Brit premiums fall in the face of increased competition and downward pressure on rates

Net earned premium decreased by 6.1 per cent to $1.5bn.Read more: Brit Insurance profits dive after IPO costs eat into earningsThe firm’s combined ratio – the amount of costs and losses compared with premiums earned – increased to 96.4 per cent from 91.7 per cent. Brit said this included a 4.5 per cent contribution from major losses compared with a nil contribution in the prior year.Profit after tax jumped to $158m from $16m.Brit generated $464m of cash during the year, compared with $96.7m in 2015.Why it’s interesting  Brit premiums fall in the face of increased competition and downward pressure on rates In September 2016 we announced the launch of Syndicate 2988, which has a capacity of £52m ($82m) for its first year of trading. Syndicate 2988 reaffirms our commitment to the Lloyd’s market and will help us further position Brit as the specialist underwriter of choice, “It is pleasing to have seen a number of initiatives successfully launched during the year, and to see those initiated in recent years delivering profitable premium growth for the group.”In the current environment, we believe this proactive approach and emphasis on innovation is an important complement to our disciplined underwriting. Friday 17 February 2017 8:16 am whatsapp Insurance firm Brit said it had weathered a tough year and was confident changes and initiatives would enable the firm manage market headwinds.The figuresGross written premiums fell from $2.0bn (£1.6bn) to $1.9bn, a decrease of 2.3 per cent on a constant exchange rates basis. Market conditions have, as expected, remained difficult during 2016, with the industry experiencing continued pressure on premium rates. Against this backdrop with increased catastrophe activity, we delivered a respectable combined ratio. The external change was slightly more simple to digest than the management merry-go-round. The insurer put its audit up for tender and PwC prevailed, ousting incumbent EY.What the company said Wilson said: whatsapp Oliver Gill Share Brit’s executive chairman Mark Cloutier highlighted tough market conditions. He said: “Competition from new entrants and additional capacity from existing competitors with appetite to grow has put continuing downward pressure on rates.”The insurer, which was bought by Canadian giant Fairfax in 2015, stressed the combined ratio was a result of major losses, implying comparisons ought to take this fact into account.Read more: Apollo and CVC look to sell off Brit insuranceBrit has made a number of internal and external changes to the way it is governed.Richard Ward stepped down as chairman on 1 January, to be replaced by the firm’s then chief exec Cloutier. Matthew Wilson was appointed as the firm’s new chief exec with Gordon Campbell appointed as non-exec director. Ipe Jacob and Bijan Khosrowshahi resigned as directors at the end of December. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeWeniixLook: The Future of Cars! – WENIIXWeniixUndocarammelloWhat are the top 10 most expensive cat breeds in the world ? – CarammellocarammelloUndoAir AmbulanceYou May Need To Keep Emergency Air Ambulance Service Saved. Check Options Here!Air AmbulanceUndoArticles SkillLove Is In The Air Thanks To These Celeb CouplesArticles SkillUndoCrowdy FanGroom’s Mother Shows Up To The Wedding Wearing ThisCrowdy FanUndoSenior Cars | Search AdsThe Best SUVs for Seniors (The Price Might Surprise You)Senior Cars | Search AdsUndoRedLetterJobs.comBest Church & Pastor Jobs @ RedLetterJobs.comRedLetterJobs.comUndoTriboTEXNanotechnology Repairs Engine Damage in Cars | NASA SpinoffTriboTEXUndoBuzzDestination7 Clever Things To Do When He Doesn’t Text Back For DaysBuzzDestinationUndo More From Our Partners Inside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPuffer fish snaps a selfie with lucky divernypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comWhy people are finding dryer sheets in their mailboxesnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.com read more

