Weak banks and fears over Eurozone debt drag on FTSE May 9, 2011 BANKING stocks weighed on Britain’s leading share index yesterday, with the sector hit by their capitulation in a fight over loan insurance mis-selling, and by Eurozone debt concerns after S&P cut Greece’s credit rating. The British Banking Association said members would not appeal a ruling that they compensate customers wrongly sold payment protection insurance (PPI). [...]
Weak banks and fears over Eurozone debt drag on FTSE May 9, 2011 BANKING stocks weighed on Britain’s leading share index yesterday, with the sector hit by their capitulation in a fight over loan insurance mis-selling, and by Eurozone debt concerns after S&P cut Greece’s credit rating. The British Banking Association said members would not appeal a ruling that they compensate customers wrongly sold payment protection insurance (PPI). [...]
Hammerson’s Nelson to be Lloyd’s chair April 18, 2011 JOHN Nelson, chairman of shopping centre developer Hammerson, was named the next chair of the Lloyd’s of London insurance market yesterday. Nelson, who is also deputy chairman of home improvement firm Kingfisher, will take over from long-standing chair Lord Levene in October. He will receive a £525,000 salary plus benefits for the post, which will [...]
HSBC profit drops as costs rise May 9, 2011 HSBC said profits fell 14 per cent from a year ago as a jump in costs offset a fall in bad debts at Europe’s biggest bank. HSBC said it would also take a £268m provision to compensate customers who were wrongly sold insurance after banks scrapped a legal fight on the issue. That helped lift [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 9, 2010 FINANCIAL TIMES BP DELAYS LIBYA DEEP WATER PLAN BP has delayed its plans to explore in the deep water off the coast of Libya until next year after deciding not to use its original drilling rig “for operational reasons”. The UK oil group said that it was still in the process of ensuring any safety [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 9, 2010 FINANCIAL TIMES BP DELAYS LIBYA DEEP WATER PLAN BP has delayed its plans to explore in the deep water off the coast of Libya until next year after deciding not to use its original drilling rig “for operational reasons”. The UK oil group said that it was still in the process of ensuring any safety [...]
CITY VIEWS: HOW WORRIED ARE YOU ABOUT INFLATION? April 12, 2011 GAVIN SUMMERS | XL INSURANCE “I’m quite worried because the cost of living is going up. My pay increase was below inflation so it was essentially a pay decrease.” ANDY PEACOCK | AXA INSURANCE “I’m not worried. I have a mortgage and credit card but it is not that bad if you consider the cost [...]
Aegon sells reinsurance unit to Scor to help pay off its outstanding state aid April 26, 2011 FRENCH reinsurer Scor is to pay $913m (£554.6m) for most of Dutch insurer Aegon’s Transamerica Reinsurance operations, to make it the second largest life reinsurer in the US. Aegon, which has been winding down and selling operations after requiring state aid at the height of the credit crisis in 2008, said yesterday the disposal would [...]
Businesses must back our campaign June 28, 2011 BRITAIN faces a huge challenge. Innumeracy and financial illiteracy are rife in this country, in an appalling indictment of years of failed educational policies. Tragically, millions of people are unable to grasp fully even the most basic of financial products, such as mortgages or savings accounts. In an era when self-reliance and financial independence are [...]
Banks lose payment protection claims challenge April 20, 2011 UK banks face a flood of compensation claims from mis-selling payment protection insurance when approving loans or credit for customers, following a High Court ruling. The High Court dismissed a challenge brought by the British Bankers’ Association against its verdict that new rules banning the sale of payment protection insurance at the point a loan [...]