Post room boom: Workplaces are being overrun by packages delivered to employees, research by Barclaycard shows May 3, 2016 Offices are being overrun by packages delivered to employees, according to new research from Barclaycard. Company post rooms are likely to suffer from a deluge of mail this week as 17.1m British shoppers anticipate spending more than usual online over the Bank Holiday weekend. Over half, 58 per cent, of Londoners now regularly use their work address [...]
Are you one of the Premium Bonds jackpot winners? May 3, 2016 A Surrey woman has become the county's twenty-first Premium Bonds millionaire. A man from the West of Scotland also won £1m as NS&I announced the results of this month's draw. NS&I said it is holding on to £1.2m in unclaimed prizes won by Surrey residents. Some 2.3m prizes were won in May’s draw, starting at [...]
UK pension deficits near £300bn May 3, 2016 UK private sector pension deficits are close to breaking the £300bn barrier. JLT Employee Benefits’s monthly index valued total UK deficits at minus £294bn. For FTSE 100 companies, the figure was minus £84bn, based on liabilities of £638bn. The total deficit for FTSE 350 companies was minus £108bn. Charles Cowling, director at JLT Employee Benefits, blamed [...]
UK house prices: Bank of mum and dad ranks among UK’s top mortgage lenders as parents spend £5bn helping children onto property ladder May 3, 2016 Parents will lend over £5bn this year helping their children get a leg up onto the UK's slippery housing ladder, placing the "bank of mum and dad" firmly in the ranks of the top 10 mortgage lenders in the country, a new report today reveals. The study – by FTSE 100 insurer Legal & General and Cebr, [...]
Stronger In campaign: UK risks £250bn in trade if Brexit vote wins May 2, 2016 A war of words has erupted between those who want out of the European Union and those who want to stay – this time about the possible £250bn of lost trade if a Brexit occurred. Former chancellor Alistair Darling is fronting new research using Treasury data that found the UK benefits by being part of [...]
Insurance titan American International Group posts lower than expected profits for third consecutive quarter May 2, 2016 US insurance titan American International Group (AIG) reported a lower-than-expected quarterly operating profit in the third consecutive quarter to fall below analysts' estimates. AIG's profits suffered as income from underwriting and returns on investments declined. The company's operating profit fell 54 per cent to $773m (£529m) in the first quarter, which included $122m in restructuring costs. The [...]
Apple’s share price just suffered an eight-day losing streak – its longest since 1998 May 2, 2016 Apple shares have posted their longest losing streak since 1998, closing lower for the eighth straight session today. The tech giant's stock closed at $93.64, although they have been marginally declining since 20 April, when its closing share price was $107.13. Read more: Apple's share price drops after revenue misses expectations [charts-share-price id="232"] Apple's share price [...]
Draghi lashes out at hawks and defends low interest rates in Europe during Asian Development Bank speech May 2, 2016 The president of the European Central Bank, Mario Draghi, lashed out at hawks today and argued there is no current alternative for low interest rates. In a speech given to the Asian Development Bank, Draghi acknowledged that low interest rates are not harmless, as they put pressure on the business model of financial institutions by squeezing [...]
London Stock Exchange and Deutsche Boerse undecided on whether shareholders will be asked to vote on merger before EU referendum as Intercontinental Exchange bides time May 2, 2016 The London Stock Exchange (LSE) and Deutsche Boerse have yet to decide whether shareholders will be asked to vote on their proposed merger before the EU referendum. City A.M. understands shareholders will be presented with a prospectus containing details of when the merger will be voted on before 23 June. But the stock exchanges are [...]
Champagne for Morgan Stanley banker after Galileo Gold wins big at Newmarket May 2, 2016 We expect a few sore heads at Morgan Stanley this morning following Sunday’s flat races at Newmarket. Galileo Gold, which City A.M. tipped to win big at the races last weekend, started as a relative outsider at 14/1 on Sunday, but quickly became an easy winner of the Qipco 2000 Guineas under Frankie Dettori after the [...]