When fintechs and banks go speed dating February 8, 2017 While the seemingly age-old debate about whether fintech startups will kill banks still rages on, FinovateEurope demonstrates why that question is now largely redundant – things have moved on. The 80 startups on stage at the two day event in the heart of the City are pitching the banks, insurers and City institutions in attendance more [...]
RSA inks deal to dispose of £834m of UK legacy insurance liabilities February 8, 2017 RSA announced this morning it has signed contracts to dispose of £834m of UK legacy insurance liabilities to Enstar Group. The FTSE 100-listed insurer said the transaction "initially takes the form of a reinsurance agreement", effective from 31 December 2016. The group also said the deal was a boon to its capital position and added [...]
Punish HMRC for arbitrarily bullying the victims of our complex tax code February 8, 2017 A good rule of thumb for a system or process: if you sat down and designed it from scratch, would it look like it does now? Ask that question of the tax system and the answer, of course, is a resounding “no”. It is a hideously complicated mess that punishes families and businesses, while destroying [...]
Could it be Luxembourg for Lloyd’s of London? Insurance market narrows shortlist for post-Brexit hub February 7, 2017 Lloyd's of London is homing in on Luxembourg for its new EU camp post-Brexit. The insurance market, which will keep the majority of its operations in London, had narrowed its shortlist to five possible locations – Ireland, Germany, the Netherlands, Belgium and Luxembourg. It has previously ruled out a move to Malta. However, the Press Association [...]
LinkedIn’s first job of the week is pretty sweet: A chocolate taster at Cadbury-maker Mondelez February 7, 2017 Feeling hungry for a new challenge? Have a taste for adventure and want to apply for a new job? Well, now's your chance. LinkedIn has unveiled its first job of the week and it is in fact a chocolate taster with the maker of Cadbury and Milka, Mondelez International. You may laugh, but chocolate tasting [...]
Investing in automation: If robots are coming for your job, how can you make money out of it? February 7, 2017 "Robots are coming to take our jobs,” scream the headlines. The debate around automation has become alarmingly dichotomous – either your job requires skills which are resistant to computers and machines, or you’re destined for the scrap heap. The reality is probably more nuanced. According to the McKinsey Global Institute, it is unlikely that specific jobs [...]
More than half of businesses in the UK, US and Germany aren’t fully prepared to deal with a cyber attack February 7, 2017 More than half of businesses (53 per cent) in the UK, US and Germany aren’t fully prepared to deal with cyber attacks, according to a new study of 3,000 companies. Specialist insurer Hiscox’s cyber report – which assessed firms on strategy, resourcing, technology and process – found that UK firms are least likely to have [...]
Government kicks off next stage of £12bn student loanbook sell-off February 6, 2017 The government formally kicked off the next stage of its bid to sell £12bn-worth of student loans today. City A.M. revealed bankers from Barclays had been appointed to advise on the deal last month. Read more: Bankers appointed by government for latest student loans sell-off push The sale, which is being structured as a securitisation, is being [...]
Industry groups call on chancellor Philip Hammond to cut businesses some slack in the Spring Budget next month February 6, 2017 Businesses large and small are calling on chancellor Philip Hammond to ease the mounting burden on firms in next month's Budget. Business rates, the apprenticeship levy, the national living wage and pensions auto-enrolment are some of the rising costs highlighted by two influential business groups today. In its submission to the Treasury ahead of the Budget [...]
UK firms could face £2,600 in additional employment costs, warns Federation of Small Businesses February 6, 2017 UK small businesses could face £2,600 in additional employment costs, the Federation of Small Businesses has warned. The business lobby group called on UK chancellor Philip Hammond to use the upcoming budget to help small businesses tackle soaring employment costs. In its submission to Hammond ahead of the 8 March budget, the FSB has urged action [...]