Pearson sales slip as publisher eyes 2020 revenue growth February 22, 2019 Sales fell at education publisher Pearson in 2018 even as profits surged, the firm revealed today, as it confirmed a £500m pension insurance deal with Legal & General. Read more: Pearson seals £500m pension insurance deal with L&G The figures Revenue slipped nine per cent year on year to £4.1bn after Pearson took a £216m [...]
Finally, the Tories have tackled the UK’s deficit February 22, 2019 Credit where it’s due, Philip Hammond has finally conquered the deficit – albeit several years after his predecessor George Osborne originally promised to have done so. While the government is still spending more money than it generates, the UK’s rate of borrowing is considerably below pre-crisis levels. In its analysis of yesterday’s borrowing figures the [...]
Pearson to unveil £500m pension insurance deal with Legal & General February 21, 2019 Publishing giant Pearson is set to announce a £500m deal with Legal & General (L&G) in a bid to shore up its pensions liabilities, Sky News reported. The FTSE 100 firm, which specialises in education, will announce the deal tomorrow alongside its annual results, according to the report. Read more: Pearson sells US school textbook [...]
Swiss Re boosts profit 27 per cent in 2018 despite tough year for natural disasters February 21, 2019 Swiss Re boosted net profit 27.2 per cent in 2018, despite sustaining hits from natural and man-made disasters. The reinsurer reported net profit of $421m (£366m) compared with $331m a year previously, despite 2018 being the fourth-costliest year on record for the insurance industry. However, its profit is 37 per cent behind consensus, according to figures [...]
A terrible year for deaths in 2018 could boost insurers’ balance sheets February 21, 2019 A grim year for deaths in 2018 could see insurers flush with cash as they release reserves earmarked for paying incomes to pensioners. According to analysts at Royal Bank of Canada (RBC) Capital Markets 2018, was “the worst year for deaths this millennium” with a prediction that the soon-to-be-published mortality tables used by UK insurers [...]
Profit at insurer Axa plunges 66 per cent on write downs and natural catastrophes February 21, 2019 Net profit at French insurer Axa plunged by two thirds last year which it blamed on charges related to its US arm’s initial public offering and a rash of natural disasters. Net profit plunged 66 per cent from €6.2bn to €2.1bn for the year ended 31 December. This was influenced by a €3bn write-down on [...]
Tories and Labour brace for more defections to Independent Group as Brexit patience wears thin February 21, 2019 The newly formed Independent Group could soon be welcoming more disaffected Labour and Tory MPs as a number of senior figures took to the airwaves to warn of more resignations. Former Tory MP Heidi Allen, who resigned from the party yesterday along with Remain-supporting colleagues Anna Soubry and Sarah Wollaston, told ITV last night that [...]
Barclays profits slip as bank sets aside £150m for Brexit February 21, 2019 Profits missed estimates at Barclays last year, the bank revealed today, as it set aside £150m for Brexit and paid out billions of pounds in misconduct and litigation charges related to its role in the financial crisis. Read more: Ex-Barclays chair Agius tells court he was unaware of £280m Qatar deal The figures Profit before [...]
Awards 2022 February 20, 2019 The City is back, and so are the City A.M. Awards, recognising the best of the Square Mile, Canary Wharf and London’s business community – which has shown shown resilience, innovation and adaptability like never before over the past year. We’re delighted to host what will be a wonderful celebration of the capital’s rebound, but [...]
Government agency set bonus targets for senior RBS GRG bankers February 20, 2019 Top bankers at RBS’s disgraced global restructuring unit GRG had 70 per cent of their bonuses pegged to Treasury targets, it can be revealed. The details follow claims that the Treasury influenced GRG policy at a time when it was mistreating business customers, many of which went bust. Former GRG head Derek Sach and UK [...]