Dixons Carphone shares plunge as it swings to £259m loss June 20, 2019 Dixons Carphone swung to a £259m loss in its latest full financial year, it revealed today, as the retailer warned investors of “more pain” to come. The revelation that Dixons expects fresh losses from it UK mobile division sent shares down 20.5 per cent to 99p in early morning trading. Read more: Dixons Carphone must [...]
Starling Bank partners with Direct Line to simplify insurance process June 20, 2019 Challenger bank Starling has partnered with insurance firm Direct Line to allow customer account holders to use its app to apply for home cover. The tie-up will allow Starling customers to connect with the insurer’s Churchill brand through the bank’s ‘marketplace’ app. Read more: Starling banks £75m funding round from Merian Global Investors Customers will [...]
The next Tory PM must give a boost to low income families June 19, 2019 You may have notice some headlines today about a drop in incomes for the UK’s poorest households. New research from the Institute of Fiscal Studies (IFS) and the Joseph Rowntree Foundation analyses incomes, poverty and inequality over recent years. Read more: Tory leadership hopefuls face new vote after TV clash Between two of the most [...]
Royal London names Standard Life exec as new CEO June 19, 2019 Royal London has appointed a former Prudential and Standard Life executive as its new boss. Read more: Royal London CEO to step down in 2019 Barry O’Dwyer will take on the role of chief executive of Britain’s biggest mutual insurer in September after current CEO Phil Loney steps down at the end of June. O’Dwyer [...]
Saga shares plunge on warning of fresh travel struggles June 19, 2019 Shares in Saga have fallen more than ten per cent this morning after the insurance and travel group warned its tour operations were set to take a hit. Ahead of its annual meeting later today, Saga warned of fresh travel struggles due to a competitive market and political uncertainties. Read more: End of the Saga [...]
Tory leadership hopefuls face new vote after TV clash June 19, 2019 The five remaining candidates in the Tory leadership race face another round of voting today, as MPs react to their performances in last night’s TV debate. Yesterday former Brexit secretary Dominic Raab was knocked out of the contest after he failed to secure the necessary 33 votes from MPs. The candidates now face a third [...]
CVC abandons IPO or sale of Domestic and General after tepid investor response June 18, 2019 A sluggish response from investors has forced one of Britain’s biggest home appliance insurers to abandon plans for a public float as soon as this month which it hoped would value it at more than £1bn. Domestic and General has decided in the last few days to shelve the plans, Sky News reported. Read more: [...]
Old Mutual sacks chief executive over conflict of interest June 18, 2019 Old Mutual has sacked chief executive Peter Moyo following a period of suspension due to a conflict of interest related to an investment firm he founded. The insurer said Moyo’s actions since his suspension in May “contravened his fiduciary duties” to Old Mutual. Read more: Old Mutual suspends chief executive Peter Moyo “Following unsuccessful attempts [...]
Government plans new powers to stop firms exploiting loyal consumers June 18, 2019 The competition watchdog is set to be given new powers to fine companies exploiting consumer loyalty in a crackdown on “subscription traps” and unfair cancellation charges. The government has proposed giving the Competition and Markets Authority (CMA) legal powers to penalise firms without going through the courts. Read more: UK watchdog calls for new powers [...]
Fires in the Gulf: How a tiny waterway worries international oil traders June 17, 2019 Oil prices soared four per cent last Thursday as observers reported seeing smoke rising from a Norwegian oil tanker off the coast of the UAE. Later, reports emerged that a second tanker, the Japanese-owned Kokuka Courageous, had also taken damage and its 21 crew were evacuated. It happened as Japanese Prime Minister Shinzo Abe was [...]