IMA to bolt-on ABI division April 10, 2014 The Investment Management Association, the trade body for fund managers, is set to merge the investment affairs division of the Association of British Insurers into its organisation. The Institutional Voting Information Service (Ivis), best known in City circles for issuing “red top” alerts on companies, is on the verge of joining the IMA, which will [...]
FCA tells annuity providers to “play their part” in helping consumers find the right retirement product December 11, 2014 The Financial Conduct Authority has told annuity providers to buck their ideas up after its review of the market found that competition was “not working as well as it could for consumers”. People are likely to miss out on better levels of income because they do not shop around enough, the report said, with [...]
UK economic growth hit by subdued construction January 27, 2015 THE UK’s economic growth slowed in the final three months of the year, according to official estimates. The economy was 0.5 per cent larger in the final three months of 2014 compared to the previous three months. It compares to 0.8 per cent growth from April to June and 0.7 per cent from July to [...]
Hedge funds hit back at Labour over tax row after Ed Miliband queries stamp duty avoidance February 4, 2015 Hedge funds have hit back at Labour’s proposals to impose a new tax on them, after Ed Miliband called for a change in current stamp duty arrangements. During Prime Minster’s questions yesterday, Miliband repeatedly asked Prime Minister David Cameron about “hedge funds avoiding stamp duty on their share transactions”, prompting an angry response from the [...]
Building boom losing steam December 2, 2014 THE CONSTRUCTION sector’s rapid expansion slowed in November, new data shows. The purchasing managers’ index – a survey of private sector firms – dropped from 61.4 to 59.4 in November, according to figures released by Markit yesterday. The figure is above 50 and so signifies an expansion. However, it is the lowest growth registered for [...]
Aviva share price falls as Friends Life shares rise: Surprised market reacts to deal bombshell November 24, 2014 The market was divided yesterday following the announcement of a planned merger between insurer Aviva and its competitor Friends Life. Aviva saw its shares fall by more than five per cent during the day, while shares in Friends Life climbed by six per cent. Most analysts agreed that the announcement was surprising, with [...]
Insurers warn over industrial deafness claim rise September 9, 2014 CLAIMS for industrial deafness are fast becoming the new “cash cow” for lawyers specialising in settling such cases, the Association of British Insurers is warning. Lawyers can on average recoup around £10,500 per deafness claim, compared with £500 for whiplash cases, the insurance industry watchdog believes. It is concerned that insurers are paying over the [...]
Sports Direct fears third bonus defeat June 30, 2014 SPORTS Direct’s third attempt to reward its billionaire founder Mike Ashley looks set to fail this week after three major shareholder bodies publicly urged investors to vote against the latest bonus scheme. The sports retail giant could decide to call off Wednesday’s shareholder meeting if the proxy votes – due in today – indicate that [...]
Punch closing in on £2.3bn deal with creditors June 26, 2014 PUB OPERATOR Punch Taverns is close to securing a £2.3bn restructuring deal with its lenders after it reached an agreement with its largest group of bondholders yesterday. The new accord is closing in due to Punch’s agreement to offer a debt-for-equity swap that could give control of the company to noteholders. “Junior notes would be [...]
Investors call for protection from risky firms June 2, 2014 AN INFLUENTIAL investor group has called for a change to the law to give the City regulator beefed up powers against overseas firms with a small percentage of independently owned shares listing in London. The comments from the trade body, which represents the UK’s top institutional investors and pension funds, follow controversy around firms such [...]