First Silicon Valley Bank, then Credit Suisse, and now Signature Bank is bought out for £2.2bn March 20, 2023 New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a 2.7 billion dollar (£2.2 billion) deal, the Federal Deposit Insurance Corp (FDIC) said late on Sunday. The 40 branches of Signature Bank will become Flagstar Bank, starting on Monday. This comes after UBS agreed to purchase beleaguered [...]
Car premiums increase 17.4 per cent after FCA price walking ban December 20, 2022 The average car premium has soared 17.4 per cent in the past year, according to recent research. Data published today by market researcher Consumer Intelligence shows that average premiums now cost £877, surpassing by 6.7 per cent current inflation rates. According to senior insight analyst Georgia Day, the unsurprising surge has been driven by the [...]
E-bike explosions caused by dodgy batteries are ‘the fastest growing fire risk’ in London June 13, 2023 Dodgy batteries on e-bikes and scooters are the “fastest growing fire risk in the capital,” a top London Fire Brigade official has warned, as he joined calls for more regulation. Deputy Commissioner of London’s Fire Brigade Dom Ellis said that the force had been called out to 58 e-bike fires and 14 involving e-scooters this [...]
The Co-op lowers prices as it eyes ‘golden era’ January 24, 2024 The Co-op has revealed plans to grow its membership to eight million by the end of the decade as it eyes a "golden era of co-operation".
Legal & General shares fall after insurer scales back dividend plans due to Covid-19 November 12, 2020 Shares in Legal & General fell today after the insurance giant kept its final dividend payment for 2020 flat due the impact of the coronavirus pandemic and cut its five-year dividend growth target. In an update to the stock exchange this morning, Legal & General said it had delivered a “resilient” performance so far this [...]
New breed of private capital firms will face performance headwinds October 18, 2022 Under the private equity fundraising model, every few years fund managers secure capital commitments with a 10-year duration and charge management and advisory fees during the lock-up period. While longer-dated products have emerged over time, the basic pattern has remained essentially unchanged. Unfortunately, fundraising is cyclical. Downturns require patience: fund managers must wait until the [...]
Morgan Stanley: Profit hit by $500m in one-time charges but investment bank shines January 16, 2024 Morgan Stanley's profit missed analysts' estimates in the fourth quarter as it was hit by more than $500m (£395m) in one-time charges which offset a stronger performance from its flagship investment bank.
UK banks could face major losses over FCA motor finance review January 15, 2024 UK banks could be on the hook for billions in compensation, according to analysts, after the City watchdog announced a review into unfair costs on discretionary car finance commissions.
Investors look set to pour cash into infrastructure following BlackRock acquisition January 15, 2024 Top investors on both sides of the Atlantic could be set to pump cash into the $1trillion infrastructure market as governments ramp up pressure on the private sector for investment.
Climate protesters target Lloyd’s of London over fossil fuels insurance September 1, 2020 Returning Lloyd’s of London employees have been met with protesters who are demanding the insurer ditch its fossil fuels insurance to protect the climate. Campaign group Insure Our Future launched its campaign outside Lloyd’s of London office this morning as the insurer reopened its underwriting hall. Protesters are criticising Lloyd’s for failing to take “meaningful [...]