Beazley shares fall as it doubles coronavirus claims forecast to $340m September 22, 2020 Specialist insurer Beazley has doubled its forecast for insurance claims related to the impact of the coronavirus pandemic to $340m, as it braces for further disruption to business activity. Almost all of the increase in its estimate stems from event cancellations, as countries appear to be heading into various stages of a second lockdown. Its [...]
HMRC to receive powers to enforce disclosure of assets September 19, 2020 HM Revenue & Customs (HMRC) will be given new powers that will allow it to force financial institutions to provide information about people’s assets. The firms will be required to pass on customer information if served with a “financial institution notice” by HMRC under new measures proposed in the next finance bill. It will mean [...]
Business groups urge chancellor to unveil autumn Budget policies early September 18, 2020 Business lobby groups have urged chancellor Rishi Sunak to make early announcements on the upcoming autumn Budget, in a move to quell fears over the current economic uncertainty. Chancellor Rishi Sunak is expected to deliver the Budget in November, though reports last week suggested the announcement could be pushed back to spring 2021 if the UK [...]
British Chambers of Commerce boss to step down after five years September 17, 2020 The director general of the British Chambers of Commerce (BCC) Dr Adam Marshall is stepping down from the business group after five years at the helm. Marshall, who has held senior positions at the BCC for the last 12 years, will leave his role at the end of March 2021. Over the course of his [...]
Co-op warns on outlook as revenue rises after lockdown shopping boom September 17, 2020 The Co-operative Group today reported a rise in revenue for the first half of the year as the coronavirus lockdown drove up grocery sales, but warned of a challenging six months ahead. The figures The Co-op reported revenue of £5.8bn in the 26 weeks to 4 July, up 7.6 per cent on last year. Pre-tax [...]
Covid-19 is not slowing climate change – businesses still have to do their bit September 17, 2020 Much has been made of the so-called global reset brought about by the pandemic, and many have subscribed to the Instagram-ready notion that the earth is healing due to lockdowns. This is despite the effect of Covid-19 on the environment being either negligible or harmful. For policy makers, the immediate and tangible threat to life [...]
Uber touts safety updates in second day of London court battle September 15, 2020 Uber has told a London court that it has addressed Transport for London’s concerns over the safety of its passengers through a number of changes to its platform and policies. TfL refused to grant Uber an extension on its licence to operate in London at the end of last year, following what it called a [...]
Shares in insurance firms rise despite court ruling on business interruption claims September 15, 2020 Shares in UK insurance firms remained resilient this afternoon, even as the High Court ruled some firms will have to pay out on the disputed business interruption policies. Insurers may have to pay out to hundreds of thousands of British firms who had business interruption claims turned down during the pandemic. The Court ruled on [...]
High Court rules in favour of struggling firms in business interruption insurance case September 15, 2020 Insurers may have to pay out to hundreds of thousands of British firms who had business interruption claims turned down during the pandemic, following a landmark ruling. The High Court today ruled in favour of policyholders in a test case brought by the Financial Conduct Authority (FCA). The Court ruled on a representative sample of [...]
How DeFi promises to transform financial services September 15, 2020 Thus far, 2020 hasn’t been the best of years for many. But for decentralised finance, or DeFi, 2020 has been a period of stratospheric growth, with the total value locked in rising from under $1bn, to just under $8bn today. Although still very much in its infancy, the popular ecosystem is rapidly transforming the face [...]