HMRC cracks down on number spoofing scams in fight against fraud June 1, 2019 HM Revenue and Customs (HMRC) has put a block in place on numbers that were using spoofing tactics to impersonate genuine tax officials. Fraudsters had been using so-called number spoofing so that when calling people it would appear as HMRC’s actual phone numbers on their display. Read more: City of London Police apologises after diamond [...]
Legal & General to sell insurance arm for £242m to Allianz May 31, 2019 Legal & General has confirmed plans to offload its insurance business to Germany’s Allianz for £242m. The companies said today the proposed deal for the L&G unit, which provides home cover and pet insurance, is set to be completed in the second half of this year. Read more: Legal & General hires bankers to sell its [...]
Uber loses $1bn in first quarterly results since stock market float May 30, 2019 Uber has reported a $1bn (£790m) loss in its first quarterly financial report as a public company, despite revenue rising by one-fifth. Read more: Uber partners with insurtech start-up to offer digital insurance The loss will not come as a surprise to investors in the ride-hailing giant, after it already predicted the figure in a [...]
City Moves for 30 May – Who’s switching jobs at HSBC UK, Experian and Lane, Clark and Peacock? May 30, 2019 Today's City Moves includes HSBC UK, Experian and Lane, Clark and Peacock. HSBC UK HSBC UK has appointed Sharon Quinlan to the key role of head of corporate real estate. In her new role, Sharon will be focused on supporting HSBC UK’s real estate customers with their debt finance requirements and expanding the bank’s commercial property [...]
HSBC planning to cut hundreds of jobs in global banking and markets division amid cost-cutting drive May 30, 2019 HSBC is gearing up to cut hundreds of jobs in its investment banking division as part of a cost cutting drive. Read more: HSBC set to expand number of retail wealth division staff At least 500 people at the bank could lose their job within global banking and markets, but formal numbers have yet to [...]
Uber partners with insurtech startup to offer digital insurance May 30, 2019 Ride sharing giant Uber has struck a deal with a US insurtech startup to offer digital insurance for its drivers. Inshur uses information about average trips, locations and driver ratings in near real-time to calculate the price of the driver’s policy. Read more: Uber facing £1bn VAT tax bill after HMRC opens investigation The startup [...]
Train delays and shoddy rail service are holding back British business May 30, 2019 Trains in the UK are rubbish. Okay, this isn’t really a surprise announcement, but neither is the “we’re sorry to announce that your train is delayed” when it blares over the tannoy on a regular basis. I’m sure this will fill many of you with the same sense of unbridled want-to-drive-a-tractor-through-the-ticket-office rage as it does [...]
Sydney shares cheer Australia’s centre-right election triumph May 29, 2019 Australian share prices are on a roll after the shock election victory earlier this month of the ruling Liberal-Nation coalition. The centre-right government returned to power in Canberra despite consistent opinion poll leads for the opposition Labor Party. The ASX 200 index, comprising the shares of the 200 largest companies listed on the Australian Stock [...]
HSBC plans retail wealth management staff boost as bank eyes Singapore expansion May 29, 2019 HSBC is planning to boost staff numbers in its Asia retail wealth management division by about 300 by the end of this year with a focus on expanding its business in Singapore. The bank, which makes more than 80 per cent of its profit in Asia, will increase the number of wealth management staff working [...]
Coping with our confusing and expensive childcare system May 29, 2019 Childcare is notoriously expensive in the UK. For UK parents with two children, around 46 per cent of household income goes towards childcare – the highest of all OECD countries – while prices have risen three per cent in the past year, according to the UK’s Childcare Survey 2019. “With the cost of full-time childcare [...]