Fewer car sales and new drivers hits brakes on Direct Line growth May 5, 2021 Insurer Direct Line today said that low levels of new car sales and fewer new drivers led to deflationary market conditions during the first quarter. The firm’s total group premiums fell 4.7 per cent year-on-year to £752.3m, with motor premiums plummeting 10.6 per cent to £367.3m. Elsewhere, Direct Line continued to deliver growth in its [...]
Warren Buffett names Greg Abel as Berkshire Hathaway successor May 4, 2021 Investor Warren Buffett has said that vice-chairman Greg Abel will succeed him as chief executive when he steps down from the role. Buffett, 90, built Berkshire Hathaway from a failing textile maker into a $628bn investment giant. Despite the announcement, Buffet said that he has no plans to step down in the near future. “The [...]
COP26: What are the UK’s goals for the landmark summit? May 1, 2021 It’s six months until the UN’s flagship climate conference, COP26, kicks off in Glasgow. As the host of this year’s conference, the UK has a unique job: to corral the world’s biggest economies into updating their nationally determined contributions (NDCs) – formal targets to reduce emissions – in line with the demands of the 2015 [...]
Exclusive: UK private equity firms pool £20bn fire power as they circle higher value targets April 29, 2021 The total value of UK private equity club deals reached £19.7bn last year, a fourfold increase from the £4.5bn in 2019. Moreover, the number of club deals has reached a three-year high as there were 56 deals in 2020, a jump of 30 per cent from 43 the year before, according to new data that [...]
Deutsche Bank staff in the City set for three-day work from home week April 29, 2021 Deutsche Bank plans a post-pandemic policy for its City staff that allows them to work from home for up to three days a week. The implementation of the hybrid working model is part of a wider initiative to encourage flexible working at the German financial giant. “It’s a range of 40 per cent to 60 [...]
City fund managers discuss post-pandemic opportunities, with NatWest, Lloyds and BP topping the list April 28, 2021 As the economy slowly recovers from what has been a dramatic year, and investors gradually dare to think again about growth and investment, City A.M. checked in with a number of prominent Square Mile-based fund mangers to find out where they spot opportunities as London’s investment community starts to shake off the pandemic. Banking, energy [...]
HMRC set to crack down on tax evaders’ crypto assets April 28, 2021 The recent surge in interest and value in cryptocurrencies is likely to lead to increased scrutiny on its links to organised crime, according to a top accountancy firm. The organised crime ecosystem is becoming increasingly digital and now there are concerns it is being used by tax evaders. HMRC is set to demand data on [...]
City Moves: Who’s switching jobs in the Square Mile this week? April 28, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Cazoo bolsters board after $7bn NYSE listing After its $7bn New York Stock Exchange listing through its AJAX merger, UK online car retailer Cazoo has confirmed that a new non-executive director [...]
Credit Suisse’s ravaged reputation is salvageable but it will be a long slog April 28, 2021 Credit Suisse faced the music again last week. The Swiss bank posted a devastating first quarter loss of £593million after the dramatic collapse of US hedge fund Archegos. The bankruptcy was hot on the heels of the downfall of financial firm Greensill. The bank’s chief executive, Thomas Gottstein, branded the loss “unacceptable”. Even as it [...]
The office is not dead – far from it, say City insiders April 26, 2021 As the economy starts to reopen, the City is slowly coming back to life. A range of banks and Square Mile-based firms have started to formalise work from home policies and implemented flexible working arrangements. Businesses in every sector have been debating concepts of what the post-Covid office could look like with pessimists doubting its [...]