Carillion: Trade credit insurers pull cover as Carillion “hangs by a thread” January 13, 2018 Euler Hermes and other trade credit insurers have stopped writing new coverage for suppliers to embattled contractor Carillion, sending a signal the company is at risk of collapse, according to reports. Tokio Marine HCC and MGA Nexus also said they would not insure deliveries to the firm, Insurance Insider reported. Trade credit insurance protects firms [...]
I’m out: Dragon’s Den star Julie Meyer has rolled her venture capital firm Ariadne Capital into administration December 21, 2017 Ariadne Capital, the venture capital firm of former Dragon’s Den star Julie Meyer, has been rolled into administration. The UK business rescue and recovery firm Leonard Curtis was appointed as administrator by Meyer herself, who is the majority shareholder and a secured creditor to Ariadne Capital. Meyer told City A.M. that she “appointed the administrator [...]
Bell Pottinger Middle East arm bought by London-headquartered PR firm Hanover Communications | City A.M. November 20, 2017 Bell Pottinger’s Middle East arm has been bought by PR rival Hanover, it was announced this lunchtime. The sale was negotiated by Bell Pottinger group administrator BDO after the PR giant collapsed in September. Hanover founder and chief executive Charles Lewington said: “Bell Pottinger Middle East is a terrific business with a talented, professionally run [...]
Builders and headhunters under financial pressure as insolvencies edge up – but there could be hope for retailers November 10, 2017 The number of firms collapsing into administration rose in the third quarter, according to notices filed with the Britain’s official public record. Analysis of the London Gazette revealed some 302 companies appointed administrators during the third quarter, up from 297 in the second quarter and 295 in the same period 12 months ago. The steady [...]
Risks of artificial intelligence on financial markets must be monitored, warns Financial Stability Board November 1, 2017 The world’s top central bankers have warned that the spread of artificial intelligence could pose a threat to financial stability. The Financial Stability Board (FSB) said yesterday it was crucial for regulators to monitor the growing adoption of AI and machine learning technology across the financial industry, from hedge funds to brokers to banks. Read [...]
Restaurant sector faces risk of thousands of insolvencies as Brexit bites October 30, 2017 A fifth of Britain’s restaurants are showing signs they could go bust, according to research released today. Almost 15,000 eateries are facing a real insolvency threat as rising staff costs and the fall out of Brexit put a strain on the sector. Over half of all food is imported, with three-quarters coming from the EU. [...]
Treasury select committee chair Nicky Morgan: Insurance sector needs to be given “priority” status in Brexit talks October 27, 2017 Treasury select committee chair Nicky Morgan has called on the government to treat Britain’s insurers as a “priority sector” during Brexit negotiations. The influential group of MPs today publishes a report on the impact of a key European directive that shook up how much capital insurers must hold to cover any losses. Morgan called on [...]
A successful industrial strategy requires letting zombie firms die October 20, 2017 As the government considers its industrial strategy white paper, due later this year, it must first break free from blinkered thinking. While doubtless well intentioned, the familiar policies under discussion so far – additional public infrastructure investment, more state-funded research, and skills enhancement, with a particular focus on management training – are not sufficient to [...]
Thomas Cook has just launched a new airline in Majorca called Thomas Cook Airlines Balearics with flights planned for 2018 October 18, 2017 Thomas Cook has launched a new airline in Majorca and plans to start its first flights early next year as it looks to combat turbulence in the European short-haul aviation sector. The travel firm, which operates airlines in Germany, the UK and Scandinavia, said the new carrier will supplement its existing operations, starting with at [...]
Monarch Airlines collapses prompting “biggest ever peacetime repatriation” of 110,000 stranded passengers October 2, 2017 Monarch has ceased operations with immediate effect having collapsed into administration this morning. Around 110,000 passengers have been left stranded overseas. Authorities are promising to ensure they are flown back home in what transport secretary Chris Grayling called “the country’s biggest ever peacetime repatriation”. All flights have been cancelled and authorities are urging passengers with [...]