News

Lloyd's of London, the world's oldest insurance market, is bracing for a $2.3 billion hit from the devastating Californian wildfires. While these claims will undoubtedly impact profits in 2025, the market's chief financial officer, Burkhard Keese, has assured investors that the losses will not be a "capital event" and should not erode the market's overall capital reserves.

Donald Trump has pledged to purchase a Tesla in a show of support for Elon Musk, whose political influence and role in the US Department of Government Efficiency have sparked protests and negatively impacted Tesla's sales. Despite the backlash, Musk remains confident in his reforms and expresses gratitude for Trump's public support.

Boohoo has renamed itself Debenhams Group under new CEO Dan Finley's plan to transform the retailer using a successful marketplace strategy. This rebrand accompanies management changes and lowered sales predictions, reflecting Boohoo's struggles including fierce competition and declining share prices.

Elon Musk claims his social media platform X faced a "massive cyberattack" on Monday, leaving it inaccessible for several hours. The attack, which Musk suggests may have been orchestrated by a "large, coordinated group and/or a country," comes amid growing protests against his involvement in Donald Trump's administration.

HM Revenue & Customs plans to raise the self-assessment tax return filing limit to £3,000, a move projected to exempt around 300,000 individuals from yearly paperwork. The policy specifically targets individuals who earn small amounts from side activities like online commerce, dog walking, or content creation, as part of broader efforts to streamline tax administration.