DIRS.INFO The most relevant business & tech news

"Today's data shows that inflation is coming down, but it's lingering and is stickier than most assume," he said. Treasury yields rose, suggesting higher rates ahead for the long term, with the benchmarket 10-year yield up 10.2 basis points to 3.595%. The two-year note , which often moves in step with rate expectations, rose 3.2 basis points to 4.344%. Oil prices rose but both benchmarks were set for a weekly loss as worries over a weak economic outlook in China, Europe and the United States weighed on oil demand. Gold prices rose despite an uptick in the dollar and Treasury yields as some investors still expect the Fed will slow the pace of rate hikes from early next year.

[1/2] British Chancellor of the Exchequer Jeremy Hunt talks to a television crew outside the BBC headquarters in London, Britain November 18, 2022. REUTERS/Henry Nicholls/File PhotoLONDON, Dec 7 (Reuters) - Britain's financial watchdog laid out options on Wednesday it said banks should offer customers finding it difficult to make payments on mortgages during the cost of living crisis. Prices slid last month by the most since the global financial crisis, mortgage lender Halifax said on Wednesday. In its draft guidance, the FCA also said firms may offer payment concessions where they agree to accept less than the contractual monthly instalment - resulting in a payment shortfall. "We will consider if there are further steps we can take to help firms to support their borrowers, including at scale."

☆ Global pensions with $3 trln on books fear stagflation -survey
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 6 (Reuters) - Global public pension schemes and sovereign wealth funds managing more than $3 trillion in assets fear a combination of economic slowdown and higher inflation in the next 12-24 months, a survey showed on Tuesday. However, public pension funds' assets grew last year, giving them some cushion against market volatility. Assets under management in the top 100 public pension funds grew by 17% in 2021 to $17.4 trillion, OMFIF said. Assets of the top 50 sovereign wealth funds rose 23% to $9.8 trillion. OMFIF carried out the survey between August and October 2022.

☆ Factbox: Aircraft lessors sue insurers for $8 billion over trapped Russian planes
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +4 min

LONDON, Nov 30 (Reuters) - Aircraft leasing firms are suing dozens of insurers for around $8 billion in a string of lawsuits over the loss of hundreds of aircraft stuck in Russia since Moscow's invasion of Ukraine. Lessors argue the aircraft are covered by policies against war or theft, but insurers point out the planes are undamaged and might yet be returned. Here is a list of claims filed against insurers in London, Dublin and the United States, with the most recent filing listed first. SMBC AVIATION CAPITAL VS LLOYD'S OF LONDONSMBC filed a claim against Lloyd's of London (SOLYD.UL) in the Irish High Court on Nov 28. BOC AVIATION VS 16 INSURERSBOC Aviation has begun legal action against 16 insurers, according to an Irish High Court filing on Nov 3.

Many in the art and insurance world, however, say it may be only be a matter of time before art works are vandalised, especially if protests spread beyond climate activism. The art insurance market globally earns around $750 million in premiums. PRESSURE ON PREMIUMSLosses and levels of insurance availability tend to dictate insurance premiums. Commercial museums and galleries, however, buy art insurance, and its use is also more prevalent among larger museums in the United States than in Europe. While five insurers contacted by Reuters said they were not yet factoring climate attacks into premiums, some artists say they already face increased costs.

☆ Factbox: COP27: Counting the rising cost of climate disasters
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +4 min

How to get money to poorer countries after climate disasters has been a dominant theme at the COP27 climate talks in Egypt, and insurance is seen as one way to do that. On Monday, a G7-led plan dubbed "Global Shield" to provide pre-arranged insurance and disaster protection funding to countries suffering climate disasters was launched at the climate conference. Worst fires: Tubbs Fire Oct 2017, Camp Fire Nov 20182017 loss: $180 billion2017 deaths: 402018 loss: $148.5 billion2018 deaths: 103Total loss: $328.5 billion2. Harvey loss: $125 billionHarvey deaths: 88Irma loss: $65 billionIrma deaths: 134Maria loss: $107 billionMaria deaths: 4,600Total loss: $297 billion3. Hurricane Ian, Florida, Sept 2022The hurricane hit southwestern Florida and South Carolina, with a 4-metre high storm surge on the west coast of Florida.

