City watchdog fines Aviva companies £8.2m for failing to police outsourcers looking after client money October 5, 2016 The City regulator has today slapped two Aviva businesses with a £8.2m penalty. The Financial Conduct Authority (FCA) fined Aviva Pension Trustees UK and Aviva Wrap UK for failing to properly oversee work it had outsourced in relation to protecting client assets. In particular, the FCA asserts that these failings were a breach of the Client Assets Sourcebook [...]
Tech triumph: These are the most valuable brands in the world October 5, 2016 Technology continues to dominate in the battle of the world's most valuable brands, with Apple and Google topping the latest list and Facebook crowned the fastest growing brand. More than half of the top ten brands in Interbrand’s annual index are technology companies, while Amazon and Adobe were also among the fastest growing brands as [...]
Cycle superhighways are causing traffic jams in the City October 5, 2016 Traffic is building up in the City due to the introduction of new cycle superhighways, according to a report by the City of London Corporation. The superhighways have been put in by Transport for London (TfL) to make sure cyclists can move more safely through the City's busy roads, but the road system is still [...]
Brent crude gets comfortable above $50 and WTI rises two per cent on fifth consecutive fall in US crude stocks October 5, 2016 Oil prices rose around two per cent yesterday, hitting their highest level since June, after the fifth weekly fall in US crude inventories. Crude stockpiles in the US fell three million barrels last week, according to data released by the Energy Information Administration (EIA), overturning a Reuters forecast of analysts that expected an increase of [...]
Brexit recovery continues with robust services numbers October 5, 2016 The post-referendum slowdown is set to be significantly better than first feared, vital services industry data out this morning has confirmed. The closely-watched purchasing managers' index (PMI) for the sector which accounts for three-quarters of the UK economy came in above expectations at 52.6 for September – solidly in the above-50 zone which signifies expansion. The [...]
Air Berlin in deal talks with TUI and Etihad October 5, 2016 Germany's Air Berlin is in talks about a potential merger with TUIfly, according to reports. The group said discussions are focused on "contributing the touristic operations of Air Berlin to a new venture to be established by TUI AG and Etihad Aviation Group". "This would create a strong new European leisure airline group, combining the German [...]
Topps Tiles share price slides after company warns on low consumer confidence October 5, 2016 Topps Tiles said this morning that it had been hit by the fall in consumer confidence following the Brexit vote. After the company announced a slowdown in like-for-like sales growth to 1.4 per cent its share price slid more than six per cent. The sales dip was in part to due to a strategic change to [...]
PureLiFi, the Edinburgh technology firm is carrying out the world’s first large-scale trial of its system in Singapore October 5, 2016 | City Talk PureLiFi, the Edinburgh technology firm that uses light to provide wireless communications, is carrying out the world’s first large-scale trial of its system in Singapore. Following an agreement with Singapore's Info-communications Development Media Authority (IMDA), it will be the first time a city will roll out the technology which has the potential to be significantly [...]
Bank of England slaps down moaning pension funds October 5, 2016 The Bank of England has told pension funds to stop blaming low interest rates and quantitative easing for their measly returns and ballooning deficits. Ben Broadbent, deputy governor of the Bank with responsibility for monetary policy, said this morning that without the Bank’s swift rate-cutting action in both 2009 and more recently in the wake of [...]
Tesco’s pension deficit has more than doubled in six months October 5, 2016 The market has responded positively to Tesco's new target for operating margin to move to four per cent by 2020, but Tesco also reported this morning that its pension deficit has more than doubled in six months. The deficit has risen from £2.61bn to £5.85bn due to exceptionally low bond yields, leaving the scheme's trustees in a tight spot. [...]