US stocks climb despite jump in jobless claims April 23, 2020 US stocks have opened higher despite another surge in new claims for unemployment insurance as investors choose to focus on a new stimulus package from Congress. Wall Street’s Dow Jones index climbed 0.6 per cent in early trading while the S&P 500 rose 0.7 per cent. The Nasdaq was up 0.8 per cent. European stocks [...]
More than 1m hospitality jobs at risk without extra government support, industry warns April 23, 2020 More than 1m hospitality jobs could be lost if coronavirus social distancing measures are extended without extra government support for the sector, the industry has warned. UK Hospitality has written to Cabinet Office minister Michael Gove to urge for more support for the country’s pubs, bars and restaurants amid concerns that social distancing measures could [...]
US jobless claims hit 26m since coronavirus lockdown began April 23, 2020 The number of Americans making jobless claims surged again last week, meaning roughly 26m people made unemployment claims in a five-week period that has seen coronavirus wipe out all of the jobs created since the financial crisis. New jobless claims hit 4.4m last week, the US Labor Department said today. This was a slight fall [...]
Hiscox faces legal action over coronavirus business interruption claims April 22, 2020 The Night Time Industries Association, which represents bars and clubs across the UK, has launched legal action against Hiscox, alleging the insurer has refused to pay out for claims during the coronavirus pandemic. The organisation is arranging class action against the insurer, which it said has denied liability under its business interruption policy. All night [...]
Monzo applies for US banking licence in bid to tap giant market April 22, 2020 UK challenger bank Monzo has applied for a US banking licence so it can offer a full suite of services in the world’s biggest financial market. The fintech firm, known for its pink “hot coral” cards and sleek app, applied to the US authorities for a licence on Monday in the most important step in [...]
Hiscox warns of $175m coronavirus insurance hit April 22, 2020 Insurer Hiscox has anticipated paying out up to $175m (£142m) in coronavirus insurance claims arising from restrictions on travel and mass gatherings. The insurer faces a $150m bill if travel restrictions and social distancing measures remain in place for six months from March. And that insurance sum could rise by another $25m if coronavirus restrictions [...]
Admiral shares up as insurer issues £110m refund to customers during lockdown April 21, 2020 Shares in Admiral jumped three per cent today after the insurer announced it will refund £110m to customers as the coronavirus lockdown has reduced the need for car travel. Admiral said this morning that there are fewer cars on the road, and therefore it expects to receive fewer insurance claims. The insurance company will refund [...]
Financial advice industry grew in 2019 despite rising costs and regulation April 20, 2020 The financial advice industry grew last year despite rising costs and widening regulation, research published today showed. The sector’s growth has been driven by ever more complex financial needs, low growth in DIY investing and a lack of alternatives to spending time with a professional adviser, the survey from fund data provider FE fundinfo found. [...]
Coronavirus: European IPO market ‘virtually inactive’ since March April 20, 2020 The initial public offering (IPO) market in Europe has been “virtually inactive” since March due to coronavirus, however secondary equity raises have spiked as companies seek to shore up their finances during the crisis. Only seven public offerings were launched on European exchanges between early March and mid-April, according to the latest research. European IPOs [...]
Coronavirus hits hospitality: London without the pubs, bars and restaurants would be so much poorer April 19, 2020 Living in London is not always easy. Over recent years, a cottage industry has developed in newspapers’ features sections in which a previously harried writer explains why they’re glad they left the Big Smoke, the packed underground trains, the occasionally grubby air. Good for them. But you try getting some decent Lebanese food at 10:30pm [...]