Standard Life reports 50 per cent drop in annuity sales post Budget April 30, 2014 PENSIONS and savings provider Standard Life has reported a 50 per cent drop in sales of annuities in the UK since the chancellor announced an overhaul of the industry in his Budget in March. George Osborne’s scrapping of compulsory annuities took the insurance world by surprise. Despite this, David Nish, chief executive of Standard Life, [...]
Inflation crisis for Venezuela April 30, 2014 THE VENEZUELAN government is set to increase the country’s minimum wage and pension payments by 30 per cent, reacting to the country’s surging inflation. President Nicholas Maduro said yesterday that the hiked rate would come in on 1 May, following a 10 per cent increase at the beginning of the year. While the official Venezuelan [...]
Santander UK chair to step down April 30, 2014 Terry Burns is stepping down as chairman of Santander’s British business, the firm confirmed yesterday. Santander intends to have his replacement in place by the end of the year, as the UK business prepares for a stock market listing. Lord Burns left the bank’s Spanish board earlier this year. The firm is still awaiting the [...]
ICE wins mandate for ISDAFIX April 30, 2014 ICE has won a fresh benchmark mandate to go with its new responsibilities for Libor. The International Swaps and Derivatives Association said yesterday it has selected ICE Benchmark Administration (IBA) to run its ISDAFIX benchmark, which is being investigated over alleged rigging. IBA is part of the ICE exchanges group that owns NYSE Euronext. The [...]
Eurozone inflation inches higher April 30, 2014 Inflation in the Eurozone rose an annualised 0.7 per cent in April, reducing chances the European Central Bank will act soon to ward off deflation, but the pace of price rises was below forecast and still within the ECB’s danger zone of under one per cent. Eurostat said inflation in the currency bloc is running [...]
Bookies lifted by relief over gaming curbs April 30, 2014 INVESTORS in high street bookmakers breathed a sigh of relief yesterday after new measures to curb gambling did not go as far as expected. Shares in William Hill and Ladbrokes rose after the government unveiled plans to let local authorities block new betting shops opening up on high streets and forcing bookmakers to keep track [...]
Blockbuster TV show buoys Time Warner’s first quarter revenues April 30, 2014 GAME of Thrones has helped boost Time Warner’s quarterly results, with the media group, which owns pay-TV channel HBO, reporting a nine per cent jump in revenues. Time Warner – which is in the process of spinning off its publishing unit Time Inc that publishes People, Sports Illustrated and Time magazine – saw revenues rise [...]
BT extends free TV sport offering until 2015 for its 5m subscribers April 30, 2014 BT’S BROADBAND customers will get free BT Sport channels for another year after the company said it has no plans to charge over the next sporting season. The telecoms giant yesterday announced that its sports coverage, for which it has invested around £2bn on securing sporting rights, will continue to be free for new and [...]
Sainsbury’s paves the way for King’s exit with team reshuffle April 30, 2014 SAINSBURY’S has reshuffled its senior management team, paving the way for chief executive Justin King’s departure in July and for a new era under commercial director Mike Coup. Sainsbury’s announced yesterday that managing director of general merchandise, clothing and logistics Roger Burnley has been made retail and operations director. He will now lead a newly [...]
Thorntons sales melt away April 30, 2014 Thorntons’ shares tumbled nearly 15 per cent yesterday after a strong Easter failed to offset an overall decline in third quarter sales. The chocolatier said sales in the three months to 26 April fell 7.6 per cent, hit by early spring deliveries in the second quarter and weaker than expected Valentine’s Day and Mother’s Day [...]
