Rise of the machines: Hastings results receive boost from telematics August 11, 2016 Hastings Group Holdings revealed its profits had grown strongly during the first half of 2016 today, no doubt helped by growth in both the home and telematics markets. The figures The insurer revealed operating profit had increased to £70.8m for the six months to June, up 20 per cent from £59.2m the year before. Meanwhile, gross written premiums rose [...]
Housing market activity fell after the EU referendum, according to chartered surveyors August 11, 2016 Activity in the housing market is projected to weaken in the coming months, according to chartered surveyors. The Royal Institute of Chartered Surveyors (RICS) said house price growth faltered in July and the outlook for house price growth "remains negative" in the aftermath of the Brexit vote and changes to stamp duty tax on second homes. Read more: Everything [...]
Quids in: Steinhoff just raised its offer for Poundland August 11, 2016 Steinhoff's long-running attempt to buy Poundland (at significantly more than a pound) took another twist this morning, after the South African retail conglomerate hiked its bid for the retailer discount retailer. In a statement this morning the Bensons for Beds owner said it it will now pay 227p in cash for each Poundland share (225p per [...]
Owen Smith is calling on Labour to delay its leadership election by two weeks, pushing the result to mid-October August 11, 2016 Owen Smith's leadership campaign is calling for a two week extension to the party's leadership battle following a landmark verdict forcing Labour to reassess who will be able to vote. Earlier this week a court ruled that Labour could not bar new members from taking part in the leadership selection, with Smith immediately responding with [...]
M&S chief Steve Rowe comes under pressure from MPs over proposed pay cuts for shop staff August 11, 2016 M&S boss Steve Rowe has received letters from six MPs asking him to reconsider cutting pay for his shop staff, City A.M. understands. One letter sent to Rowe from Alison Thewliss of the SNP read: "It is clear that there is increasing cross-party condemnation of businesses who seek to exploit their employees at a time [...]
House prices in the City and its fringes have boomed in the last five years August 11, 2016 House prices in the City and the surrounding boroughs have soared over the past five years as the centre of London has become a more attractive place to live. City fringe areas such as Clerkenwell, Shoreditch and Wapping have proven particularly popular, where prices have jumped by 47 per cent since 2011, according to research [...]
A Leonardo DiCaprio-backed startup is bringing mattress innovation to the UK August 11, 2016 Prepare for your sleep to be disrupted – but in a good way. A US startup with celebrity backing has launched in the UK and is hoping to shake up how Brits buy mattresses and the way we sleep. Casper, a two-year-old startup with multi-million dollar investment from Leonardo DiCaprio as well as venture capital [...]
Tui Group says trading this summer is in line with expectations despite revenue tumbling due in part to impact of terror attacks in Europe August 11, 2016 FTSE 100-listed Tui Group reported a five per cent decline in revenue for the third quarter of 2015/2016, as its western region operations felt the impact of the terror attacks which took place in Brussels earlier this year. The figures Turnover at the German company was €4.6bn (£4bn) in the three months to 30 June, down [...]
Legal and General has reached a £140m deal to sell its investment platform Cofunds to Aegon August 11, 2016 Legal and General has reached a £140m deal to sell its investment platform, Cofunds, to Aegon. Subject to regulatory approval, the deal will mean Aegon becomes the UK's largest platform provider, with more than three million customers. L&G only bought the business in early 2013, snapping up a 75 per cent stake for £131m, but confirmed this [...]
City Moves for 11 August 2016 | Who’s switching jobs August 11, 2016 The Crown Estate UK real estate business, The Crown Estate, has appointed Robin Budenberg as chairman. Robin is a prominent figure from the UK finance sector and his appointment follows the retirement of Sir Stuart Hampson. He is currently London chairman of Centerview Partners and a non-executive director for Charity Bank and the Big Society Trust. Robin is the [...]