Insurers in the UK face possible action by FCA over calculation of pandemic payouts

(qlmbusinessnews.com via uk.reuters.com — Mon, 3rd Aug 2020) London, UK —

LONDON (Reuters) – Insurers that do not treat customers fairly when calculating payouts for business interruption due to the coronavirus crisis will face action by Britain’s markets watchdog.

The Financial Conduct Authority (FCA) has taken eight insurers to court over business interruption policy wordings, which the insurers say do not cover the pandemic, with a ruling expected in mid-September.

But the case does not address how any resulting claims payments would be calculated, the FCA said on Monday.

“We may intervene and take further actions where firms do not appear to be meeting our expectations and treating their customers fairly,” the FCA said in a statement.

Some insurers were making deductions for government loans – which businesses had received as a result of the pandemic – when calculating payouts.

The FCA said this could be appropriate but insurers should not take a one-size-fits-all approach and make uniform deductions.

“Insurers are likely to need to consider individually the precise details of the policy, the claim and the use and application of the government support the policyholder received,” the FCA said.

Similar wordings to those in the test case were used by more than 60 insurers and could affect 370,000 policyholders, the FCA has said.

Insurers are already paying claims on some business interruption policies. The Association of British Insurers said its members expected to pay 900 million pounds in such claims this year due to the pandemic.

Analysts said a win for the FCA could take the size of those payments to billions of pounds.

Reporting by Carolyn Cohn; Editing by Alexander Smith

UK Government ‘Eat out to help out” scheme the pros and cons for restaurants

(qlmbusinessnews.com via bbc.co.uk – – Mon, 3rd Aug 2020) London, Uk – –

Restaurant owner Lubeck Sredojevic is exactly the kind of person who should be benefiting from Chancellor Rishi Sunak's “Eat out to help out” scheme.

The Serbian-born businessman has been the owner of the Boulevard restaurant in south Croydon since 1999.

He initially welcomed lockdown as a chance to take a break and refurbish his restaurant's interior, “because in 21 years I didn't have a proper holiday”, but now he is ready to serve his customers again.

He is taking part in the government's meal discount scheme – which runs between Mondays and Wednesdays throughout August – but he is “not crazy about it”.

“I have more bookings than I normally have for Monday, Tuesday and Wednesday,” he says, “But my Friday, Saturday and Sunday are worse.

“It will definitely affect the weekend and we won't have as many people as we normally have.”

The other big problem with the scheme for Mr Sredojevic is that it only covers food, not alcohol, and that makes it confusing to administer.

“It's very complicated technically to separate them,” he says. “We've got to do it manually and I need to do it myself, because I want to check it has been done properly.

“It would have been easier to do it for everything. They should have found some way to make it simpler.”

Reduced capacity

“Eat out to help out” is the chancellor's latest move to help boost an industry that has been badly hit by the coronavirus pandemic.

Mr Sunak hopes that by offering up to £10 off a meal in August on certain days, it will encourage people to visit restaurants and cafes.

But with the offer only available on 13 days during the month, is it too little, too late to save an industry already ravaged by a devastating wave of closures and job losses?

“There are still a lot of difficulties facing our industry,” said Marcello Distefano, boss of the San Carlo chain of restaurants.

“We're running at reduced capacity and we're still suffering from no-shows. and we've still got the major question over rents which will come to fruition at the end of September,” he told the BBC's Today programme.

“We're looking forward to the autumn with a little bit of trepidation at the moment with what's happening.”

The chain has 21 restaurants across the country, but its problems are typical of an industry that has been brought to its knees during the coronavirus crisis.

Six of its branches remain closed and 130 of its 700 workers are still furloughed.

“We've still got three restaurants that are closed in London, predominantly in the Covent Garden area, which relies heavily on theatres and tourism. But even at the London branches open, sales figures are down 70-75% on last year,” Mr Distefano revealed.

“With there still being so many unknowns, we still have a sense of uncertainty about our future.”

Cautious consumers

“The hospitality sector has been hit particularly hard by the nation's lockdown,” said Will Hawkley, UK head of leisure at KPMG.

“While some restaurant doors have reopened, consumers still struggle to shake off the words of caution that previously told them – in no uncertain terms – to remain at home.

“Worries around what will happen in city centres or during the winter, when the nights draw in and the weather gets colder, still remain.”

The Covid-19 crisis has seen a number of restaurant chains in trouble, with the loss of thousands of jobs.

Byron Burger became the latest business to add to the industry's woes at the end of July, when it announced it was axing 650 jobs and closing more than half its outlets.

The owner of Cafe Rouge, the Casual Dining Group, went into administration in July and closed 91 of its 250 sites, with the loss of 2,000 jobs. The group has since been bought, saving 4,000 jobs.

