Driverless car startup Five raises $41m investment from Direct Line and Airbnb backer March 4, 2020 London tech firm Five has today closed $41m in funding from a slew of new investors, including Trustbridge Partners, Direct Line and Sistema VC. The series B fundraising was supported by existing backers Lakestar, Amadeus Capital Partners, Kindred Capital and Notion Capital — which between them have backed the likes of Airbnb, Klarna, Graphcore and [...]
Profit at Hiscox blown away by hurricanes and typhoons March 2, 2020 Insurer Hiscox said today its 2019 profit was hit hard by large catastrophes such as Hurricane Dorian and Typhoons Faxai and Hagibis. The Ftse 250 company’s profit before tax fell 60 per cent to $53.1m (£41.3m) for the 2019 calendar year. Earnings per share fell from 31.2p to 13.5p and net asset value per share [...]
Rolls-Royce falls to £852m loss as engine trouble persists February 28, 2020 FTSE 100-listed Rolls-Royce today reported a loss of £852m after problems with its Trent 1000 engine overshadowed record engine deliveries at the firm. The figures Operating profit rose 25 per cent to £808m, ahead of £616m last year, driven largely by an improvement in the engine maker’s civil aerospace division. Revenue increased seven per cent [...]
Profits plunge 42 per cent at car insurer Hastings February 27, 2020 Car insurer Hastings said today its adjusted profit plummeted 42 per cent in 2019 which it blamed on tough market conditions. Chief executive Toby van der Meer said: “The market environment was challenging in 2019, particularly due to elevated claims inflation which has impacted our loss ratio for the year and our adjusted operating profit.” [...]
Storm Dennis and Storm Ciara could cost insurance industry £425m February 20, 2020 The cost to the insurance industry of Storm Dennis and Storm Ciara which battered the UK in recent weeks could hit £425m. Storm Ciara swept across the UK on 9 February bringing heavy rain and gusts of wind of up to 97 mph. It was followed by Storm Dennis on the weekend of 15 February [...]
London drivers pay £70m in Ulez charges February 20, 2020 London’s drivers have been hit by £70.4m in charges and fines in the eight months since the Ultra-Low Emissions Zone (Ulez) charge was introduced in the capital. The data, which was obtained through a FOI request from car insurance provider By Miles, has revealed that drivers have paid out £48.9m in charges and £21.5m in [...]
PPI, profit drop, and a mixed 2020: Five takeaways from Lloyds’ results February 20, 2020 Lloyds reported a 26 per cent drop in annual profit on Thursday, with Britain’s largest domestic lender hit by a rise in bad debts and billions of pounds of customer compensation payout. Chief executive Antonio Horta-Osorio said the results demonstrated a “solid financial performance in a challenging external market”, but analysts have described them as [...]
Seven reasons why London will thrive regardless of Brexit February 17, 2020 In the three-and-a-half years since the UK voted to leave the European Union (EU) much has been written about how London’s status as a global leader in financial services could be weakened. However, with a diverse economy, highly skilled workforce, wide tourist demand, world-class universities and cultural appeal, London will not only survive Brexit, but [...]
Broadband customers set to save up to £150 under new Ofcom rules February 14, 2020 New Ofcom rules set to come into effect from tomorrow could save millions of customers up to £150 each, or a collective £1bn a year, on the cost of landline, broadband, TV and mobile packages. The broadcasting and telecoms regulator is set to enforce rules that require companies to offer customers the best deals available [...]
Hola, Ola: Meet the latest app to fight for Uber’s London crown February 10, 2020 Transport for London’s (TfL) decision not to renew Uber’s operating licence late last year split commuters down the middle, but the controversial ride-hailing app’s rivals have seized the opportunity to stake their claim to the capital. Uber’s effective ban came over concerns it had not done enough to protect Londoners after TfL identified a “pattern [...]