Inflation and business rates to deliver £6.8bn hit to small businesses

Monday 27 February 2017 12:18 pm Fourteen per cent of small and medium businesses – a proportion representing £252bn in turnover – expect revenues to drop.Read more: Alarm bells sound over rising costs and inflation Business rates have been re-evaluated for the first time in seven years, and are sky-rocketing for many firms, especially in the capital. The rise in commercial property taxes comes in on 1 April, with the average shop contending with an 8.4 per cent hike in rates.In London, some businesses are facing rate rises of 45 per cent or more.Read more: What next for inflation? Share whatsapp Over a third of the UK’s 5.4m small and medium sized companies said rising business costs are one of the top three risks to their business. Research by the Federation of Small Businesses has found that one in five might close down, or sell their business, due to business rate rises.BREAKING: New research from @fsb_policy – “Business rates shock to small business growth prospects”https://t.co/fUYwWNiBiq pic.twitter.com/tcAouK02No— FSB (@fsb_policy) February 27, 2017RSA’s Russell White said: Inflation and business rates to deliver £6.8bn hit to small businesses Inflation and business rate rises could deliver a £6.8bn hit to small and medium-sized businesses this year.The rising costs are leading more than half (57 per cent) of these firms to predict their revenues will not grow this year, according to a report from insurance group RSA. whatsapp The business environment is expected to become much harsher in the coming year, and it’s crucial that businesses plan ahead to ensure that they are prepared. The government also has a role to play by considering ways through which it can mitigate the negative effects that increasing business costs could have on the economy. Helen Cahill More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org read more

Pub group Hawthorn Leisure to attract interest from competitors as private equity owner calls closing time on investment

As opposed to managed pubs which are controlled by a company like Wetherspoons, or free houses where the owners are independent of any corporate, Hawthorn mainly operates a tenanted model where individuals rent the pubs and buy their wares from the company.Hawthorn managed to pull in £41.5m of revenues for the year ended 2016, with operating profit ramping up to £529,000 from a £677,000 loss the year prior.The pub company and Avenue Capital declined to comment on any sale process, while Punch Taverns and Admiral Taverns had not responded at the time of publication.Read more: Magners brewer C&C and Proprium pick up the tab in £200m buyout of Admiral Taverns Lucy White whatsapp whatsapp Peers in the tenanted pub world, including Heineken’s pubs arm, the remainder of the Punch Taverns business which was not sold to Heineken last year, and Magners maker C&C-backed Admiral Taverns, are rumoured to be sniffing around the business.Read more: Admiral Taverns snaps up Heineken’s excess pubs following Punch Taverns acquisitionBulkin, who also founded private equity firm May Capital, created Hawthorn by scooping up 275 pubs from Greene King in 2014. He hoped to create a business which would be able to survive pressures such as the smoking ban and cheaper supermarket booze, by relying on data to help set the pricing and mix of drinks.It later bought 88 pubs from R&L and 11 from Wetherspoons, but has since sold of several “non-core” sites.Read more: London has lost a quarter of its pubs since 2001, an average loss of 81 pubs per year Share Sunday 4 March 2018 11:47 am Pub group Hawthorn Leisure to attract interest from competitors as private equity owner calls closing time on investment The 300-strong UK pub group Hawthorn Leisure is up for sale, according to industry sources, as its private equity owner looks to pass the group on.The young pub group, which was founded in 2014 by former Merrill Lynch banker Noah Bulkin with funding from Avenue Capital, is in the early stages of a process which could value it at between £115m and £130m. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeweniixTop 5 Best Affordable Sports Cars 2021 – WENIIXweniixUndoBedtimezMan Gives Girlfriend A Necklace, 2 Years Later She Screams When She Realizes What’s InsideBedtimezUndoBreathe Trainer OrgGenius Device Instantly Helps Improve Your BreathingBreathe Trainer OrgUndoAncestral FindingsPhotography Clips PodcastAncestral FindingsUndoofficial translation30 worst paying college majorsofficial translationUndoTrendscatchersSinkhole In Rome Reveals An Extraordinary DiscoveryTrendscatchersUndogeasbest2Top 18 Reasons Why Cats Follow Us to The Bathroomgeasbest2UndoCleverst25 Songs That Will Go Down As The Best Ever WrittenCleverstUndoOnline JobsOnline Jobs in the USA May Pay More Than You ThinkOnline JobsUndo read more

