‘One of the hardest investing years in living memory’: Abrdn swings to pre-tax loss as investors pull £10.3bn from funds February 28, 2023 Abrdn swung to a pre-tax loss last year as investors pulled £10.3bn from its funds in what its chief called “one of the hardest investing years in living memory”. In its full year results today, the FTSE 100 asset manager posted a pre-tax loss of £615m, down from a profit of £1.1bn a year prior, [...]
Amazon strikes: Coventry workers say they are ready for ‘David and Goliath battle’ against employer over poor pay conditions February 28, 2023 Amazon workers have said that they are ready for a “David and Goliath battle” as they begin their second round of strikes this year over poor pay and working conditions. More than 350 workers at Amazon’s Coventry warehouse will walk out today in anger at a pay rise of 50 pence. Employees at the warehouse [...]
Five New Ways We’re Doing Hybrid Work February 27, 2023 We’ve come a long way since March 2020. Most workers will easily recall the day they were told to pack up their laptops and work from home for the foreseeable future. The Covid-19 pandemic revealed many companies were not prepared for remote working, and led to a whirlwind of uncertainty. The workforce adapted quickly. In [...]
Recession fears chill UK investment as CBI urges Jeremy Hunt to rethink tax grab at March budget February 27, 2023 British businesses are poised to mothball investment due to uncertainty over whether the country is on course to tip into a recession and a looming tax grab, a new survey out today indicates. Fears of a slowdown in spending caused by families’ finances being squeezed by the cost of living crisis has knocked optimism among [...]
Insurance sector deal-making hits decade high but 2023 outlook remains shaky February 26, 2023 Insurance sector M&A deals surged to a 10-year high in 2022, as the end of Covid-19 drove an uptick in deal-making activity. Insurance companies completed 449 M&A deals last year, marking the highest number of deals for a decade, new data from Clyde & Co shows. The surge in deals, from 418 in 2021 to [...]
HSBC doubles down on homeworking as Lloyd’s of London pushes for return to City HQ February 26, 2023 HSBC’s and Lloyd’s rival plans for the futures of their London headquarters have revealed a growing split in attitudes towards the long-term prospects of working from home. Lloyd’s of London is reportedly in talks to extend the lease on its iconic City headquarters as it works to bring staff back into the office in resisting [...]
Warren Buffett turns record profit – despite lashings of global headwinds February 25, 2023 Warren Buffett’s Berkshire Hathaway Inc on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and lower gains from investments caused fourth-quarter profit to fall. Buffett called 2022 a “good year” for Berkshire in his annual shareholder letter after the conglomerate’s dozens of businesses generated $30.8 billion of profit despite rising inflation and [...]
The cost of living, Will Smith and the future of Wasps and Worcester: This week’s best read stories on City A.M. February 24, 2023 The rising cost of living and its implications dominated this week’s best read list, along with UCL researcher Rosie Collington’s challenge to the consultancy sector and One: Lloyds Bank’s profits to help cushion customers’ rising cost of living Lloyds Bank’s announcement that its profits are to be held back to help with the cost of [...]
Accessibility, Customer Focus and Inclusivity: Refreshing disability strategies February 23, 2023 DiverCity® Podcast · Accessibility, Customer Focus and Inclusivity: Refreshing disability strategies In this episode, host Julia Streets is joined by Toby Mildon, Diversity & Inclusion Architect and founder of Mildon, a consultancy and advisory business, and Johnny Timpson OBE, principal of Johnny Timpson Consulting and Non-Executive Chair of specialist military insurance brokerage Absolute Military. Together they [...]
Serco wins £570m contract to run US public health insurance schemes February 23, 2023 British outsourcing giant Serco has won a $690m (£573m) contract from the US government to administer the country’s public health insurance schemes. Serco will run back-office delivery of America’s public health insurance initiatives in determining whether US citizens are eligible to buy coverage through the government-backed schemes. Serco’s renewed contract, which it first won [...]