Bottom Line: Insurers and premiums both driven down April 9, 2014 WHO’D be a car insurer? With regulators lining up to tell the sector what to do and technology busily disrupting established business models, firms like Direct Line, Admiral and Esure are enjoying a rough ride. The latest news on plunging UK car insurance premiums promptly sent share prices for all three screeching downhill. Rightly so. [...]
Official figures point to growing profit rate for UK manufacturers April 9, 2014 MANUFACTURING firms in the UK were at their most profitable for over five years as 2013 ended, with a 12.1 per cent net rate of return pushing the UK’s industry back to 2008 levels. The rate of return has not been higher since the second quarter of 2008, according to figures released by the Office [...]
Accountants warn new powers for the taxman could be illegal April 9, 2014 PLANS to give the taxman power to seize money from individuals’ bank accounts to cover tax bills could fall foul of the law, top accountants have warned. Frank Haskew, head of tax at the ICAEW, said that “it’s a fundamental tenant of English law and democratic society that unless I’ve agreed it, there has to [...]
Car insurers see shares dip after premiums fall April 9, 2014 THREE of the biggest motor insurers in the UK saw their share prices fall yesterday after Confused.com and Towers Watson reported a significant drop in premiums, greater than had previously been expected. Direct Line, Esure and Admiral all saw a dip in shares of 2.26 per cent, 8.85 per cent and 0.57 per cent respectively, after [...]
Rates likely to stay low despite strong growth April 9, 2014 OUR PANEL of monetary policy experts says the Bank of England should hold rates once again this month, with two votes for a hike. More members of our shadow monetary policy committee are now noting the strength in the recovery, and acknowledging that a rate hike will eventually have to come. But inflation has dropped [...]
Barclays still most complained about bank, yet gripes decrease April 9, 2014 BARCLAYS Bank saw the highest number of complaints to the Financial Conduct Authority between July and December 2013, figures showed yesterday. Overall, the bank notched up 309,494 complaints – which was down 17 per cent compared to last year, followed by Lloyds Bank with 256,656, which was a decline of one per cent. The FCA [...]
Online retailing boosts delivery stats at UK Mail April 9, 2014 DELIVERY group UK Mail reported a solid end to the financial year yesterday, with revenues for the last three months up six per cent. Parcel volumes rose by 15 per cent, which the London-listed firm said reflected the rapid growth of home deliveries for online purchases. The company, which competes with Royal Mail and TNT [...]
Activist investor slams Bwin as former 3i boss appointed chair April 9, 2014 BWIN.PARTY is facing shareholder criticism after the appointment of the former chief executive of private equity group 3i as the online gambling group’s new chairman. Philip Yea, who was ousted as boss of 3i in 2009 in the wake of a disastrous year that saw the firm’s debts soar and shares fall, will succeed Bwin’s [...]
Ladbrokes doubles down on Oz with £12.4m takeover of Betstar April 9, 2014 LADBROKES has expanded its Australian business with the £12.4m acquisition of online betting firm Betstar, as the bookie faces increasing regulatory and tax pressures in Britain. European bookmakers including William Hill and Paddy Power have been expanding in Australia, where online gambling rules and taxation are stable. Ladbrokes said Betstar’s 40,000 customers, and AU$214m (£119.6m) [...]
Centamin slumps as output falls April 9, 2014 Egypt-focused gold miner Centamin’s share price slid over three per cent yesterday, after it posted a 19 per cent decline in production in the first quarter of 2014, compared to the last quarter of 2013. The FTSE 250-quoted firm attributed this to a temporary reduction in the average underground grade due to poor mining fleet [...]