Investment Association boosts board gender diversity with shake up

first_img whatsapp James Booth Tags: Asset management Read This NextIf You’re Losing Hair in This Specific Spot, It Might Be a Thyroid IssueVegamour20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The WrapTop 5 Tips If You’re Losing Your EyebrowsVegamourJim Cramer Calls for Billionaire Tax: ‘This Society Has to Start AddressingThe WrapWhat Causes Hair Loss? Every Trigger ExplainedVegamour’Drake & Josh’ Star Drake Bell Pleads Guilty to Attempted ChildThe WrapSmoking and Hair Loss: Are They Connected?VegamourThis Is How Often You Should Cut Your HairVegamour’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap whatsapp The trade body for UK asset mangers said today that the appointment of four new directors had taken female representation on its board to almost 40 per cent. Investment Association boosts board gender diversity with shake up Share Wednesday 19 September 2018 7:11 pm The Investment Association’s (IA) new directors are Brooks Macdonald chief executive Caroline Connellan, Columbia Threadneedle Investments’ Europe, Middle East and Africa (EMEA) chief executive Michelle Scrimgeour, Newton Investment Management chief executive Hanneke Smits and JP Morgan Asset Management EMEA chief operating officer Dan Watkins.Read more: Quilter posts strong debut profits after growth in new client moneyIA chair Peter Harrison said that the new director’s “perspectives and experience will enable the IA to remain an authoritative voice for the asset management industry”.The four retiring board members are Quilter’s Paul Feeney, Janus Henderson’s Andrew Formica, Aberdeen Standard Investments’ Andrew Laing and Legal & General Investment Management’s Mark Zinkula.Read more: Shore Capital’s asset management arm makes up for fall in capital markets Harrison said the “wisdom and experience” of the retiring directors “have helped to build the IA into the organisation of influence that it is today”.Members of the IA manage £7.7 trillion of assets and employ around 100,000 people across the UK. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorymoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comPost FunDiana’s Butler Explains Why Harry Is With MeghanPost FunZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutGive It LoveThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayGive It LoveBetterBe20 Stunning Female AthletesBetterBeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstlast_img read more

Labour opens new front in party’s war on business

first_img   Labour’s party conference is getting underway in Liverpool, and the various factions of the hard-left are already putting on a good show as they compete for control of the agenda. It also leads to bad policy, such as the idea that a third of board seats should be occupied by workers, and today’s announcement that a Labour government would essentially seize ten per cent of a company’s shares in order to generate a “social dividend.” Having workers on the board of German car-makers did not prevent massive corruption in the industry and finding new ways to tax businesses will not guarantee a new revenue stream for the state. Indeed, heavy-handed interference in governance and ownership, combined with new taxes on income, dividends and profits will chip away at the tax base as – in the words of the CBI – investors pack their bags.The reaction from business and industry groups to Labour’s latest policy announcements should not be seen as knee-jerk criticism. These groups want good relations with a potential party of government, and they share the desire for improvements in pay and productivity.Their dismay at the way Labour has gone about formulating policy (without any input from the people who actually create jobs and businesses) is telling, and should set alarm bells ringing. Sunday 23 September 2018 9:10 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorymoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstBetterBe20 Stunning Female AthletesBetterBeZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldRest Wow68 Hollywood Stars Who Look Unrecognizable NowRest WowMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading Blvd whatsapp More From Our Partners Matt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Tags: Brexit Jeremy Corbyn John McDonnell People Tax Christian May The trade unions used their voting power to block a bid by Momentum activists to force sitting MPs to face reselection challenges; members demanding a second Brexit referendum marched through the city, urging Jeremy Corbyn to get off the fence and join them; and a fringe meeting discussed the vital task of launching a state-run alternative to Google based on “public service ideas.”That was all on day one. Today, things get serious as marxist shadow chancellor John McDonnell takes to the stage to set out his party’s key economic policies.We’ve seen enough McDonnell speeches to know that his tone will be divisive: bankers are bad, capitalism is failing and a revolution is needed.We also know that he will announce detailed plans to rip up the UK’s corporate governance code and rebuild it in a way that “empowers workers.”At the heart of Labour’s approach to business is a misguided and desperately old-fashioned belief that life is a battle between workers and bosses. This idea permeates Labour’s policy-making, and leads to rhetorical flourishes about fat-cat bosses, rigged systems and a revolutionary fightback. Labour opens new front in party’s war on business whatsapp Sharelast_img read more

