Credit Suisse shares rise as crisis fears settle October 4, 2022 Shares in scandal-sticken lender Credit Suisse rose nearly five per cent this morning as fears of an impending crisis began to settle after a turbulent day of trading yesterday.
From Poll Tax to tampons and 10p rates: Historic U-turns that left governments red faced October 4, 2022 Kwasi Kwarteng was forced into a U-turn on plans to scrap the 45p tax rate yesterday, just ten days after announcing the proposal in his ‘mini-budget’. While undoubtedly embarrassing for the new Chancellor, he is by no means alone in having to rapidly rethink big Budget announcements. City A.M. caught up with AJ Bell head [...]
Pension giant L&G says liquidity strong despite ‘mini-budget’ fallout October 4, 2022 Pensions giant L&G moved to reassure markets of its cash position today after it was caught up in the economic fallout of the government’s mini-budget last week.
Letters: Mind your credit score October 4, 2022 [Re: Don’t penalise cash-strapped Brits, FCA warns insurers, 29 September] As interest rates soar, the FCA’s call to lenders to offer borrowers solutions is a stark reminder that consumers’ needs must remain front and centre. Against skyrocketing living costs and a mortgage industry in turmoil, our research shows half of lenders are still using outdated [...]
‘What a day!’: Kwarteng says his plan created ‘turbulence’, but it’s ‘not irresponsible’ October 3, 2022 Kwasi Kwarteng has said he will focus on “delivering the major parts of our growth package” in the wake of his U-turn on tax cuts for the UK’s highest earners, while insisting his plans are “not irresponsible”. The chancellor moved to calm Tory party fears about the U-turn and said his mini-Budget 10 days ago [...]
Telecom Plus shares surge as customers snap up bargain deals October 3, 2022 Telecom Plus shares surged over 20 per cent this afternoon after the utility services giant hiked full-year profit guidance after posting record customer growth during the first half of the year. The company nabbed 86,004 new customers in the six months to September, taking its total customer base to 814,684 and representing an annualised growth rate of [...]
Hurricane Ian set to cost insurers £27-36bn October 3, 2022 The category 4 storm Hurricane Ian that hit the southwest coast of Florida earlier this month is set to cost insurers $30- 40bn (£27- £36bn), according to new analysis from S&P Global. However, US insurers are currently well positioned to absorb losses in having sufficient reserves to weather any financial hit, the ratings agency said [...]
Credit Suisse shares tumble as investor concerns grow October 3, 2022 Shares in Credit Suisse have tumbled beyond seven per per cent today as a charm offensive by bosses over the weekend failed to reassure investors over the bank’s financial stability.
Socially conscious insurer Lemonade makes first entry into UK market October 3, 2022 New York insuretech company Lemonade Inc today launched in the UK market with a view to disrupting Britain’s centuries-old insurance sector with its socially-conscious, AI-driven business model. The digital insurer aims to break the “cycle of distrust that plagues the insurance industry” with its pledge to cap its margins at 25 per cent by donating [...]
Kwarteng says ‘we must stay the course’ as he defends tax cuts October 2, 2022 Kwasi Kwarteng will tomorrow defend his tax cuts and declare “we must stay the course”, after the first day of Tory party conference was overshadowed by blue-on-blue attacks. The chancellor is expected to say he is committed to “fiscal responsibility”, after funding his tax cuts through more borrowing, in a bid to calm financial markets. [...]