Admiral reinstates special dividend as profit boosted by lockdown August 12, 2020 Car insurer Admiral reinstated its special dividend today as it reported a jump in first-half profit thanks to a slump in claims as coronavirus lockdowns kept drivers off the road in March and April. The company’s combined ratio, considered the main gauge of an insurer’s profitability, dropped to 83 per cent from 92.3 per cent [...]
AA attracts rival bids from private equity firms August 4, 2020 Driving association the AA confirmed this morning that it is in talks with three private equity firms over a potential sale. Centerbridge Partners Europe an Towerbrook Capital Partners, acting jointly, have approached the firm. Platinum Equity Advisors and Warburg Pincus have separately approached AA with possible cash offers for the company. “The potential offerors have [...]
Fuel prices rise for second consecutive month as oil price steadies August 4, 2020 The average price of petrol and diesel rose for the second consecutive month in July, adding nearly £2 to a fill up, according to RAC Fuel Watch data. The second consecutive month of price rises means unleaded is now 7p a litre more expensive than it was at the end of May, while diesel is [...]
Moneysupermarket’s profit drops as coronavirus hits core markets July 28, 2020 Moneysupermarket reported a drop in interim profit and revenue as its core markets took a hit from the pandemic. The price comparison site said the “exceptional market conditions” had led to its drop in revenue with a “mixed outcome” across its verticals The figures Revenue grew two per cent in the first quarter but the [...]
Tesla shares accelerate as car deliveries top estimates July 2, 2020 Shares in Tesla popped eight per cent as trading began today, after it posted second-quarter delivery numbers that surpassed expectations. Tesla delivered 90,650 vehicles during the quarter, above estimates of 74,130 vehicles, according to Refinitiv data. It delivered 80,050 units of its new Model Y sport utility vehicle and Model 3 sedan for the quarter. [...]
Tesla surpasses Toyota to become world’s most valuable carmaker July 1, 2020 Electric carmaker Tesla today became the world’s most valuable automobile manufacturer, eclipsing Toyota to take the crown. Tesla’s market value is now at $208bn, as shares rose more than five per cent to reach record highs of $1,132 earlier today. In comparison, Toyota was worth approximately $202bn following a small drop in its Japan-listed shares [...]
Tesla to pay Musk $1m for lawsuit insurance policy July 1, 2020 Tesla has said it plans to bring an end to an unusual insurance arrangement with its chief executive, which safeguards its board members against lawsuits, after a final payment of $1m. Tesla’s chief executive Elon Musk has been personally indemnifying the firm’s board, after he said in April that he believed insurance premiums from other [...]
Coronavirus has reshaped urban mobility but the biggest challenge remains Climate Change June 30, 2020 The argument for small, environment-friendly personal transport has been growing stronger for some time. This was true even before the Coronavirus pandemic required us to socially distance, and the government urged us all to “consider all other forms of transport before using public transport”; thus marking a reversal of the long-standing encouragement to use trains [...]
Advisers join forces in bid to oust Tesla chairwoman June 18, 2020 Proxy adviser Glass Lewis has joined ISS in recommending that investors vote against the re-election of Robyn Denholm as chairwoman of Tesla’s board. Glass Lewis said it was concern was related to corporate governance, due to an insurance arrangement with chief executive Elon Musk after Tesla’s decision to not renew its directors and officers’ liability [...]
FCA tells insurers to assess products in light of coronavirus pandemic June 3, 2020 The Financial Conduct Authority (FCA) today provided insurers with guidance on what they need to do to assess the value of their products in the light of the coronavirus pandemic. The FCA said firms should review products where benefits cannot be provided – such as boiler services due to lockdown measures – or where there [...]