The global vaping industry risks being choked in a regulatory cloud

first_imgBut we live in a connected world, and most governments are loath to act unilaterally. Politicians look to the rest of the world for guidance. What do they see? Vaping is being banned in many countries. The US and Europe are imposing onerous and costly regulations on the industry. China, the country producing the vast majority of the world’s vaping products, is actively discouraging the take-up of these products by their own citizens.And most importantly, they see the WHO Framework Convention on Tobacco Control using bad science to push a firm anti-vaping message.Should the WHO deliver a similar message this week, it is not hard to imagine that it will give pause to policymakers, even those convinced of the benefits of vaping. Why? Because the WHO garners respect that most other parts of the UN no longer do.This is the organisation that removed smallpox from the planet and has come tantalisingly close to doing the same to polio. Deaths from malaria have halved between 2000 and 2015. These are monumental achievements, worthy of great admiration – but addiction is not a virus that can be vaccinated against.Thus we and our UK partners, the UK Vaping Industry Association, call on the WHO to heed its own advice and “put people at the centre of change”. It’s important to understand how we got here, because New Zealand didn’t embrace vaping due to government action. There was no permissive legislation or endorsement of vaping. And it certainly wasn’t due to public health initiatives. Vaping grew by word of mouth, by vapers becoming vendors and advocates sharing the life-changing benefits of this technology.This has been happening all over the world, so why is the outlook particularly positive in New Zealand? I argue that it is actually because our government took no strong action for or against vaping.When vape shops such as the one I operated started pushing the existing laws by selling e-liquid with nicotine, the authorities noticed but chose not to prosecute and instead to observe.Public health academics engaged with both vaping advocates and with vendors. Even if we often didn’t agree, we were talking. And then a District Court Judge forced the issue, ruling that the Smoke Free Environments Act was relevant only to smoked and chewed tobacco, not vaping products.Our government recognised that it could not rely on old laws never intended to address these new products – it is now assessing them based on what they are, not what they resemble. whatsapp Wednesday 10 October 2018 5:29 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBetterBe20 Stunning Female AthletesBetterBeRest Wow68 Hollywood Stars Who Look Unrecognizable NowRest Wowmoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comInvestment GuruRemember Cote De Pablo? Take A Deep Breath Before You See Her NowInvestment Guruzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.comZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyGive It LoveThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayGive It Love Geneva is a long way from London, and the other side of the world from New Zealand, but vapers worldwide would do well to keep a close eye on these proceedings.Five years is a long time in tobacco control. In 2013, I had just started vaping and there was essentially no vaping industry in New Zealand. Kiwis had two options: order online from abroad, or from a single expensive local website. Liquid containing nicotine had to be imported from overseas.Read more: Industry groups call on WHO to change stance on vapingThere were no opportunities to try devices or sample flavours, and no access at all for people without credit cards or internet access.Today, smokers New Zealand looking to switch to reduced-harm nicotine products can walk into a vape shop and get advice, support, and access to hardware and liquids for the same price as a pack of cigarettes. Top-down, globally coordinated campaigns have often been tried and failed in healthcare. Let nicotine addicts choose in a free marketplace of reduced-harm options, and let countries legislate in culturally sensitive ways suiting their individual circumstances.I have faith that New Zealand will regulate well on behalf of vapers, smokers, non-smokers and children. I hope that the WHO can create an environment where other governments may tread the same path.Read more: MPs tell Hammond: Don’t even think about a vape tax The World Health Organisation (WHO) is meeting in Geneva this week to shape tobacco and vaping regulation over the next five years.center_img whatsapp Share Michael Brader The global vaping industry risks being choked in a regulatory cloud Tags: Trading Archivelast_img read more

