Aircraft lessor writes off $1.1bn loss as planes remain in Russia July 9, 2022 Aircraft leasing company SMBC has written off a $1.1bn loss as 34 of its planes remain stranded in Russia following the invasion of Ukraine. The Dublin-headquartered company, one of the biggest in the world, decided to expense the fleet’s value this financial year, as the war in Ukraine is expected to continue for some time [...]
Solvency II reforms will not be a ‘free lunch’ for insurance sector, Bank of England says July 8, 2022 The Bank of England (BoE) has said its post-Brexit shakeup of the rules that govern the UK’s insurance industry will not be a “free lunch” for the sector, that puts policyholders at risk. In a speech on Friday, Sam Woods, chief executive of the BoE’s Prudential Regulation Authority (PRA) said policyholders must be protected as [...]
Lloyd’s to stay in iconic headquarters until at least 2031 July 8, 2022 Lloyd’s of London is set to stay in its iconic City of London headquarters until at least 2031, according to new reports that quell rumours the insurer had been planning to leave its purpose-built tower in 2026. There is now “zero chance” the insurer will trigger the lease break clause in its contract with its [...]
New prime minister has to grapple with ‘unsustainable’ UK indebtedness, fiscal watchdog warns July 7, 2022 Britain is on “an unsustainable path” to high indebtedness unless action is taken to strengthen the public finances, the country’s fiscal watchdog warned today. A combination of higher health spending to deal with an ageing society, the loss of motoring taxes due to the transition to net zero and greater geo-political risks could swell the [...]
Finding opportunities in stagflationary times July 7, 2022 Slowing growth and rising inflation is a negative combination for both equity and bond markets. Nevertheless, there are opportunities emerging for global equity investors. This has been a challenging year for equities. Russia’s invasion of Ukraine has led to soaring energy and commodity prices, a global stock market slump and elevated volatility. Recession appears likely, [...]
We are better off with a new leader than a Boris bunkering in No10 July 7, 2022 Governments, like children, are best seen and not heard. This administration has been in an almost permanent state of tantrum since day one. It is hard to conclude Boris Johnson has the power to lead his party, this government or the country. The second to last thing an embattled Britain needs is another leadership contest distracting from what could, with mismanagement, turn into a full-blown economic crisis, if it has not already done so.
AO World looks to raise £40m amid cash crunch fears July 6, 2022 British electrical retailer AO World revealed it is looking to raise £40m today to shore up its balance sheet just days after its share price plunged amid fears over its cash reserves. It was revealed earlier this week that a third-party credit insurer serving some of the firm’s suppliers had slashed its cover in light [...]
£330 pay boost for 30m Brits as National Insurance threshold will rise to £12,570 from tomorrow July 5, 2022 Millions of Brits will get a modest boost in their pay packets this month as they grapple with surging living costs, because – from tomorrow – the threshold at which people pay National Insurance (NI) will increase. The UK Government has previously said this will benefit nearly 30m working people with a typical employee saving [...]
Tory MP Caroline Nokes reported Chris Pincher for being drunk mid-afternoon, 24 hours before groping attack July 5, 2022 Senior Tory MP Caroline Nokes claimed she reported Chris Pincher for being ‘drunk in the middle of the afternoon’ last Tuesday – 24 hours before his alleged groping attack. But nothing was done, she said late last night. Nokes shared on TalkTV that she witnessed the former Deputy Chief Whip, Chris Pincher, ‘drunk in the [...]
After Eamon Holmes, Gary Lineker and Lorraine Kelly, Sky Sports star Alan Parry hit with £356k tax bill: ‘Who will HMRC target next?’ July 5, 2022 Sky Sports presenter, Alan Parry, has had his appeal against a £356,420.37 IR35 tax bill dismissed at a First-Tier Tax Tribunal hearing. Parry was contesting that the contracts his limited company, Alan Parry Productions Limited, held with BSkyB between tax years 2013/14 to 2018/19 reflected an employment relationship, rather than self-employment. But due to the Judge [...]