Insurance companies are quitting parts of the Irish market rather than insure some businesses because of high legal costs and settlement payouts, research from the Central Bank shows. Insurers that provide liability and property cover to businesses lost money on average in the five years to 2019 despite rising premiums, making many lines of business unprofitable, according to new figures from the National Claims Information [...]
Digital payments giant Stripe has hired a law firm to help prepare for a stock market listing according to reports. The company, which was valued at $95m in a fundraising round earlier this year, hired New York headquartered Cleary Gottlieb Steen & Hamilton LLP as a legal advisor on its early-stage listing preparations, according to Reuters. The report, which cited sources, said there has been [...]
With an underbanked population and skyrocketing use of mobile tech, Mexico offers an open door to growth for Irish financial technology firms seeking new opportunities in the global market. This is a market with a real need for innovative financial services. In fact, Mexico is in the early stages of a financial technology revolution, with start-ups focusing on flexible, low-cost, accessible services. It is the [...]
Momentum towards a major reform deal on international corporate tax could be set to accelerate, with G7 finance ministers to discuss backing an agreement at an online meeting on Friday. If agreement is reached on Friday – or at a subsequent meeting on June 4th/5th – it will be a strong signal to other OECD countries of support for a deal from the major players. The [...]
SPACs, or special purpose acquisition companies, have raised more than $100 billion so far this year compared to $83 billion last year and more than all that they have raised in their 30-year history, a recent Wall Street Journal report noted. SPACs have been one of the “most spectacular” developments in financial markets in recent years, according to Wharton finance professor Joao Gomes. He moderated [...]
A quarter of smaller firms could fail as the pandemic evolves, according to a Central Bank survey. Over 70pc of small and medium-sized firms (SMEs) - with 250 employees or less - experienced some fall in turnover in 2020. Hotels and restaurants bore the brunt of the downturn, while the wholesale trade and business services sectors were least affected, according to the research, conducted jointly [...]
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