LV= operating profit more than halves after poor general insurance performance September 19, 2016 Mutual insurance, retirement and investment group LV= revealed today that operating profit had dropped to £33m in the six months to 30 June, down from £79m this time last year. The firm's chief executive, Richard Rowney, who replaced previous boss Mike Rogers this year, said the lower group operating profit "reflects lower operating profits in the [...]
Regulator calls for more competition in the water market to drive up standards for customers September 19, 2016 Water regulator Ofwat has called for more competition between water providers, saying customers should be able to pick their own providers. Customers are "being left behind", Ofwat has said, because without proper competition, water companies are not being encouraged to innovate. There could be savings for customers if a more competitive system was set up, but Ofwat said [...]
More suspect devices found at New Jersey station September 19, 2016 A suspicious package has been detonated at a train station in New Jersey just a day after an explosion rocked the centre of New York City. Authorities were using a robot to disarm a device discovered at Elizabeth station south of Manhattan early on Monday morning when it exploded while further suspicious devices have been identified in [...]
Mitie issues profit warning citing “significant economic pressures” in the wake of the EU referendum September 19, 2016 Outsourcing group Mitie has warned that it expects both revenue and operating profit for the six months to 30 September to fall short of previous expectations – causing its shares to tumble by 26.77 per cent in early trading. The stock dropped to 198.83p, down from a previous close price of 269p. The FTSE 250 [...]
Bundesbank chief Jens Weidmann claims London banks will consider Frankfurt after hard Brexit September 19, 2016 The head of the German Bundesbank has said Frankfurt will open its arms to any banks or businesses that decide to leave London in the wake of the EU referendum. Jens Weidmann also warned that if the UK leaves the EU's Single Market – the so-called "hard Brexit" option gaining traction in parts of the Conservative Party [...]
Junck(er) mail: The EU Digital Single Market copyright proposals could be bad news for advertisers September 19, 2016 The EU Commission’s Digital Single Market (DSM) strategy promises to “tear down regulatory walls” and “make the EU’s Single Market fit for the digital age”. But its current wording looks like a bum-deal for advertisers. Launched last week to coincide with Jean-Claude Juncker’s state of the union address, the latest raft of proposals aim to [...]
How to build a hipster housing development in ten days September 19, 2016 Mike, 32, works as an accountant for an international development charity, but, despite having a healthy salary, he cannot afford a house in London. His story is unremarkable. Londoners have come to accept that owning a home is an ambition for later in life if they don't have help from relatives. Millennials like Mike aren't in desperate circumstances, but [...]
Neil Woodford blasts “appallingly bad” funding for UK startups September 19, 2016 The UK's most famous investor has said the UK's funding system is "appallingly bad" at helping startups reach their full potential. Neil Woodford, who heads up Woodford Investment Management, told the BBC: "We have been appallingly bad at giving those minnows the long-term capital they need". Woodford is a vociferous advocate of taking a long-term approach [...]
Dear Juncker, more integration is not the answer to EU woes. Focusing on cooperation between states might do the trick September 19, 2016 The EU’s head honcho, Jean-Claude Juncker, was in the news last week for the televisual highlight of all good Europeans: his annual State of the Union address. It was a sombre affair, unlikely to cheer up anyone’s Wednesday morning. It sounded like a eulogy, and Juncker should at least be commended for his honesty. Addressing members [...]
City Moves for 19 September 2016 | Who’s switching jobs September 19, 2016 Chartered Management Institute The Chartered Management Institute (CMI) has named the senior financial services leader Bruce Carnegie-Brown as its new president elect. Bruce, who is also a Moneysupermarket.com non-executive chairman, will spend a year working with current CMI president Mike Clasper before starting his two-year term when Clasper steps down in September 2017. He has held a [...]