Annuity sales continue to decline with hybrid products becoming increasingly popular August 10, 2016 Annuity sales continued to fall in the first quarter of 2016 as pensioners took advantage of an increasing number of new products to fund their retirement. Enhanced annuity product sales fell from £357m in the final quarter of 2015 to £254m. "There are a number of new hybrid products [on offer] that allow people to [...]
Institute for Fiscal Studies: UK better off inside EU Single Market August 10, 2016 Leaving the EU Single Market will cost the government an extra £8bn in lost tax receipts and result in financial services firms leaving London, the Institute for Fiscal Studies (IFS) has said. The revered number crunchers have argued today in a new paper that any Brexit deal which does not result in the UK remaining [...]
You’re hired: Government asked to help small businesses deliver apprentice boost August 10, 2016 Small English businesses could double the number of apprentices they take on with help from the government, a new report has claimed. The Federation of Small Businesses (FSB) has said that if the government gets incentive and support packages right, small firms could take on more than two million. Read more: Apprenticeship levy needs to be [...]
Challengers lambast competition watchdog’s report for focussing on technology and ignoring red tape issues August 10, 2016 Challenger banks have lambasted the competition watchdog for squandering a rare opportunity for change in a sector dominated by larger players. Many of the UK’s up-and-coming lenders were disappointed that yesterday’s final report from the Competition and Markets Authority’s (CMA) retail banking investigation focused more on using technology to disrupt the sector than on tearing down some of the [...]
Britain’s biggest landowner, Duke of Westminster, dies aged 64 August 9, 2016 Gerald Cavendish Grosvenor, Britain’s biggest landowner, has died aged 64 due to a sudden illness. The billionaire, known to be worth £8.3bn, owned swathes of land in London. According to Forbes, he's the third richest person in the UK and the 68th richest billionaire in the world. Read more: Britain ranked fifth richest country in the world [...]
Watch is going on? Fossil shares jump despite rocky revenue performance August 9, 2016 US watchmaker and retailer Fossil’s share price jumped in after-hours trading despite the company reporting some rocky revenue figures. The figures Worldwide net sales during the three months to 2 July were down seven per cent to $54.6m (£42m). Fossil said the fall was driven by a “decline in the company’s multi-brand licenced watch portfolio [...]
The BFG and Finding Dory boost Walt Disney results August 9, 2016 Walt Disney’s second quarter was boosted by the BFG, Jungle Book and Finding Dory. The figures Revenue for the three months to 2 July came in at $14.3bn (£11bn), up nine per cent year-on-year, and slightly ahead of Wall Street expectations. Diluted earnings per share, meanwhile, were up 10 per cent to $1.59, and net [...]
Investors give Yelp a good rating as online review firm beats expectations August 9, 2016 Online review company Yelp’s share price leapt in after-hours trading on Tuesday after it beat analyst expectations in the second quarter of 2016. The figures The US company reported net revenue of $173.4m (£133m) in the three months to 30 June, up 30 per cent. Wall Street had expected a turnover of $169.8m. Some $151.9m of this came [...]
Coach misses expectations as it tightens supply to boost brand August 9, 2016 Luxury handbag maker Coach has narrowly missed analysts’ estimates for its latest quarter. Sales rose two per cent at North America stores open at least a year, the first quarterly rise in over three years. The rise was put down to higher online sales. Analysts on average had expected a 1.8 per cent rise. Net [...]
Rare Pokemon mean prizes in Canary Wharf August 9, 2016 Office managers in Canary Wharf can blame the Canary Wharf Group if some staff members have been spending even more time playing Pokemon Go this week. The group that oversees development of the Wharf is tempting workers to ditch their duties by offering rewards for those who hunt down and share tweets of rare Pokemon [...]