Align directors’ pensions with workforce or risk shareholder dissent, companies told September 27, 2019 Companies that do not produce credible plans to pay executive directors the same pension contributions as their workforce by the end of 2022 risk further shareholder dissent over the issue, a new report by the Investment Association (IA) has warned. The IA said it would begin giving firms that breach its guidelines on directors’ pensions [...]
Small businesses need ‘meaningful financial assistance’ to prepare for no-deal Brexit, FSB warns September 27, 2019 The government should provide “meaningful financial assistance” to small firms to prepare for a no-deal Brexit, the Federation of Small Businesses (FSB) has said. The FSB surveyed over 1,062 small firms to assess how prepared they are for the UK leaving the EU without a deal on 31 October, finding that 39 per cent of [...]
BIS launches climate-friendly bond fund for central banks September 26, 2019 The Bank for International Settlements (BIS) has launched a fund for central bank investment in green bonds, in an attempt to meet increasing demand for climate-conscious investments from the institutions. Read more: Some ‘fossil fuel free’ funds have stakes in coal companies, research finds The open-ended fund will be supported by an advisory committee drawn [...]
Rothesay Life and Telent agree UK’s biggest ever pension transfer deal September 26, 2019 Insurer Rothesay Life and telecoms firm Telent have agreed a £4.7bn pension transfer deal – the largest ever made in the UK – covering the pensions of 39,000 people. Companies are increasingly keen to offload pension liabilities to insurers, in deals known as buy-ins and buy-outs. The mammoth Rothesay deal smashed the record set in [...]
Shore Capital shares slide on news of proposed AIM cancellation September 26, 2019 Shares in investment group Shore Capital have tumbled over 28 per cent this morning following the news that the company would seek to remove its shares from AIM, as the company reported a significant drop in pre-tax profit. In a statement issued to the stock exchange this morning, Shore said it would seek shareholder approval [...]
Wealth manager Moneyfarm raises £36m in funding round led by Poste Italiane September 26, 2019 Digital wealth manager Moneyfarm has raised £36m in a series C funding round led by Poste Italiane, and has launched a strategic partnership with the Italian postal and financial services firm. The partnership will integrate Moneyfarm’s services with Poste Italiane’s digital platform. The Italian company currently manages over €514 billion across its financial and insurance [...]
Woodford Patient Capital shares slide following fresh writedown September 26, 2019 Shares in embattled stock-picker Neil Woodford’s listed fund have dropped this morning following the news that the valuation of its assets have been lowered. The valuation of three Woodford Patient Capital Trust (WPCT) holdings have been reduced by Link – the firm responsible for independently valuing the portfolio – the firm said in an update [...]
Boris Johnson condemned over Jo Cox comments September 26, 2019 Prime Minister Boris Johnson has been criticised for dismissing Labour MPs’ calls to moderate his language in light of the murder of MP Jo Cox – a request he described as “humbug” in the Commons last night. Labour MP Paula Sherriff had asked Johnson to stop using language such as “betrayal”, “traitor”, and “surrender” when [...]
HSBC’s SME loan fund to double help for international businesses September 26, 2019 HSBC is set to double the amount ringfenced for international businesses in its small and medium-sized enterprises (SME) loans fund this year, with the help available for the agriculture sector also set to rise. The bank’s 2019 SME fund will total £14bn, a £2bn increase on last year’s figure and the largest fund since the [...]
Ebay chief executive steps down September 25, 2019 Ebay chief executive Devin Wenig has stepped down as the online retail giant presses ahead with a potential asset sale. Chief finance officer Scott Schenkel has been appointed as interim chief executive while the board searches for Wenig’s replacement. Ebay said it would continue a strategic review of its assets that began in March. The [...]