LONDON, Nov 16 (Reuters) - The British government and the Bank of England are reforming insurers' capital rules, seen as a post-Brexit test of UK willingness to "unshackle" the City of London after leaving the European Union. The EU's Solvency II rules were introduced for insurers in 2016, after years of debate, when Britain was still an EU member. They are designed to ensure insurers hold enough capital to remain stable and can make payouts on policies. The Bank has already consulted on potential changes it says would release 45-90 billion pounds ($53.65-$107.30 billion) of investment capital. The second element involves easing reporting requirements, widening the range of assets insurers can invest in, and tweaks to how insurers' internal capital models are approved.

Insurers face potential losses of up to $60 billion from Hurricane Ian, which ravaged Florida and the Carolinas in September in what could be the second-largest natural catastrophe loss in U.S. history. Zurich sees its overall catastrophe loss ratio for the first nine months around two percentage points above long-term trends. Zurich holds an investor day next week when it will set out its 2023-2025 targets. Quinn said the targets will likely be tougher, after "robust premium increases" helped the insurer's recent performance. Zurich announced a 1.8 billion Swiss franc ($1.83 billion) share buyback programme at half-year results, which Quinn told an earlier media call would likely kick off in the fourth quarter.

☆ Aviva pledges regular investor payouts as premiums rise
▼ + stars: | 2022-11-09 | by ( Carolyn Cohn | ) www.reuters.com time to read: +2 min

Jefferies analysts have previously said they expect Aviva to make recurring 250 million pound ($289 million) pay-outs. Aviva has already returned 4.75 billion pounds to investors after raising 7.5 billion in a string of asset sales since Blanc became CEO in July 2020. Cevian in the past called on Aviva to return five billion pounds to shareholders by the end of 2022. Aviva reported a 10% rise in general insurance gross written premiums in the first nine months of the year to 7.2 billion pounds. The value of new business in its UK and Ireland life division rose 46% over the same period to 466 million pounds.

☆ UK bond turmoil leaves smaller pension schemes with longer-term costs
▼ + stars: | 2022-11-07 | by ( Carolyn Cohn | ) www.reuters.com time to read: +6 min

As pension funds scrambled for cash to meet margin calls, the Bank of England intervened to stabilise the market and avoid the collapse of some LDI-exposed funds. But pension schemes that could not meet margin calls in time - many of them smaller schemes - had their positions liquidated by LDI fund managers. Larger schemes in segregated funds were more likely to have retained their hedges, industry sources said. Large schemes in segregated funds pay lower fees for more volume - a benefit small schemes cannot enjoy. LDI fund managers BlackRock (BLK.N) and Insight Investment did not respond to requests for comment.

☆ Lloyd's of London insurer Ascot says resumes Black Sea grain cover
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: 1 min

LONDON, Nov 2 (Reuters) - Lloyd's of London insurer Ascot is once again quoting on its cargo insurance facility for the Black Sea grain corridor, the facility's lead underwriter said on Wednesday. Ascot said on Monday it was suspending the cover after Moscow suspended its participation in the U.N.-brokered grains export deal. Russia said on Wednesday it would resume its participation in the grain deal. Other insurers also provide cover through the facility. Reporting by Carolyn Cohn and Jonathan Saul, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

LONDON, Oct 31 (Reuters) - Lloyd’s of London insurer Ascot is suspending writing cover for new shipments using the Ukrainian grains corridor in the Black Sea until it has more clarity about the situation there, a senior official said on Monday. Moscow said it was forced to pull out of the Black Sea grain shipping deal after blasts damaged Russian navy ships in the Crimean port of Sevastopol on Saturday. "From today we are pausing on quoting new shipments until we better understand the situation,” Ascot head of cargo Chris McGill told Reuters. Ascot and broker Marsh launched a facility for grain traders in late July to provide up to $50 million in cargo cover for every voyage. Russia's announcement on Saturday that it was suspending its role in the U.N.-backed programme that escorts cargo ships through the Black Sea fanned fears it would reimpose a blockade on Ukrainian grain.

