Big five banks run up £100bn bill in bad loans and legal costs over the last five years February 16, 2017 The UK's big five banks, which report full-year results next week, have run up a bill of nearly £100bn over the last five years for a toxic mix of fines and bad loans according to a new analysis. However, the era of sour loans and megafines that dwarf the banks' dividend payouts could finally be [...]
Ageas global performance hit as UK operations swing into the red February 15, 2017 Insurance giant Ageas today revealed profits had tumbled over the last year with losses spiralling in the UK while the firm works through a painful restructuring and prepares for regulatory changes. The net result of the Belgium-headquartered group plummeted to €127m (£108m), down from €770m. UK operations swung from black to red, posting a €56m loss in 2016, compared with a €30m [...]
AIG’s share price Trump bump halted by worse than expected losses February 15, 2017 Insurance giant AIG reported a worse than expected quarterly loss of $3bn after having to ramp up reserves to cover possible claims against commercial policies it has already written. The group said it had set aside an additional $5.6bn in its fourth quarter trading statement, published overnight. AIG also revealed plans for a $3.5bn share [...]
Anthem hits back at Cigna’s $15bn lawsuit February 14, 2017 Health insurer Anthem has hit back at Cigna after it said it was terminating a merger between the two companies and wants $15bn (£12bn) in fees and damages. Anthem has said that Cigna cannot end the deal between the two companies. Cigna has filed a lawsuit demanding that Anthem pay $13bn in damages and $1.85bn in break up fees after [...]
Workers at this City stalwart have been banned from drinking during the day February 14, 2017 Looks like it's going to be dry January all year long for the boozers at Lloyd's of London. City workers at the historic institution have been banned from drinking during the day because alcohol has caused so may disciplinary cases, according to the Evening Standard. Lloyd's, known for its world-class work in insurance, now has [...]
Next chapter in leadership for the high street retailer as John Barton steps down as chairman February 14, 2017 Retailer Next today announced chairman John Barton will step down after 15 years with the company. Barton has been on the board of the firm since 2002 and was appointed chairman in 2006. He will be succeeded by the Michael Roney when he retires on 1 August 2017. Read more: Next and Morrisons: What a difference [...]
The rise in insecure work is costing the Exchequer £4bn a year, warns the TUC February 14, 2017 The sharp rise in insecure work across the UK is costing the government – to the tune of nearly £4bn a year in lost tax income and benefit pay-outs. That's according to the Trades Union Congress (TUC), which says that total represents nearly a quarter of the social care budget spent in England. Its new [...]
Fears grow for Toshiba as it delays nuclear writedown and earnings announcement February 14, 2017 Shares in Toshiba fell over eight per cent in overnight trading after the conglomerate unexpectedly pushed back an announcement on its quarterly earnings and details of a mammoth writedown of its nuclear business. Investors were waiting with bated breath for the announcement, due today at 3am GMT (12pm Japan time) with the market expecting a charge of [...]
Lloyds Banking Group eyes Berlin for new EU base post-Brexit February 13, 2017 Lloyds Banking Group is closing in on Berlin as its new EU hub post-Brexit. It was reported last December that the bank, which is the only major UK retail lender without a subsidiary in another EU country, was looking into establishing a base in either the Netherlands or Germany to make sure it still had access [...]
The building trades need to recruit more women as infrastructure investment rises February 13, 2017 Recruiting women into the plumbing, electrical, and building industries is just as economically important as encouraging more women to join FTSE 100 boards, a new report said. The building trades are a leading source of employment in the UK, but a stereotypes and lack of promotion to girls making career choices leave the field dominated by [...]