Sun shines on NextEnergy as it plans global expansion with new $750m fund November 28, 2018 A UK-based asset manager will raise $750m (£585m) to expand its portfolio of solar farms, it was revealed yesterday. NextEnergy, which has around $1.4bn in assets under management, has already raised $160m after the first close of its NextPower III fund. It has secured investments from the Norwegian pension fund, a Swedish life insurance firm, [...]
Royal Mail could be sent packing from FTSE 100 in final reshuffle of the year November 28, 2018 Royal Mail could be sent crashing out of the FTSE 100 next week as insurer Hiscox stakes a claim to replace the UK postal service in the blue chip index. The final FTSE reshuffle of the year takes place on Tuesday and barring a miracle Royal Mail, which delivered a shock profit warning in October, [...]
Axa raises profit target following $15bn XL deal November 28, 2018 Europe's second-largest insurer Axa said it expects profitability to speed up in the next two years thanks to business brought in by XL which it acquired in September. French-headquartered Axa said today it expected adjusted return on equity (ROE) to increase between 14 per cent and 16 per cent annually over the coming two years, [...]
The new face of piracy: cyber crime is threatening the shipping industry November 26, 2018 When you think of the word pirate, you probably start to imagine the yo ho ho, Jack Sparrow-sort of buccaneer from Disney movies. Modern-day piracy comes in two varieties. There’s the digital kind: people illegally downloading music or films from the internet. Then there’s the more traditional kind: groups who hijack sea vessels to steal [...]
Ofgem to help over 100,000 customers as another energy supplier goes bust November 21, 2018 Ofgem has said it will step to ensure a smooth transition for customers as yet another small energy provider went out of business today, the sixth this year. Customers of Extra Energy will be protected by the regulator’s safety net, it said. The company’s 108,000 domestic and 21,000 business customers have been told not to switch [...]
Lloyd’s of London chief operating officer to leave as exec churn continues November 21, 2018 The chief operating officer of insurance market Lloyd’s of London has resigned, continuing the stream of exits from its top team. Lloyd’s said today that operations chief and executive committee member Shirine Khoury-Haq had resigned, with plans to leave the insurance market in the first half of 2019. Khoury-Haq, who had been with Lloyd’s for [...]
To restore public trust, it’s time for finance to find its purpose November 21, 2018 More than 10 years on from the collapse of Lehman Brothers, the finance industry still has much work to do to rebuild society’s trust. Given the centrality of financial services to the UK’s economy – whether through the tax revenues it pays, the two million jobs it supports, or the basic functions of our economy [...]
Clifford Chance elect first non-London senior partner, but Magic Circle glass ceiling remains November 20, 2018 Law firm Clifford Chance today appointed its first senior partner from outside London, but the Magic Circle’s record of never having appointed a woman to a top job remained in place. Partners at the £1.6bn legal giant today elected Amsterdam office managing partner Jeroen Ouwehand as its new senior partner, a role equivalent to the [...]
City skyscraper Twentytwo set to lure in another insurer November 20, 2018 The City's tallest skyscraper is expected to land yet another major insurance tenant in the coming weeks, with news this afternoon that broker THB Group is in talks to rent 35,000 square feet of space. THB Group is set to become the third insurer to move into 22 Bishopsgate, known as Twentytwo, once construction is completed [...]
Boris’s water cannon fetch junk price as they are sold off for scrap November 19, 2018 Three water cannon bought and renovated for over £300,000 by former London mayor Boris Johnson will be broken down for scrap after being sold for a fraction of their value. The machines, which were never used, have been sold for parts to Reclamations (Ollerton) Ltd for just over £11,000, the mayor’s office announced yesterday. The [...]