023 Legal & General (L&) has hiked its dividend after outstripping market expectations by boosting its profits by 12 per cent. Higher profits in L&G’s pensions and life insurance segments offset lower incomes from its asset management business, LGIM, after it suffered from the impacts of market volatility. L&G upped its dividend by five per cent, [...]
London businesses shelve hiring plans amid UK recession uncertainty March 8, 2023 London businesses are the most reluctant to take on new staff in the UK due to uncertainty over whether the country will eventually tip into recession, a closely watched survey out today reveals. The capital’s firms are trimming intentions to expand their workforce due to concerns over a looming drop in consumer spending amid the [...]
Business groups question Bank of England Mann’s ‘greedflation’ claim March 8, 2023 Business groups yesterday said many firms had no choice but to raise prices to offset high costs in response to a Bank of England rate setter claiming companies are pursuing so-called ‘greedflation’ by pumping up prices to exploit strong consumer spending. Catherine Mann, an external member of the Bank’s rate setting monetary policy committee (MPC), [...]
Labour tells Jeremy Hunt to ‘get a move on’ with Solvency II reforms March 7, 2023 Labour has hit out at the government over delays to overhauling EU-era Solvency II rules demanding that it needs to “get a move on”. Shadow city minister Tulip Siddiq called on Chancellor Jeremy Hunt to reform the rules – which govern the sums of money insurers must hold on their balance sheets to protect themselves [...]
Federal Reserve chair Powell warns of ‘higher than expected’ rate peak and steep hikes to stun inflation March 7, 2023 The US Federal Reserve is prepared to heap more pressure on the world’s largest economy by returning to steep interest rate hikes to contain inflation, its chief warned today. Jerome Powell, chair of the Fed, said the world’s most influential central bank is “prepared to accelerate rate hikes” if the pace of price increases in [...]