Bank of England governor Mark Carney warns of financial risk posed by climate change September 29, 2015 Bank of England (BoE) governor Mark Carney has warned the City of climate change's threat to economic stability. Read more: Tackling climate change is possible without hindering economic growth Carney used a speech at a Lloyd's of London dinner to give a stark warning of the huge risks to financial security posed by global warming. [...]
RBS mulls buying back shares to cut government stake September 29, 2015 RBS is considering buying back its own shares to help the UK government whittle down its 73 per cent stake more quickly, according to the bank's boss. "I would rather participate as the government is selling down … I think it's probably the best thing for all investors, where excess capital goes back through buy-backs," [...]
After a turbulent two days for Glencore, could its troubles trigger a Lehman moment for miners? September 29, 2015 David Madden, market commentator at IG Group, says Yes It is getting increasingly difficult for Glencore to avoid comparisons with Lehman Brothers. Both companies expanded aggressively in the good times and, like the collapsed bank, Glencore now finds itself in an environment where its empire-building has left it highly vulnerable. Like Lehman prior to its [...]
Quindell’s share price falls as it receives a pre-action legal letter and the claimants want £9m in damages September 29, 2015 As if things couldn't get any worse for Quindell, the business this morning says it has received "notice of intended claim" from a group suggesting it is planning to bring a lawsuit against the troubled insurance outsourcer, with damages of £9m. The law firm is not named and the claims are not detailed, other than [...]
Insurance survey shows firms lack tech knowledge September 28, 2015 Insurance firms are upbeat about the sector, but may not be fully aware of the implications that FinTech developments hold for them, according to research from the Confederation of British Industry (CBI) and PwC. The set of data reveals that all sectors continue to expect to increase spending on information technology – the most common [...]
Glencore share price ends sharply lower in race against time amid global commodities price rout September 28, 2015 After more than £2bn was wiped off Glencore today the company faces a race against time "As fears grew about the company's ability to withstand the prolonged rout in global metal prices." Shares in Glencore ended the day at a new record low, down 29.4 per cent to 68.62p per share in London. Other miners [...]
London fintech: Insurance tech is here, but it needs to catch up with the world of data science September 28, 2015 Rob Moffat’s recent column on the necessity for the insurance industry to catch up with tech was a welcome call to arms. It throws down the gauntlet to what can be a regressive industry, and plots a course for the future. What he may not have realised, though, is that much of the work he [...]
RSA prepares to make more overseas sales September 27, 2015 British insurer RSA is believed to be preparing to sell its Russian and Middle East operations in the next few months. The company has been disposing of its non-core business over the past two years, since chief executive Stephen Hester was brought on board to turn the group around. Earlier this month, the insurer sold [...]
Investment fund for cyber crime hunters to float September 27, 2015 The first investment fund focused solely on companies battling cyber crime lists on the London Stock Exchange today. The exchange traded fund (ETF), called the ETFS ISE Cyber Security Ucits ETF, will launch in London nearly a year after it made its debut on the New York Stock Exchange. The fund, which invests in an [...]
Lance Armstrong settles $10m dispute with SCA Promotions over payments received during Tour de France streak September 27, 2015 Lance Armstrong has settled a decade-long legal dispute with an insurance company who paid him $10m (£6.6m) in bonuses during his career. Read more: Lance Armstrong faces $10m fine for doping fraud SCA Promotions first demanded repayment of the money in 2013 when Armstrong was stripped of his seven Tour de France titles after he confessed to [...]