Virgin Money boosts consumer loan book in ‘difficult market’ January 28, 2020 The UK’s sixth-largest lender Virgin Money oversaw a solid expansion of its personal and business loan book in the three months to December despite a “difficult market”, it announced today in a trading update. Virgin Money – which was bought by CYBG for £1.7bn in 2018 – also confirmed the worst is over in terms [...]
Combine points and salary threshold in new immigration system, MAC report suggests January 28, 2020 Downing Street should introduce a points-based system for skilled workers already with a job offer, when drawing up its post-Brexit immigration system, an influential new report has recommended. The Migration Advisory Committee’s long-awaited review, which the government is expected to lean heavily ahead of bringing forward its immigration bill in March, said the current Tier [...]
Profit tumbles at retirement specialist McCarthy & Stone January 28, 2020 Profit at UK retirement home-builder McCarthy & Stone dropped sharply last year against the backdrop of “a challenging market” and costs related to a new strategy, the firm announced today. Shares in the company were up 0.5 per cent in morning trading at 154.6p, however, indicating that investors were anticipating weak results. The figures Profit [...]
Exchange-traded funds: why you need to ‘know what you own’ January 28, 2020 | City Talk Do exchange-traded funds (ETFs) pose systemic risk? Or are such concerns exaggerated? It’s been more than 10 years since the outbreak of the global financial crisis, and the bull market (the longest ever) is in late-cycle territory. This combination of concern over the next downturn – what could set it off, spread it, or push [...]
City watchdog demands banks explain similar overdraft pricing January 28, 2020 The City watchdog has demanded that high street lenders explain why they have aligned their new overdraft rates at around 40 per cent following a rule change. The Financial Conduct Authority (FCA) will from April ban banks from charging more for unarranged overdrafts, in response to complaints that such fees were regularly 10 times as [...]
AG Barr shares pop on strong profit forecast January 28, 2020 Shares in Irn Bru-maker AG Barr jumped today after it told the market it expected profit before tax for its full-year to be in the upper end of expectations. The soft drink maker said adjusted profit before tax is expected to exceed £37m in the financial year ended 25 January. It said revenue for the [...]
Crest Nicholson blames Brexit uncertainty for profit plunge January 28, 2020 Crest Nicholson’s profit plunged 39 per cent to miss revised forecasts in a terrible year for the housebuilder, it said today. The figures Profit before tax sank from £168.7m in 2018 to £102.7m for the year ending in October. That missed guidance of between £120m and £130m, the result of last October’s profit warning. Profit [...]
Saga takes £4m hit from Thomas Cook collapse January 28, 2020 Over-50s insurer Saga has said underlying profit before tax will meet expectations despite the company taking a £4m hit from the administration of Thomas Cook. However, it warned home and motor insurance policies will pull in revenue three per cent lower than the previous year. But margins will still hit the higher end of Saga’s [...]
City Moves for 28 January – Who’s switching jobs at BGF, Waverton and the Money and Pensions Service? January 28, 2020 Today’s City Moves includes BGF, Waverton and the Money and Pensions Service BGF Active investor group BGF has announced the appointment of Stephen Welton as executive chairman. Stephen currently serves as the chief executive officer of BGF, having founded the company in 2011. Since then, Stephen has been responsible for the management and strategic direction [...]
Year of the Rat: How China’s coronavirus outbreak is spreading tremors through world markets January 28, 2020 Saturday marked the beginning of the Year of the Rat. This animal — representing the first of the 12 signs of the zodiac — is associated with wealth and prosperity in China. In other cultures, the rat is more often associated with plague and disease. It is unfortunate, then, that the dominant Chinese story this [...]