☆ Mexico's Alsea posts 83% jump in Q3 net profit, boosted by strong sales and orders
▼ + stars: | 2022-10-27 | by ( Kirstin Ridley | Carolyn Cohn | ) www.reuters.com time to read: +1 min

MEXICO CITY, Oct 27 (Reuters) - Mexican restaurant operator Alsea (ALSEA.MX) on Thursday reported an 83% jump in its third-quarter net profit to 316.7 million pesos ($15.7 million), partly boosted by strong same-store sales and same-store orders. The company's revenues for the quarter were up 25.5% from a year earlier, totaling 17.518 billion pesos and beating Refinitiv forecasts of 16.98 billion. The company said the revenues for Starbucks and Domino's showed year-over-year growth of 43.3% and 16.5%, respectively. Last month, Alsea said it would invest $225 million in Starbucks by 2026, opening 200 new stores in Mexico. ($1 = 20.1271 pesos by end-September)Reporting by Carolina Pulice; Editing by Isabel Woodford and Richard PullinOur Standards: The Thomson Reuters Trust Principles.

☆ Vesttoo valuation more than triples to $1 billion after latest funding
▼ + stars: | 2022-10-25 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - Vesttoo Ltd said on Tuesday its valuation has more than tripled to $1 billion after the insurance risk transfer platform secured $80 million in late-stage funding at a difficult time for private companies to raise capital. The series C round drew investments from venture capital firms Mouro Capital, Gramercy Ventures, Black River Ventures and Hanaco Ventures. "In a time rife with uncertainty, Vesttoo is showing resilience, financial strength and profitability," said Chief Executive Yaniv Bertele in a statement. Vesttoo offers a platform for insurance companies to transfer their risk to capital market investors. Reporting by Manya Saini in Bengaluru and Carolyn Cohn in London; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Register now for FREE unlimited access to Reuters.com RegisterEven before leaks were found, supplies via Nord Stream 1 had been halted as a result of a dispute over Western sanctions on Russia, while the newly-built Nord Stream 2 pipeline had not started commercial deliveries. An E.ON spokesperson said Nord Stream 1's operating company was responsible for operational issues, including insurance. "Nord Stream AG remains in close contact with relevant authorities about the recent incident. U.S. President Joe Biden has said damage to Nord Stream was a deliberate act of sabotage. If there was any Russian involvement it could also mean the Nord Stream 1 damage being designated as an act of war, something that is typically excluded by insurance policies.

LONDON, Oct 20 (Reuters) - Insurance for humanitarian workers, journalists, engineers and others heading to Ukraine is now more expensive and harder to organise than during the Iraq war. The United Nations and other aid organisations in Ukraine said last week that the missile attacks had disrupted their humanitarian work. A shortage of providers is also adding to insurance costs, sources said, pointing in particular to reluctance among some U.S. insurers to offer Ukraine cover. AIG (AIG.N), which declined to comment, was drawing up broad exclusion clauses for Russia and Ukraine, Reuters reported earlier this year. ($1 = 1.0206 euros)Register now for FREE unlimited access to Reuters.com RegisterEditing by John O'Donnell and Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon launches home insurance comparison website in Britain
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 19 (Reuters) - Amazon.com Inc (AMZN.O) is launching a home insurance portal in Britain and has signed up three big-name insurers as it pushes further into financial services. Moneysupermarket.com's (MONY.L) shares slumped more than 8% on Wednesday following the news that Amazon will be stepping into the insurance-price comparison market. Amazon has been considering launching a comparison website in Britain for several years. The new portal, Amazon Insurance Store, will also include customer reviews and ratings on insurance companies and the rate at which the claims were accepted for policies offered, Amazon said. Amazon partnered with Lloyd's broker Superscript last year to offer insurance to small and medium-sized UK business customers.

