Slater and Gordon reports a half-year loss, and points the finger at poor reputation in the UK February 27, 2017 Australian-listed law firm Slater and Gordon revealed a loss in its half-year results today, pinning at least some of the blame on its reputation in the UK. The figures The firm reported a net loss after tax of AU$425.1m (£262.4m), an improvement of 56 per cent compared with AU$958.3m for the same period the year before. [...]
Government cuts discount rate: Experts react to move by justice secretary Liz Truss and warn on implications February 27, 2017 The government's decision to slash the insurance discount rate caught most of the sector's largest firms by surprise this morning. In particular, large motor insurers such as Direct Line (shares dropped by more than six per cent) and Admiral (down more than two per cent) were hit. [stockChart code="DLG" date="2017-02-27 15:08"] What is the discount rate? The [...]
Inflation and business rates to deliver £6.8bn hit to small businesses February 27, 2017 Inflation and business rate rises could deliver a £6.8bn hit to small and medium-sized businesses this year. The rising costs are leading more than half (57 per cent) of these firms to predict their revenues will not grow this year, according to a report from insurance group RSA. Fourteen per cent of small and medium [...]
Tandem Bank’s chief executive Ricky Knox talks sarongs, dumb pipes, ornithology and why Facebook is scared of banking February 27, 2017 "Would you have called Amazon? I didn’t! We all thought that was just a fad – it was a bookseller. An online bookseller with that valuation? But the internet creates these giants – and it’s not just one or two of them. "Look at music – EMI is basically dead. Google – a little bulls*** [...]
Insurer Hiscox is planning to move its EU HQ to either Luxembourg or Malta February 27, 2017 Hiscox has narrowed down its shortlist for a new EU base to two countries and says Brexit is unlikely to impact the firm strategically. The insurer today announced record annual results, with profits soaring and its retail operations growing to represent half of the firm's business, and the firm also revealed it is eyeing move to Malta [...]
Government cuts discount rate: Insurance sector says “crazy” decision will cost the industry billions February 27, 2017 The UK's insurers were left reeling this morning after the government announced changes to a key insurance sector discount rate, costing them hundreds of millions of pounds. Direct Line said annual profits for 2016 would be cut by up to £230m, while motor insurer Admiral estimated it will take a hit of up £100m and is to [...]
City Moves for 27 February 2017 – who’s switching jobs? February 27, 2017 Today's City Moves cover legal eagles, market strategy and insurance. Take a look at these movers and shakers: Dorsey & Whitney LLP Employment law specialist Bob Cordran has joined international law firm Dorsey & Whitney’s London office as a partner. Bob, formerly a partner at Marriott Harrison LLP, is an experienced employment lawyer who has [...]
Days of promise lie ahead for British firms selling to booming Asian markets February 27, 2017 I returned yesterday from my latest trade mission to Hong Kong, mainland China and South Korea, which I undertook with the aim of exploring business opportunities across Asia for Britain. This is a crucial moment for the UK’s economic relationship with key overseas partners, in particular China, and expanding our economic ties in the most important [...]
Ministers probe plan to cut NI contributions for firms recruiting ex-offenders February 27, 2017 Ministers are exploring whether firms should be offered financial incentives to recruit ex-offenders. Options being considered include reducing National Insurance contributions if employers take on former prisoners. The plans emerged as part of the government's response to a report from the Work and Pensions Select Committee, which calls on ministers to provide more support to ex-offenders. Read More: Ex-migration chief [...]
The City boss running around for retirees: Clive Bannister on being a Phoenix from the ashes and providing a happy ending for pensioners February 27, 2017 Phoenix Group’s chief executive wasn’t looking forward to his morning commitments on 28 March 2014. “I was due to make a presentation to a rather hostile audience,” says Clive Bannister, the head of the FTSE 250 closed-book life insurer. “They didn’t want to think very kindly about Mr Bannister.” And Bannister’s day was about to [...]