Economic minister Simon Kirby bins plans for secondary annuity market: Is this a sign that more pension reforms are on the horizon? October 18, 2016 One of George Osborne's cornerstone policies on increasing pension freedoms has been dropped by the government, the economic secretary announced today. In March 2015, the government announced plans to set up a secondary market in order to give pensioners greater access to cashing in annuities. Read more: Over-55s need to go on this kind of shopping spree more [...]
SVG board gives HarbourVest takeover green light after forcing up price October 18, 2016 The board of SVG Capital (SVG) has accepted an increased takeover offer from US behemoth HarbourVest that will likely draw to a close a tumultuous month of punches and counter-punches between the two parties. The confirmation of the deal was announced this afternoon and will mean SVG shareholders will receive the equivalent of 715p a share for the assets of the [...]
Gear4music proves that buying musical instruments online is the way to go October 18, 2016 Shares in Britain's largest online musical instrument retailer fell by two per cent despite posting half-year results that showed it had grown revenue and profit by over 70 per cent. The numbers Aim-quoted Gear4music's revenue increased from £12.5m to £21.6m with gross profit rising from £3.3m to £5.8m. The company's gross margin percentage – the percentage of [...]
Bellway’s share price nudges up after posting record annual results October 18, 2016 The share price of FTSE 250 housebuilder Bellway jumped over four per cent in early trading after it released bumper annual results. The numbers Revenues were up by 27 per cent at £2.2bn with gross profit increasing 34 per cent £574m. Bellway managed to squeeze an extra 1.5 per cent out of its gross margin percentage – the amount [...]
Odds lengthen on William Hill’s £4.5bn Amaya merger as activist hits out October 13, 2016 William Hill’s talks over a potential multi-billion pound merger with Canadian gambling giant Amaya were dealt a blow last night as a leading shareholder slammed the deal. Parvus Asset Management, the bookie’s largest single shareholder with a 14.3 per cent stake, said the potential merger – which would create a combined company worth around £4.5bn – had [...]
The number of London businesses breaks through the one million barrier October 13, 2016 There has been a surge in the number of new businesses in the capital over the last four years according to the government. The department for business, energy and industrial strategy (BEIS) revealed that there was startling 41 per cent more businesses in London at the start of the year compared to four years earlier [...]
Experts react to the Cridland report on the state pension age October 13, 2016 The former director-general of the Confederation of British Industry, John Cridland, today published an interim report into the state pension age for the department of work and pensions. The report's 100 pages covered a lot of ground and although it shied away from making firm recommendations, it may gave an indication into how the government plans to [...]
A government commissioned report unveils a series wide-ranging ideas for shaking-up the state pension October 13, 2016 The state pension age could be set to rise further after the former director-general of the Confederation of British Industry issued his provisional findings to the government. John Cridland today issued an interim report on the state pension age and although it fell short of making specific recommendations, the report gave a steer to the department for work and pensions (DWP) [...]
Access to skilled workers is a key concern for London’s businesses October 13, 2016 London businesses have called on the government to act decisively to loosen non-EU immigration restrictions as part of negotiations to leave the EU. The London Chamber of Commerce and Industry (LCCI) polled more than 500 businesses on their worries on employment and trading. Nearly half felt that looser immigration restrictions on workers from outside the EU should be [...]
Wells Fargo boss stands down and is replaced by chief operating officer October 12, 2016 The embattled boss of Wells Fargo, John Stumpf has quit his post, effective immediately. The reins at the US' third largest bank have been handed onto Tim Sloan, the company’s president and chief operating officer. Sloan will hold onto his role as president. Stumpf had been under increasing pressure to resign in the wake of an investigation into claims that its employees [...]
