Insurer Direct Line suffers as premiums drop in a competitive market May 8, 2019 Shares fell at Direct Line this morning as the insurer faced lower gross written premiums in the first quarter of the year. The measure fell 2.1 per cent to £753.9m, driven by a 4.2 per cent contraction in the UK’s largest motor insurance unit to £386.9m. Read more: FTSE 100 insurer Direct Line posts drop [...]
It’s not cutting-edge AI we should feel anxious about, but mediocre automation May 8, 2019 If there were a betting market in future winners of the Nobel prize in economics, MIT’s Daniel Acemoglu would be at pretty short odds. His highly innovative work has already won him a string of prizes. So his research is always worth following – especially when he challenges the conventional wisdom, as in his paper [...]
KPMG stung with £5m fine for Co-op Bank audit failures as breakup talks roll on May 8, 2019 KPMG has been hit with a £5m fine for misconduct relating to an audit of Co-op Bank. Audit partner Andrew Walker was also fined £125,000, with both “severely reprimanded” by the Financial Reporting Council (FRC). Read more: Watchdog slaps KPMG with £6m fine over insurance audit The Big Four audit giant and Walker admitted their [...]
Insurer Hiscox grows premiums as London market rates improve May 7, 2019 Insurer Hiscox grew gross written premiums in the first three months of the year as rates improved in the London market. The Lloyd's of London insurer said gross written premiums grew 3.3. per cent in constant currency to $1.164bn (£890m) in the first quarter. Read more: German insurer Allianz close to deal for L&G's general insurance [...]
Lloyds Banking Group: Q1 results analysis May 7, 2019 By Graeme Evans from interactive investor. After a stunning share price performance, do these 'hit and miss' results justify optimism? Lloyds Banking Group (LSE:LLOY) investors, in need of a silver lining after an underwhelming earnings season from UK lenders, only have to look back 24 hours earlier to the surprise gift handed to the bank [...]
It’s time to fix regulation and scrap socialism for the banks May 3, 2019 For too long, it has been possible for bankers to make massive profits while socialising losses through subsidies, deposit schemes, public ownership, and bailouts in times of crisis. This creates a moral hazard: bankers are encouraged by the regulatory regime to take on excessive risk, allowed to issue limited equity, and in case of a [...]
City Moves for 3 May – Who’s switching jobs at Ikea, EIP and McLarens? May 3, 2019 Today's City Moves includes Ikea, EIP and McLarens. Ikea Ikea has announced the appointment of Peter Jelkeby as country retail manager with responsibility for the UK and Ireland. Taking over from Javier Quinones, who joins Ikea USA as country retail manager, Peter will continue to strengthen Ikea’s position as the number one home furnishing retailer [...]
Pumped up: Petrol prices soared in April as oil prices pushed up May 3, 2019 Petrol prices soared faster in April than in almost any other month for nearly two decades, it has been revealed. Motorists across the UK were having to pay an average of £3 more for every full tank, according to data from insurance company RAC. Read more: Oil prices fall after Trump’s showdown with Opec The [...]
Tech will disrupt the City more than Brexit May 2, 2019 The City’s roof gardens may be opening up for the summer but the fog of Brexit still hangs over the Square Mile. Businesses have been unequivocal about the consequences of uncertainty but the policy debate rages on, while political manoeuvring (or even the lack of it) tests the collective patience of the nation. You’d be [...]
Lloyds Bank ‘prepared for further Brexit uncertainty’ as profits stay flat May 2, 2019 Lloyds Bank is prepared to weather further Brexit uncertainty, the group’s chief executive said today as the bank reported results for the first quarter. Read more: Lloyds Bank handed capital boost by regulator following risk change The figures Profit before tax was flat at £1.6bn, the bank said this morning, while underlying profit was up [...]