The number of deaths might be reducing but terrorism is costing the global economy billions of dollars each year November 16, 2016 Terrorism cost the global economy an eye-watering $90bn during 2015 according to a report by a leading global think tank. The Institute for Economics and Peace today produced its Global Terrorism Index, which revealed the impact terrorism is having on the world's finances. Read more: How nuclear terrorism is a $1bn opportunity for this UK firm Perhaps unsurprisingly, [...]
London, this is Scotland calling… November 16, 2016 To paraphrase the comedy legend, Billy Connolly: "Never trust a man who, when left alone with a tea cosy, doesn't try it out for size." He had a point. And this same sense of innovation is not lost on Scotland's financial sector. Over the decades major multinationals have tried Scotland out for size, and found it a perfect fit for their [...]
Wembley Park project secures financial backing from three institutional heavy-hitters November 15, 2016 The firm behind the multi-billion pound redevelopment of the land surrounding Wembley Stadium has announced a vital £800m refinancing, which paves the way for its "new masterplan" for the area. Quintain, which was last year taken private in a £745m deal by US private equity firm Lone Star, announced it would replace its £425m loan from Wells Fargo with [...]
Aviva warns that current saving levels are not sufficient November 15, 2016 Britons need to be saving a whopping six times more than the minimum levels introduced by the government, according to the UK’s largest general insurer. Aviva said that the British public should be setting aside 12.5 per cent of their salary to save for old age. This compares with the current minimum requirement of two per cent under [...]
City Moves for 15 November 2016 | Who’s switching jobs November 15, 2016 Harrods Bank Harrods Bank has appointed Mark Stephens as its new chief executive officer. Mark joins Harrods Bank following seven years at Aldermore Bank, most recently in the role of deputy chief executive and group commercial director. Mark will be responsible for the overall leadership and direction of the bank as it enters an exciting [...]
Will Philip Hammond free up nearly £20bn to be ploughed into businesses with a dramatic VAT cut next week? November 14, 2016 Philip Hammond could free up nearly £20bn to be ploughed into UK businesses by cutting VAT next week, according to figures from commercial insurer NFU Mutual. Hammond will present his first Autumn Statement on 23 November, and research by the firm has found that two-thirds of consumers would increase spending if VAT was reduced. Read [...]
Marsh chief exec reveals details of its £295m purchase of Bluefin from Axa November 14, 2016 US insurance broking giant Marsh said that the Brexit vote had no bearing on its £295m purchase of UK small business specialist Bluefin. The deal, announced earlier today, means that Bluefin’s 1,500 staff across 45 offices will move from the Axa umbrella to the subsidiary of Marsh & McLennan Companies. Speaking to City A.M., Marsh chief exec Mark [...]
Spanner in the works for HSBC chairman search, as Henri de Castries eyes French government role November 13, 2016 HSBC may have to reconsider its options for who it wants to replace chairman Douglas Flint, as a top candidate eyes up a post in politics. It has been speculated for some time that Henri de Castries, who joined the bank's board as a non-executive director this March, is the front runner for the role. However, the Sunday [...]
Remembrance Day 2016 in pictures: Two minutes’ silence held across London’s landmarks November 11, 2016 City-dwellers paused for two minutes' silence in memory of fallen soldiers this morning, while Londoners stopped in their tracks at their workplaces, landmarks and on the streets. Lloyds of London ground to a halt and 11am was marked by the traditional ringing of the Lutine bell in the insurer's atrium. Brokers gathered on balconies to observe the silence. (Source: [...]
Lloyds Bank to cut 665 jobs and close further 49 branches November 11, 2016 Lloyds Banking Group said yesterday it will cut another 665 jobs and shut down 49 branches as part of a three-year restructure of the business aimed at cutting costs. The business will create 145 new roles across the business, but will lay off staff in retail, commercial banking, insurance and consumer finance, the bank said [...]