Bella Italia-owner Azzurri also went into administration, which meant 75 branches closing and 1,200 jobs disappearing before it, too, was bought by a new business.

Carluccio's is another chain that fell into administration, before being bought by the owner of Giraffe restaurants, although 40 of its outlets were closed with the loss of 1,000 jobs.

‘Right thing to do'

The “Eat out to help out” scheme applies to eat-in food and drink at more than 72,000 venues across the country.

Business and Industry Minister Nadhim Zahawi told BBC Breakfast: “People want to support great local restaurants, great independent restaurants, and of course their favourite restaurant chains as well.

“I'll be going out and helping those restaurants in Stratford-on-Avon, in London, wherever I can, of course. I think it's the right thing to do.”

Asked if you could choose to pay full price, he replied: “It's worth all of us going out and if the government is supporting the sector, why not?

“We should all absolutely make sure that we go out and enjoy that restaurant.”

Major chains taking part in the scheme include: Burger King, Caffe Nero, Costa Coffee, Franco Manca, Fullers, Greene King, McDonald's, Nando's, Pizza Express, Pizza Hut, Pret A Manger, Starbucks, Wagamama and Wetherspoon.

By Simon Read & Robert Plummer Business reporters

Jenn Hyman The Women Who Build A Billion-Dollar Fashion Technology Business Empire

Source: Forbes

“I'm here to assure you that you can have it all,” says Jenn Hyman, co-founder and CEO of the disruptive fashion technology startup Rent the Runway. Hyman remains one of the few female founders to helm a billion-dollar empire, and the first to attain elusive unicorn status while also nine months pregnant. “You can have the life that you've always dreamed of having. And I think that it's crazy that I used to think that that was impossible.” In a landscape where outdated stereotypes are just one of the many challenges female leaders face as they rise the ranks, Hyman is busting the myth that high-achieving women must choose between a fulfilling career and achieving life ambitions beyond their professional pursuits. Since co-founding Rent the Runway in 2009 after attending Harvard Business School, Hyman has gone on to raise over $500 million in funding, growing the business to over 11 million members and revolutionizing the $2.4 trillion fashion industry along the way. Change has extended far beyond her professional life too, and Hyman stresses the importance of this in her evolution and success as a leader. “My whole life has changed. I'm married, I have kids, I have a much more balanced life than I had in the early days of Rent the Runway,” she says. “But that doesn't mean that I work fewer hours now; I still work with the same level of intensity. But I think that it's extremely important to have other things in your life that you are as obsessed with or more obsessed with than work.”

Italy’s $1 Billion Marble Mountains

Source: BI

A slab of Carrara marble can cost up to $400 per square meter. The luxury stone comes the Apuan Alps, a mountain range in northern Tuscany that stretches for 58 km and reaches 2,000 meters high. The Carrara quarries have produced more marble than any other place on Earth. The market as a whole is worth over €1 billion ($1.1 billion) and produces 4 million tons of marble every year, with 13,000 people involved.

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10 BEST BUSINESSES You Can Start ONLINE in 2020

Source: Alux

This Alux video well try to answer the following questions: What kind of online business is most profitable? What is the best business to start in 2020? What are the most successful small businesses? What is the best online business to start in 2019? What are the top 10 online businesses? How can I earn fast money? What businesses are in demand? How do I decide what business to start? Which type of business is best? What's the easiest business to start? What's the easiest type of business to start? Which industry is most profitable? What is the best online business to start in 2020? Is 2020 a good time to start a business? Which business is best for students? How can I make money in 2020? How can I earn money in home? How can I make a lot of money online? How can I make $100 a day? How can I make $100 a day online without investment? How can I turn 100 dollars into 1000 a day? What kind of business can I start from home? What business will be successful in future? Which home based business is the best? Is online selling profitable? What are the top 5 most profitable businesses? How can I start my own online store? What kind of business can I do online? What are the top online businesses? How can a 2020 beginner make money online? What is the best startup business for 2019? What is the cheapest most profitable business to start? What are the worst businesses to start? What are the most successful big businesses? What is the best business for ladies? What can I sell online?

Waking Up In The Most Expensive Hotel Room In Bel-Air

Source: CNBC

See what it’s like to wake up in the most expensive hotel room at the super exclusive Hotel Bel-Air. The luxury hotel has a giant presidential suite that’s probably one of the most lavish in all of Los Angeles. The mega-suite includes a secret paparazzi-proof entrance, a giant private pool, grand piano, outdoor hot tub, and if you want the full VIP experience: Chef Wolf Gang Puck can serve you dinner for ten in your suite’s private dining room. After showing you what it’s like to wake up in the super expensive VIP suite we’ll also give you a look inside the hotel’s LEAST expensive room and reveal three things you can do here that are way less expensive and you can do them even if you’re NOT a guest.