Zurich calls on government to apply 33 per cent flat rate of pension tax September 13, 2015 The government should introduce a 33 per cent flat rate of pension tax relief to convince more people to save for retirement, insurance group Zurich has claimed today. The firm said a flat rate is a “long-term solution that gives consumers the certainty they need to save”. Research conducted by YouGov for Zurich has shown [...]
Market volatility hits Lloyd’s and other insurers September 11, 2015 LLOYD’S of London insurance market posted a 28 per cent drop in half-year profit yesterday and said volatility and low interest rates were driving down returns. Pre-tax profits slid to £1.19bn, and combined ratios which were up to 89.5 per cent from 87.5 per cent this time last year. The measure is of an insurer’s [...]
Best of the Brokers for 11 September 2015 September 11, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com BARRATT DEVELOPMENTS Shore Capital reiterated its “hold” rating on the house builder after its preliminary 2015 results. “Performance is still very positive with the bulk of the improvement in profits still driven by recovering margins, strong support for new homes via help-to-buy and [...]
Marsh agrees to take over Jelf for nearly £260m September 11, 2015 Jelf Group confirmed late yesterday that it has reached an agreement about a proposed takeover by Marsh & McLennan Co Acquisitions (known as Marsh). Jelf said insurance broker Marsh has offered 215p a share, valuing Jelf at around £258m. Jelf shares closed down 2.6 per cent to 222.65p yesterday. The [...]
City Moves for 11 September 2015 | Who’s switching jobs September 10, 2015 British land Alice Keown has been appointed asset manager for food and beverage at the real estate company. She joins from Davis Coffer Lyons’s London estate and development team. Keown has also held roles at World Duty Free and BAA, and she was senior food and beverage account manager at the latter. Deutsche Bank Evans [...]
The National Living Wage could make eradicating the deficit a three Parliament problem September 10, 2015 Today we have upgraded our forecast for UK GDP growth to 2.6 per cent for this year and next. On the face of it, we should be content with such an outcome, particularly when looking at the economic problems facing the Eurozone and the recent slowdown in China that has reverberated across markets around the [...]
Apple’s iPhone 6s Upgrade Program is its secret weapon to get people buying the latest model release September 10, 2015 At a company event in San Francisco yesterday, among new hardware announcements, Apple introduced a new iPhone financing plan called "iPhone Upgrade Program" This new instalment plan is a direct response to the sudden prevalence of equipment instalment plan (EIPs) in which devices are paid for via instalments rather than through subsidies embedded in fixed-term [...]
FTSE 100 bosses and executive pay review has share awards in its sights September 9, 2015 You could almost hear the sighs of exasperation around the City this week as yet another review of boardroom pay was unveiled. The weariness was understandable – myriad studies of executive remuneration have gathered dust for years, even as FTSE-100 pay soared to fresh heights. There is no guarantee that this one, spearheaded [...]
Quindell buys remaining stake in loss-making PT Health September 9, 2015 Troubled insurance outsourcer Quindell has acquired the remaining 50.1 per cent stake in Canadian rehabilitation provider PT Healthcare Solutions. Quindell is issuing nearly 9.5 million shares for the acquisition, which is expected to close in mid-October. The deal will require approval from two-thirds of votes cast by holders of PT Health's common shares. [...]
Amlin deal boosts share price and sterling September 9, 2015 SHARES in Amlin rocketed by 32.99 per cent yesterday, after the board of the Lloyd’s of London insurer recommended a £3.5bn offer by Japan’s Mitsui Sumitomo Insurance (MSI). Amlin revealed that MSI had offered 670p per share, a 36 per cent premium to Amlin’s closing price on Monday. Just two weeks ago Amlin boss Charles [...]