Black Monday 30 years on: how big was the crash and how fast did markets recover? October 17, 2017 On 19 October 1987 global stock markets came crashing down amid worries about a slowing global economy and high stock valuations. The concerns were compounded by a computer glitch. In the space of 24 hours stock markets in Asia, Europe and the US suffered falls of up to 23%. It was the biggest crash in [...]
OECD: Reversing Brexit would give “significant” boost to UK economy October 17, 2017 Reversing Brexit would give the UK economy a “significant boost” the Organisation for Economic Co-operation and Development has claimed. A major report, presented in London today, claims that increasing domestic pressures combined with the uncertainty of Brexit could hamper growth in the medium term. The 130-plus page report states that after a “good performance” in [...]
Legal & General agrees purrfect Buddies deal to capitalise on pet emotions October 16, 2017 Insurance giant Legal & General is set to capitalise on Britain’s love for pets after agreeing on a deal to buy family-owned pet insurer Buddies. L&G will tomorrow announce a deal to bolt Buddies – founded by married couple Marianne Metaxas and Avi Levine in 2000 – to its existing pet insurance offering. The insurer [...]
Wells Fargo share price falls after it says it took a $1bn legal hit in the third quarter October 13, 2017 US lender Wells Fargo took another hit from the fake accounts scandal that enveloped it last year, as legal costs topped $1bn in its third quarter. The figures Revenues fell two per cent to $21.9bn (£16.5bn) in the three months to the end of September, it said today, while net income fell to $4.6bn, from [...]
Lloyds Bank boosts Scottish Widows by bolting on Zurich Insurance’s £15bn workplace pension arm October 12, 2017 Lloyds Bank today snapped up Zurich’s £15bn UK workplace pension arm. The lender will bolt Zurich’s operations onto its Scottish Widows business in a deal that underlined its “commitment to the financial planning and retirement segment”. Scottish Widows manages more than £124bn of assets, of which £35bn is in workplace pensions. First launched in 1812, [...]
English football clubs heading for “financial nightmare” in pursuit of Premier League riches October 10, 2017 English football clubs are risking ruin in a bid to reach the Premier League’s riches, according to a new report by financial analysts. The analysis found that 18 of 19 clubs who were promoted to the top tier between the 2008/09 and 2015/16 seasons made a loss during their promotion season. And playing in the [...]
Robotaxi for who? The 16 stocks UBS believes will benefit from fleets of driverless cars (and the 13 that won’t) October 5, 2017 The rise of the robotaxi – fleets of futuristic looking autonomous cars carrying people around cities and beyond – threatens to bring mass cheap and efficient transport to the world’s roads. That’s good for consumers, but what about business? Well, some stand to benefit more than others, according to UBS, which estimates they will be [...]
Bank of England deputy governor pushes for EU and UK commitment to Brexit transition by Christmas October 4, 2017 The Bank of England’s deputy governor will tonight urge UK and EU politicians to agree transitional arrangements for financial services by Christmas, as regulators push for continued close cooperation after Brexit. Sam Woods, who leads the Prudential Regulation Authority (PRA), is expected to warn that firms will be forced to start putting their plans for [...]
UK companies are facing a shifting range of security threats October 2, 2017 The threat level in the UK is severe – and arguably not just in relation to terrorism. Recent incidents have shown that any organisation, regardless of its sector or size, could be adversely affected by a security attack. Whether it is a malicious and indiscriminate ransomware campaign, similar to Petya or WannaCry, or getting caught [...]
Lloyd’s of London insurer Beazley hit by $275m bill for Harvey, Irma, Maria and earthquakes September 29, 2017 One of Lloyd’s of London’s best-known insurers today revealed a series of natural catastrophes are to cost the firm up to $275m (£206m). London-listed Beazley estimated the fall-out of hurricanes Harvey, Irma and Maria alongside earthquakes in Mexico would reduce bottom line earnings by $150m. However, it added: “Currently there is significant uncertainty surrounding the [...]