☆ UK regulator's head of enforcement to step down in 2023
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 18 (Reuters) - Mark Steward, head of enforcement at Britain's Financial Conduct Authority (FCA), is stepping down early next year, the markets watchdog said on Tuesday. The FCA said it would begin a global search for his successor shortly. "Mark has brought his formidable experience as a regulator and as a litigator to the FCA, delivering significant enforcement cases across a broad spectrum, as well as the FCA’s data-led approach to market oversight," said FCA Chief Executive Nikhil Rathi. Steward, who said it had been "a privilege to serve the FCA throughout many challenges over the last seven years", joined the watchdog in 2015. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kirstin Ridley and Carolyn Cohn Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ BT pensions scheme lost $12 bln in assets after UK 'mini-budget' -annual report
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 18 (Reuters) - The British Telecom (BT.L) pension scheme, one of Britain's largest, lost around 11 billion pounds ($12.44 billion) in assets in recent weeks, it said in its annual report on Tuesday, as bond yields soared following the UK government's botched 'mini-budget'. "Prior to the Bank of England's gilt market intervention, there was an estimated 11 billion pound fall in the value of the scheme's assets." Register now for FREE unlimited access to Reuters.com RegisterThe hit to the scheme's assets underscores how dramatic the moves in financial markets were for pension fund users of so-called liability-driven investment. The Bank of England had to intervene to stabilise the bond market on Sept. 28 and stop some pension funds from running out of short-term cash. The BT pension scheme had already lost 10.4 billion pounds in assets to 46.9 billion pounds over its 2021/22 financial year, "largely driven by the performance of our liability hedging investments", it said in the annual report.

☆ Britain's markets watchdog ups curbs on retail investment firms
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 18 (Reuters) - Britain's markets watchdog curbed activities of twice as many consumer investment firms in the last financial year as the previous year, it said on Tuesday, as it seeks to clamp down on poor financial advice and scams. It also stopped the UK operations of 16 contracts for difference providers where it suspected scams, or where consumers were encouraged to trade excessively to generate revenue. Without FCA action, consumers could have lost around 100 million pounds ($114.28 million) a year, the watchdog said. The FCA said it published more than 1,800 consumer alerts about unauthorised firms or individuals last year, 40% more than the previous year. ($1 = 0.8750 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Carolyn Cohn and Kirstin Ridley; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ UK pubs group Stonegate says it won some aspects of case against insurers
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 17 (Reuters) - British pubs group Stonegate on Monday said that the High Court in London found in the company's favour in some aspects of its business interruption case against insurers but it will appeal against other aspects of the complex judgment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Carolyn Cohn, Kirstin Ridley and Sam Tobin Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

RGL is also suing Link Fund Solutions (LFS), the fund's authorised corporate director, and said its claim could top 100 million pounds ($112 million). Hargreaves declined to comment and LFS did not immediately respond to a request for comment over the weekend. But it said last month it could fine LFS 50 million pounds and order a 306 million pound redress scheme over its management of the fund. Law firms Leigh Day and Harcus Parker have each already filed claims against LFS on behalf of around 13,000 and 7,000 investors respectively. They have expressed hope that they would be appointed joint claims managers at a December court hearing.

LONDON, Oct 15 (Reuters) - It started out simply enough: British pension schemes were looking for a way to match their assets to future pension payments. But the strategy gradually became riskier, according to interviews with pension scheme trustees, consultants, industry experts and asset managers. Globally, investors are worrying about other financial products predicated on low interest rates, now that rates are rising. Nearly two-thirds of Britain's defined benefit pension schemes use LDI funds, according to TPR. "When people talked about interest rates, all they obsessed about was interest rates falling," said David Fogarty, an independent trustee at professional pension scheme trustee provider Dalriada Trustees.

The dollar also kept rising against Japan's beleaguered yen, hitting a fresh 32-year peak of 148.86. But as the session wore on, equity declines deepened with oil prices pushing energy stocks (.SPNY) down sharply and consumer stocks (.SPLRCD) falling sharply. "We're back to looking at inflation data very carefully. Even though Wall Street had rallied on Thursday despite soaring inflation data, investors appeared to return their focus to the data on Friday, according to Anthony Saglimbene, chief market strategist at Ameriprise Financial. The euro was down 0.55% at $0.9719 while the Japanese yen weakened 0.99% at 148.68 per dollar.

But it is unclear how many lenders are tapping the facility and whether pension funds are willing to shell out additional fees for what is a temporary solution, sources told Reuters. Banks are reluctant to increase their lending to LDI funds through the repo facility, according to one official at a European bank. BRIDGING THE GAPLDI is an investment strategy sold by asset managers like BlackRock, Legal & General Investment Management and Insight Investment to pension schemes to help them match their assets and liabilities. Governor Andrew Bailey has rejected calls to continue buying bonds from pension funds which say they still need support beyond Friday. "It's a bridging tool that they can still use to keep the dialogue with the market and the pension funds going."

Search resuls for: "Carolyn Cohn"

25 mentions found