Government borrowing falls to fresh 17-year low as income tax revenue grows by £3bn

first_img ““However, he, like the rest of us, is waiting to see what happens with Brexit,” he added.Read more: Hammond has the cash to end austerity, IFS saysCapital Economics said it kept the Chancellor “broadly on track” to hit his 2018-19 full-year borrowing target of £22.8bn with just month left to come.Its chief UK economist Paul Dales said: “That leaves the Chancellor well placed to loosen policy to support the economy in a no deal Brexit, if that’s where we end up.” Callum Keown Read more: Government borrowing falls to 17-year lowIn February itself net borrowing was lower than forecasts at £200m, and £1bn less than the same month in 2018.ONS said self-assessed tax receipts were “particularly high” in January and that late payments often spilled over into February.Over the two months combined receipts or self-assessed income tax and capital gains tax were £27.5bn, an increase of £3bn on the same period in 2018.”The short-term improvement in the public finances means that Philip Hammond has capacity to increase spending on under-pressure public services, while potentially cutting taxes to provide an economic boost,” Martin Wheatcroft advisor to the Institute of Chartered Accounts in England and Wales (ICAEW) said. Government borrowing has fallen to a fresh 17-year low so far this financial year as the UK’s strong labour market saw income tax revenue increase by £3bn.Public sector borrowing from April 2018 to February was £23.1bn, the lowest year-to-date borrowing since 2001 and £18bn less than the previous year, according to the Office for National Statistics (ONS). whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comcenter_img Government borrowing falls to fresh 17-year low as income tax revenue grows by £3bn Tags: Trading Archive Thursday 21 March 2019 9:45 am whatsapp Sharelast_img read more

Major companies could be exempt from joint audit rules in competition watchdog report

first_img The UK’s competition watchdog reportedly could exclude some major companies from a new rule that would require many business to appoint joint auditors.Sky News reported that the Competition and Markets Authority (CMA) is set to publish its long awaited report into the audit sector this week. James Booth According to the report, the CMA has been hit by a backlash from corporates to its initial proposals which it shared in December that said Ftse 100 companies are likely to be forced to employ two auditors.Read more: FRC investigates Grant Thornton audits of InterserveThe report said the CMA had been examining an exemption from the rule for the biggest, most complicated companies such as bank HSBC and oil companies Royal Dutch Shell and BP.The introduction of joint audits is intended to increase competition in a market dominated by the Big Four: EY, PwC, KPMG and Deloitte.According to Sky sources a market capitalisation threshold could apply, with companies over a certain threshold exempt from the demands. Tags: BHS BP Carillion Company Deloitte FTSE 100 Major companies could be exempt from joint audit rules in competition watchdog report whatsapp The CMA declined to comment.Read more: MPs call for full breakup of audit’s Big Four in wake of scandals The report also said the CMA is expected to push for a greater separation of the Big Four’s audit and non-audit practices than was contained in its preliminary report.Read more: DEBATE: Should the audit and consultancy arms of the Big Four be divided?The CMA inquiry was launched in response to major corporate scandals such as the collapse of retailer BHS and outsourcer Carillion were their auditors had signed off on the company’s accounts shortly before their failures.London Stock Exchange chair Sir Donald Brydon is overseeing a separate review into the future of audit.Earlier this month the Business, Energy and Industrial Strategy committee called for a breakup of the Big Four after the conclusion of its own probe into the sector. whatsapp Share Sunday 14 April 2019 7:08 pm More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their mailboxesnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comlast_img read more

