Ofgem to slash energy price cap by £84 for 15m households in October August 7, 2020 The energy price cap is set to fall to its lowest level so far due to coronavirus, saving around 15m customers £84 on their bills. Energy regulator Ofgem will lower the price cap between October and March from £1,126 to £1,042. The price cap determines the highest companies can charge for the gas and electricity [...]
Standard Life Aberdeen profit hit by coronavirus and £25bn Lloyds withdrawal August 7, 2020 Standard Life Aberdeen’s pre-tax profit slumped 30 per cent to £195m in the first half of 2020 after Lloyds withdrew £25bn in the peak of the pandemic. The figures Fee-based revenue fell 13 per cent to £706m as clients pulled their money out to lower fee assets and Lloyds’ scheduled withdrawal of assets. That missed [...]
Markets live: US stocks dip on stimulus fears after miners pull FTSE 100 lower August 6, 2020 The FTSE 100 sank sharply today as traders appeared to react negatively to the Bank of England’s relatively upbeat assessment of the UK economy, amid fears of a lack of fresh US stimulus. The UK index dropped 1.32 per cent to 6,024 points by 4pm, after the Bank said the economy would fall less sharply [...]
UK construction sector slashes more jobs despite post-lockdown boom August 6, 2020 The rate of UK construction job cuts increased sharply in July despite the industry’s fastest rise in output since 2015, a closely followed survey showed today. Around one-third of employers in the UK construction sector reported a decline in employment for July, IHS Markit’s UK Construction Purchasing’ Managers’ Index (PMI) report found. That came despite [...]
Aviva vows to reduce focus on Asia and Europe as profit slumps August 6, 2020 Aviva today vowed to reduce its focus on Asia and Europe, after profit in the first six months of 2020 fell 30 per cent. The figures Profit before tax dropped 30 per cent year on year to £1.08bn in the six months to 30 June down from £1.52bn in the same period last year. Basic [...]
Insurer Hastings’ shares surge as it agrees to £1.66bn takeover August 5, 2020 Insurer Hastings’ share price surged this morning after agreeing a £1.66bn takeover by Finland’s Sampo and South Africa’s Rand Merchant Investment. The cash offer will hand Hastings investors 250p per share as well as an interim dividend of 4.5p per share. That sent Hastings’ shares soaring 17 per cent higher to 253p in early trading. [...]
Direct Line improves dividend despite profit drop August 4, 2020 Direct Line suffered a 10 per cent profit drop amid the first half of 2020 due to bad weather, but the insurer said coronavirus’ impact was “broadly neutral” across its divisions. The figures Profit before tax fell by £24.9m, or 9.5 per cent, year on year to £236.4m owing chiefly to £30.4m of bad weather [...]
Metro Bank agrees £12m deal for Ratesetter in lending push August 3, 2020 Metro Bank will snap up peer-to-peer lender Ratesetter after agreeing a £12m sale it hopes will push it into more profitable banking avenues. The challenger bank will pay an initial £2.5m, it said today, and another £9.5m over the three years following the completion of the deal, based on performance criteria. Daniel Frumkin, Metro Bank’s [...]
UK to distribute millions of 90-minute coronavirus tests August 3, 2020 New 90-minute coronavirus tests will be distributed to care homes and laboratories around the UK from next week, the government announced today. The speedy tests will check for Covid-19 and flu in a boost to ramp up testing capacity before winter arrives, amid fears of a second wave of cases in Britain. Two new tests [...]
British Airways owner IAG seeks €2.75bn raise after €3.8bn loss July 31, 2020 British Airways owner International Consolidated Airlines (IAG) today confirmed it will seek to raise a huge €2.75bn (£2.49bn) to act as a coronavirus buffer. Major 25 per cent shareholder Qatar Airways has committed to participating in the raise, and will get two non-exec board members in exchange for its support. IAG said the cash will [...]
