Direct Line zooms to top of FTSE 100 after generous special dividend announced and profits beat expectations August 2, 2016 Direct Line Insurance Group raced to the top of the FTSE 100 today, after the insurer announced a generous special dividend and profits zoomed past analyst expectations. The figures Profit before tax for the insurer fell to £298.5m for the first half of 2016, down 5.2 per cent from £315m the year before, after investment returns failed to [...]
Financial watchdog to set deadline for PPI complaints before the end of June 2019 August 2, 2016 The financial regulator today said it was moving forward with proposals for a payment protection insurance (PPI) complaints deadline, as it looks to draw a line under the costliest financial scandal ever to hit the UK's banks. The Financial Conduct Authority (FCA) last year proposed a deadline of spring 2018, however today the watchdog said a deadline [...]
The economy post-Brexit: More QE or cutting interest rates? The UK’s poor productivity’s the real elephant in the room August 2, 2016 Uncertainty over the health of the global economy persists, as a checkered patchwork of data releases add to speculation over what the future holds. In the UK, the Brexit vote has amplified worries about the economy. “It remains hard to see how the UK can avoid recession altogether, possibly starting as soon as the third quarter,” [...]
BBC not happy – MPs want to know which of its stars earn more than the Prime Minister August 2, 2016 The BBC should have to disclose the salaries of all those it pays more than the Prime Minister, a group of influential MPs has ruled. But the corporation is not happy about the suggestion, claiming it would represent a “poacher’s charters” that would not be in the interest of licence fee payers. Currently, while the corporation [...]
City Moves for 2 August 2016 | Who’s switching jobs August 2, 2016 Legal & General Capital Legal & General Capital has appointed Lauren Aitchison as head of strategic land. Reporting to James Lidgate, director of housing, Lauren will lead the management and utilisation of LGC’s extensive land portfolio with potential for residential and commercial uses. Lauren will also be looking to identify new land investment opportunities, to [...]
City job market remains stagnant after Brexit according to Adzuna August 2, 2016 Declines in advertised job vacancies means that City job hunters should be prepared to “fight” in a market that has been “shaken” by Brexit. Legal sector vacancies advertised through job search website Adzuna were down by 23 per cent compared to the same time last year and the number of finance sector jobs advertised decreased by 14 per cent. “Brexit has [...]
Advertising spend is expected to keep growing after Brexit vote (in some sectors, at least) August 2, 2016 Advertising expenditure in the UK is predicted to grow this year and next, despite uncertainty around the Brexit vote. But forecasts from the Advertising Association/ Warc Expenditure Report are down on previous estimates from before the EU referendum. Total UK adspend is expected to grow 4.2 per cent to £20.9bn this year, down from the [...]
Prime Minister Theresa May will today chair the first meeting of the new industrial strategy cabinet committee August 2, 2016 Prime Minister Theresa May will today chair the first meeting of a new cabinet committee focused on the government's industrial strategy. May will lead the committee, which will also be attended by a raft of senior cabinet members, including chancellor Philip Hammond, defence secretary Michael Fallon, international trade secretary Liam Fox and business and energy secretary Greg Clark. [...]
Travel sickness: Tube staff took over 163,000 sick days last year, the highest level in five years August 2, 2016 Tube staff took over 163,000 sick days last year, the highest level in five years and more than twice the national average. Figures obtained by City A.M. show that staff working for London Underground took 163,152 days off sick in 2015, a year plagued by the threat of strike action as the Night Tube battled opposition [...]
The billion-dollar Tesla SolarCity merger is (El)on August 1, 2016 Green energy firm SolarCity has accepted a $2.6bn all-stock takeover deal from Elon Musk's Tesla. Both companies' stocks dipped on the news, with SolarCity's closing down 7.4 per cent to $24.72, while Tesla's share closed down two per cent at $230.01. SolarCity's stock also took a five per cent dive this morning after it snuck out a downgrade in its full-year [...]