HSBC investment banking boss to lose role in shake-up

first_imgThe lender’s head of global banking and markets Samir Assaf is to be moved to a non-executive role, according to the FT. Sebastian McCarthy While the bank’s performance in Asia has held up, in areas such as continental Europe HSBC has struggled to maintain its profit. Share “There is scope throughout the bank to clarify and simplify roles, and to reduce duplication,” Quinn told Reuters. Sources told the paper that the move could be unveiled within the coming months ahead of Quinn’s plans to announce major new strategic changes for the business. Read more: Softbank in talks over KPMG’s private members club Assaf has led the unit for nearly ten years. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.comMisterStoryWoman files for divorce after seeing this photoMisterStoryPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past Factorybonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comThe Chef PickElisabeth Shue, 57, Sends Fans Wild As She Flaunts Age-Defying FigureThe Chef PickJournalistateTeacher Wears Dress Everyday, Mom Sets Up CamJournalistate Earlier this month HSBC received a second warning from the Bank of England over its lack of progress tackling so-called non-financial risks, according to reports in Bloomberg. Assaf  told other executives on a call that the BoE’s Prudential Regulation Authority (PRA) had given HSBC another ticking off, leading him to convene a summit of HSBC’s top brass to try to thrash out a solution to the problem. Read more: A tour inside Goldman’s new £1bn London office The comments have sparked fears of job cuts amid speculation that Quinn will look to restructure large parts of the business. HSBC has been contacted for a response. Acting chief executive Noel Quinn, who took charge after the shock departure of predecessor John Flint in August, blasted the recent performance as “not acceptable”. Read more: HSBC receives second warning over ‘non-financial risks’ More From Our Partners Fort Bragg soldier accused of killing another servicewoman over exthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com Brexit uncertainty, rising trade war tensions and continued civil unrest in Hong Kong have all contributed to a challenging environment for banking giants such as HSBC this year. whatsapp HSBC investment banking boss to lose role in shake-up Wednesday 20 November 2019 9:02 am whatsapp The potentialreplacement comes a month after HSBC posted a 19 per cent drop inthird-quarter profit. HSBC’s investmentbanking boss is reportedly set to be replaced as part of a shake-upunder interim chief executive Noel Quinn.last_img read more

HSBC and Standard Chartered slammed for Hong Kong law stance

first_img (Getty Images) Also Read: HSBC and Standard Chartered slammed for supporting China’s Hong Kong security law “We can all act shocked and damn them for supping with the devil, but neither bank had any real choice but to make the unpalatable decision to support the unsupportable. Both banks are based in the UK but have extensive business in Asia. whatsapp HSBC and Standard Chartered have today been critcised for their support of China’s new security law for Hong Kong. Standard Chartered declined to comment. (Getty Images) Bill Blain, market strategist and head of alternative assets at Shard Capital, said: “There is something deeply tragic about announcements from HSBC and Standard Chartered supporting the imposition of China’s Security Law in Hong Kong. “We aren’t an island, nor are the people fighting for freedom in Hong Kong who they just stabbed in the back.” HSBC said in a statement: “We respect and support laws and regulations that will enable Hong Kong to recover and rebuild the economy and, at the same time, maintain the principle of ‘one country two systems.” Neil O’Brien, Conservative MP for Harborough, Oadby & Wigston said: “All these lovely sentiments about not being an island and looking outward… then they go and back a violation of international law by an increasingly authoritarian state. O’Brien also tweeted: “If you bank with HSBC you are with a bank that is backing Beijing’s repressive new security laws, designed to snuff out freedom in Hong Kong. Other banks are available.” Standard Chartered later said it believed the law can “help maintain the long term economic and social stability of Hong Kong”.center_img Matthew Henderson, Asia Studies director at the Henry Jackson Society, said: “It is disappointing that an international institution that — throughout its existence — has benefitted from Hong Kong’s freedoms and opportunities, now feels obliged to collaborate with forces that are bent on the destruction of those same freedoms.” HSBC’s Asia-Pacific chief executive Peter Wong signed a petition backing the law, the bank said. HSBC and Standard Chartered slammed for supporting China’s Hong Kong security law whatsapp Thursday 4 June 2020 11:32 am “Both know their futures depend too much on China’s patronage to survive without kow-towing. Share Tom Tugenhadt, Conservative MP for Tonbridge, Edenbridge and Malling, tweeted: “I wonder why HSBC and Standard Chartered are choosing to back an authoritarian state’s repression of liberties and undermining of the rule of law? Where does this fit in their definition of corporate social responsibility?” James Booth “However, they have written the first lines of the final few paragraphs of their own obituaries. Banks that are run to appease regulators and flatter governments are unlikely to thrive.” (Getty Images) Also Read: HSBC and Standard Chartered slammed for supporting China’s Hong Kong security law Show Comments ▼last_img read more