City of London Corporation urges firms to return to the office September 10, 2020 The City of London Corporation has called on businesses to start bringing employees back to the Square Mile. Speaking at the Court of Common Council, policy chair Catherine McGuinness said that any return to the office for City workers must be in line with government guidance. “We know that the workforce in the Square Mile [...]
Weekly US jobless claims reach 884,000 as layoffs persist September 10, 2020 The number of people filing for unemployment benefits in the US is continuing to rise, according to new data from the US Labor Department. Last week there were 884,000 initial claims, unchanged from the previous week’s revised level. Last week, the number of claims fell to the lowest level since the coronavirus pandemic began, although [...]
National Grid names Paula Rosput Reynolds its first female chair September 10, 2020 National Grid has appointed seasoned executive Paula Rosput Reynolds to replace Sir Peter Gershon as chairman when he steps down next year. Rosput Reynolds, 64, currently holds a clutch of other directorships at some of the world’s largest companies, including BP, BAE Systems, and GE. She used to be chair and chief executive of Safeco, [...]
Lloyd’s of London falls to £400m loss due to coronavirus claims September 10, 2020 Lloyd’s of London fell to a £400m loss in the first half of 2020 after the insurance market paid out £2.4bn in coronavirus-related claims. In total, Lloyd’s confirmed that it would pay out up to £5bn in gross claims related to the pandemic. Shares in the market fell 1.7 per cent this morning. The figures [...]
Saga launches £150m raise as former owner returns September 10, 2020 Cruise and insurance firm Saga today launched a £150m capital raise this morning as the company reported a £55.5m loss for the first half of 2020. As part of the deal, former boss Roger de Haan will return to the company his father founded as non-executive chairman. He will invest up to £100m into the [...]
Two City professional bodies to share Walkie Talkie office space in home working drive September 8, 2020 Two of the City’s biggest financial services professional bodies will share an office in the Walkie Talkie as they seek to downsize their property footprints as part of a home working drive following the coronavirus lockdown. The Chartered Institute for Securities & Investment (CISI) and the Chartered Insurance Institute (CII) will share a floor at [...]
The Crypto circus is back in town! This year’s star attraction? DeFi (Part 2) September 8, 2020 When the gas escaped from the ICO bubble market in early 2018, speculators and developers scrambled to find a new way to generate the huge funds and rampant growth previously offered by now collapsed initial coin offerings. DeFi is just the latest in the line of new, and ultimately self defeating attempts to bring back [...]
Rishi Sunak can afford to be bold on pension reform in his autumn statement September 8, 2020 Rishi Sunak’s summer economic statement was essentially an exercise in positivity. The update, given by the chancellor two months ago, was mainly focused on helping Britain emerge from the coronavirus pandemic in decent shape. However, as with the various virus-related schemes announced in his spring Budget, his new initiatives to kickstart the economy come at [...]
Financial services trade talks with Switzerland may be a template for post-Brexit success September 8, 2020 The coronavirus pandemic might have left us with a mountain to climb, but our nation’s economic recovery can be accelerated by one of our greatest trading assets: the UK’s financial services sector. As chair of the All-Party Parliamentary Group for Insurance and Financial Services – and a former insurance broker – I know first-hand how [...]
Worried about furlough fraud? Now is the time to check your claims September 7, 2020 When Covid-19 struck, HM Revenue and Customs (HMRC) introduced the furlough scheme at remarkable speed to help people and businesses through the pandemic. But when claims are made in a rush – and under huge pressure – mistakes are inevitable. Also, sadly, when a recession hits the likelihood of fraud tends to increase. That is [...]