RBS swings to loss in wake of £900m PPI charges October 24, 2019 The Royal Bank of Scotland (RBS) swung to a loss during the last quarter as a rush of payment protection insurance (PPI) claims caused a £900m hit to the lender’s balance sheet. RBS reports an operating loss of £8m for the nine months to the end of September 2019, falling from £961m in the same period last [...]
Watchdog goes green with new stewardship code October 24, 2019 Fund managers have been called upon to think green by a new code that calls for investment firms to focus on “sustainable benefits for the economy, the environment and society”. Climate change has appeared as a key governance concern in the Financial Reporting Council (FRC) framework for the first time, as the watchdog tries to [...]
Self-driving startup FiveAI launches commuter trials on London streets October 24, 2019 British startup FiveAI has today announced the launch of commuter research trials for its self-driving car technology, alongside motor insurance giant Direct Line. As part of the Streetwise Consortium, which also includes TRL, a 19km self-driving research route featuring human passengers will be launched in Croydon and Bromley to test out the technology. The invite-only [...]
Slater & Gordon boss talks life after Quindell October 23, 2019 Slater & Gordon’s new UK boss is keen to put the past behind him. On Monday the law firm settled a long-running fraud claim against insurer Watchstone, drawing a line under a turbulent period that threatened to consign the world’s first listed law firm to the history books. Slater had accused Watchstone – formerly Quindell [...]
AIG eyes wealthy clients after launching new syndicate at Lloyd’s of London October 23, 2019 Lloyd’s of London has been given a major boost today after American International Group (AIG) revealed plans to set up its new high-end business at the historic marketplace. AIG is launching a syndicate at Lloyd’s of London aimed at serving the specialist US high net worth market in a move that it said could generate [...]
M&G makes debut as Prudential demerger completed October 21, 2019 Prudential has completed the demerger of its fund management and insurance arm M&G, whose shares have now debuted on London’s main market. M&G was valued at around £5.6bn following the spinoff, which gave investors shares in both companies. Read more: M&G Prudential backs London with £875m investment in City skyscraper Life insurer Prudential announced plans [...]
How Boris Johnson’s big day fell flat October 21, 2019 It was billed as a day of high drama. Not since the Falklands War had the Commons sat on a weekend. But as Super Saturday turned into Soggy Saturday, it was clear things were not going to pan out as the government had hoped. Having agreed an 11th-hour deal at the European Council, Saturday was [...]
Watchstone shares jump 40 per cent after it settles Slater & Gordon fraud claim October 21, 2019 Insurance firm Watchstone and law firm Slater & Gordon have settled a long running fraud claim just hours before a nine-week High Court trial was due to begin. Watchstone’s shares jumped 45 per cent today to 156p after the settlement was announced. The claim dates from listed Australian law firm Slater & Gordon’s acquisition of [...]
Supermarket chain Iceland takes a hit as insurers freeze out suppliers October 20, 2019 Suppliers to supermarket chain Iceland are said to have had their insurance cover cut amid concerns about the impact of Brexit on the company’s supply chain. Paris-based insurer Euler Hermes reduced the credit cover it provides to Iceland’s suppliers over the summer, while rival Atradius is also mulling a possible cut, the Sunday Times reported. [...]
Emmanuel Macron says he will veto Brexit delay October 18, 2019 Emmanuel Macron has vowed to veto a Brexit delay if MPs fail to pass Boris Johnson’s proposed deal in a crunch vote tomorrow. The French President today told MPs to back the deal, saying it was the result of “real leaders with real strategic thoughts”. Read more: Interest rates could rise after Brexit deal, BoE [...]