Swiss ABB will take a multi-million dollar charge due to fraud in its South Korea unit February 22, 2017 Swiss engineering firm ABB said it will likely take a $100m (£80m) pre-tax hit in its 2016 results after uncovering criminal activity in its South Korean subsidiary. "ABB has uncovered a sophisticated criminal scheme related to a significant embezzlement and misappropriation of funds in its South Korean subsidiary," the power and automation company said in a statement. The [...]
Insurance discount rate debate: A fundamentally flawed decision that could cost the sector billions February 22, 2017 No one can dispute the right of someone seriously injured in an accident to receive compensation. Where claimants choose to take a lump sum, arriving at the right figure is no easy task as it needs to take into account the long-term cost of care and loss of earnings, among other things. A key component [...]
A growing gap between what men and women receive in employer pensions contributions is causing a £47,000 shortfall for women February 22, 2017 A gap between the amount men and women receive in employer pensions contributions means there will be a near £47,000 shortfall by the end of a woman's working life. According to the Zurich Workplace Savings Barometer, a mass study of 250,000 pension plans, last year on average, men under the age of 35 received £217 [...]
Regulators give the thumbs-up to South African firm’s £435m Hastings share purchase February 21, 2017 A South African asset manager has been given the green light by regulators to take a £435m stake in insurance firm Hastings. Rand Merchant Investment Holdings (RMI) revealed plans to buy 29.9 per cent of Hastings' shares in December. Today, UK, South Africa and Gibraltar regulators rubber-stamped the deal, which is expected to complete on 1 [...]
Solvency II one year on: Bank of England is cautiously optimistic February 21, 2017 Regulations to ensure UK insurers hold sufficient capital have been a success despite being too costly and taking too long to put into practice, the Bank of England said today, one year after the rules first came into force. Insurance companies will report their first annual results including disclosures on Solvency II in the coming weeks. And David [...]
Why is M&A rising? The bigger the company, the more likely it is to survive February 20, 2017 Investor sentiment is still skyrocketing as Donald Trump continues his victory lap and investors revel in the fanfare. The markets are behaving as though the White House’s as-yet-undetailed economic policies will cure all ills, from the simmering uncertainty around French, Dutch and German elections to the biggest pain for chief executives – technology disruption. The [...]
Why everything you think you know about the gig economy might be wrong February 20, 2017 The rise of the so-called gig economy characterised by new technology platforms such as Uber and Deliveroo has sent the number of self-employed workers soaring in recent years… or so says conventional thinking. But, a new report suggests it is, in fact, higher earners in high-skilled jobs who are driving the growth of the self-employed to top [...]
It’s official: Bruce Carnegie-Brown has been confirmed as Lloyd’s of London’s new chairman February 20, 2017 The chairman of Moneysupermarket.com has been confirmed as the new chairman of Lloyd's of London, after days of speculation over the appointment. In a statement today Lloyd's said Carnegie-Brown, who is also vice-chairman of Banco Santander, will take up his new role in June, subject to approval from the Prudential Regulation Authority and the Financial [...]
Analysts banking on Lloyds and Barclays to have steamed ahead during 2016, as other UK lenders struggle February 19, 2017 Analysts are predicting Lloyds Banking Group and Barclays will race ahead of the pack when the UK's big banks report their earnings this week. Lloyds, which will report its 2016 full-year figures on Wednesday, is forecast a statutory pre-tax profit of £4.4bn, more than double the £1.6bn it reported in 2015, when its earning potential [...]
Don’t dig yourself into a hole! Here are our top tips to keep in mind if you’re planning to dig out your basement February 18, 2017 Barely a week passes without news stories reporting various problems with botched basement digs throughout London. Just recently a Georgian townhouse in Barnes collapsed “like a pack of cards” due to basement work, and similarly a family in Chester Row are still waiting for repairs worth £250,000 to their house after a neighbour’s skip fell [...]