Trading the covid commodities contango May 26, 2020 In the last 12 years, the oil market has thrice collapsed and twice recovered. But this latest downturn, driven by a covid-tainted drop in demand and a Russo-Saudi price war, has analysts scratching their heads. Can the market rebound from this? The price of US oil turned negative for the first time in history last [...]
Mortgage payment holidays extended until October May 22, 2020 The financial watchdog has today extended payment holidays to support those struggling to pay their mortgage due to coronavirus. The Financial Conduct Authority (FCA) said banks can extend the mortgage holidays for a further three months up to the end of October. It comes after chancellor Rishi Sunak extended the furlough scheme to October to [...]
Crypto AM shines its Spotlight on NAYMS May 12, 2020 NAYMS is building the world’s first insurance market that allows Institutional crypto-holders to underwrite cryptocurrency risk. “In 1686, individuals called ‘names’ came together to cover risk of all varieties by pledging capital in return for a yield. The Lloyds of London marketplace was born. It’s now 2020, and NAYMS is bringing together capital markets and [...]
Business travel will still matter in a post-pandemic world May 6, 2020 The outcome of the Government’s review of lockdown this week may provide a glimpse of the steps necessary for economic recovery. Yet, the business community is fully aware that recovery will be a gradual process. There will be no magic panacea. Recovery requires long and careful planning and for many industries to work closely together. [...]
Insurer Direct Line set for £44m coronavirus hit to travel claims May 6, 2020 Insurer Direct Line is expecting to take a £44m hit to its travel business from the coronavirus crisis, the company said today, with claims set to fall by 70 per cent. The firm also said it expected to incur £70m in costs from measures to protect its customers, such as providing all NHS workers with [...]
Warren Buffett pulls out of US aviation as Berkshire Hathaway hits $50bn loss May 3, 2020 Warren Buffett’s Berkshire Hathaway has sold its entire stake in the four largest US airlines as it posted a quarterly loss of nearly $50bn (£40bn). Buffett yesterday told the company’s annual meeting that “the world has changed” for the aviation industry. Berkshire held large positions in the airlines, including an 11 per cent stake in [...]
Shakespeare: Admiral’s car insurance refund will be remembered April 29, 2020 The coronavirus lockdown has now confined Britons to their homes for five weeks, apart from essential journeys. In recognition of everybody driving less, and the subsequent profit made from reduced insurance claims, Admiral has offered £110 million back to their car and van customers as part of a ‘Stay at Home Refund’. A £25 refund [...]
Car insurer Admiral suspends special dividend on regulatory pressure April 27, 2020 Car insurer Admiral said today it would suspend its special dividend after regulatory pressure from the Bank of England. Admiral said it would go ahead with its standard dividend payment of 56.3p per ordinary share on 1 June, but said it would not pay its previously recommended special dividend of 20.7p per ordinary share. The [...]
Admiral shares up as insurer issues £110m refund to customers during lockdown April 21, 2020 Shares in Admiral jumped three per cent today after the insurer announced it will refund £110m to customers as the coronavirus lockdown has reduced the need for car travel. Admiral said this morning that there are fewer cars on the road, and therefore it expects to receive fewer insurance claims. The insurance company will refund [...]
Insurers accused of not ‘sharing the pain’ with businesses during coronavirus pandemic April 19, 2020 Insurers have been accused of not “sharing the pain” of UK businesses during the coronavirus pandemic. Research by insurance consultancy Mactavish found at least five commercial insurers have recently removed cover from their policies because of Coronavirus. Mactavish chief executive Bruce Hepburn said: “We have customers getting less cover and paying more for this, whilst [...]