Profits slip for Friends Provident
Life assurance firm Friends Provident has announced a three per cent drop in pre-tax profits which could impact upon its 2008 target.The firm saw profits slump from £524 million in 2005 to last year's £509 million, despite new business profit growth in the UK reaching close to 70 per cent.However due to the "challenging protection market" the London-based insurer operates in, the firm warned that it may struggle to meet the targets it set in October last year.Six months ago, the company announced a "demanding" 2008 target of £180-£200 million in new business profits, a goal it may not meet."Although we remain committed to achieving this target, the product mix and, in particular, the level of protection sales, which has been subdued in recent months, will be critical," said Philip Moore, the group chief executive."It is early days, and we are making progress towards our goal, but the prospects for a more challenging protection market, and the impact on our 2008 target, will not be fully understood until later in 2007."The announcement of last year's profit slide caused the firm's shares to dip by seven per cent on Tuesday morning.
£38 million carbon credit fraud smashed
Seven people have been arrested in the UK in an alleged £38 million carbon credit fraud which involves the trading of carbon credits and the avoidance of paying VAT. Early indications are that the group were allegedly acquiring large numbers of carbon credits overseas, without paying VAT, and selling these in the UK with VAT, although the VAT was never forwarded to the Inland Revenue.
US authorities set to unveil $1 trillion bailout package
While initially the Obama administration was well received by the US public there were signs over the last few days that issues with ongoing rescue packages and AIG bonus payments in particular had concerned members of the public. However, fresh from criticism from Congress last week Tim Geithner, the US Treasury Secretary, is set to unveil a $1 trillion bailout package for the US banking system....Read More
Barclays extends Smartphone cheque scheme
05/12/2014 One million more people will be invited to take part in a scheme, which allows people to pay a cheque into their bank account by taking a photo of it on their smart phone. Barclays, who are running the scheme, have only made this available to a few thousand customers so far, but plan on extending the scheme to one million more customers thanks to its success. Customers who ar...Read More
Will The BAe Scandal Be Gordon Browns Downfall?
Just when Gordon Brown thought that things could not get any worse it looks as though the alleged British Aerospace (BAe) bribes scandal is set to grab the headlines again. In direct conflict to the UK stance on the situation, both Mike Turner, Chief Executive of BAe, and Nigel Rudd, a non-executive director, where detained for a short while after landing in the US last week. It seems that US a...Read More
UK economic growth falters
Economic growth in the UK economy for the first quarter of 2010 has been confirmed at 0.2%, a figure which is that expected by analysts. The vast majority of economists had been expecting an increase of 0.4% over the three-month period, similar to the final three-month period of 2009, but were sadly disappointed this morning. This latest announcement casts further doubt on the strength of the UK e...Read More