SocGen profit slumps amid major restructuring November 6, 2019 Societe Generale has posted a steep drop in profit for the third quarter of this year, missing analyst expectations amid a major restructuring effort. The bank reported net profit of €854m (£734m) for the three month period, dropping almost 35 per cent when compared to the same quarter last year. Analysts expected a net income [...]
If you were chancellor, what would be in your Budget? November 6, 2019 Today was scheduled to be the first Budget of Boris Johnson’s premiership. The chancellor announced the Budget last month, saying: “This is the right and responsible thing to do – we must get on with governing.” Unfortunately, to misquote a phrase, the best-laid plans of chancellors and Prime Ministers often go awry. The Budget has [...]
Insurance industry must improve corporate culture, Bank of England warns November 5, 2019 The Bank of England sent out a warning to insurance bosses today, demanding that they improve workplace culture following a spate of sexual harassment revelations. In a “dear CEO” letter written to corporate heavyweights in the insurance industry, the Bank’s Prudential Regulation Authority (PRA) flagged recent instances of alleged abuse as of “deep concern”. Read [...]
Private equity firm KKR raises record €5.8bn European fund November 5, 2019 US buyout firm Kohlberg Kravis Roberts (KKR) has raised its largest ever European fund at €5.8bn (£5bn), as investors look to the region for higher returns. The flagship fund, which launched in February with an initial target of €5bn, will focus on private equity deals in Western Europe. Read more: European private equity buyouts climb [...]
General election poll: Conservatives lead Labour by seven points November 5, 2019 Prime Minister Boris Johnson’s Conservative Party has a seven-percentage point lead over the Labour Party, according to an ICM poll. The poll put the Conservatives on 38 per cent and Labour on 31 per cent. The Liberal Democrats were supported by 15 per cent of those polled, while the Brexit party was backed by nine [...]
Ousted McDonald’s chief is allowed to keep $37m in stock awards November 4, 2019 Fired McDonald’s chief executive Stephen Easterbrook will get to keep stock awards worth over $37m (£28.7m), in addition to $675,000 severance and health insurance benefits. The ousted boss will be allowed to keep $23.5m in stock options and may benefit from grants of restricted shares related to McDonald’s performance worth around $13.8m, according to calculations [...]
US factory orders fall in September as trade war bites November 4, 2019 US factories suffered a steeper-than-expected fall in orders in September, survey data has shown, suggesting the country’s manufacturing sector is still being held back by the US-China trade war. Read more: US Fed lowers rates but signals it is done cutting Goods orders in the manufacturing sector fell 0.6 per cent last month compared to [...]
FTSE 100 and European stocks leap on trade deal optimism November 4, 2019 European markets including the FTSE 100 opened higher this morning, as traders began the week with growing optimism over the current US-China trade war. London’s blue-chip index rose 1.1 per cent to 7,384 points in morning trading, while the Dax and the Cac also made similar gains. Read more: Volatile markets boost TP Icap revenues [...]
Insurer Hiscox sets aside $165m for catastrophe claims November 4, 2019 A trio of natural disasters has caused Hiscox to set aside $165m (£127m) for claims, exceeding the insurer’s catastrophe budget for the second half of the year. The FTSE 100 specialist insurer said this morning that it has reserved a net $165m based on insured market losses for hurricane Dorian and typhoons Hagibis and Faxai. [...]
Revealed: The towns that pay the most income tax are nearly all in the South East November 4, 2019 Commuter towns in an area just outside of London known as the Stockbroker Belt are paying the highest levels of income tax in the country, according to research. Nine out of the top 10 towns for average income tax are located in the region, a report by accountant UHY Hacker Young has found. Read more: [...]