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.
Poundworld’s “everything £1” claim banned
08/10/2014 Poundworld have been banned from making the “everything £1” claim by the Advertising Standards Authority (ASA), as some items were found to be on sale for as much as £8.99. They have been told that they could eventually be able to make the claim again, but only once they can prove that every item they sell is priced at £1. Chris Edwards Junior, trading director at Poundw...Read More
Hershey finally gives in and walks away
US outfit Hershey has today walked away from a potential bid for Cadbury with many analysts expecting the announcement today. The company had apparently been on the verge of a potential counterbid for the UK giant but the financial muscle and the fact that the Kraft Foods offer was recommended by the board appears to have swayed the company. This now leaves the way open for Kraft Foods to complete...Read More
Insurer issues car headlight warning
Four in five drivers do not know the Highway Code's guidelines on using headlights, esure said today.According to the insurer, around one million motorists have also suffered either a road accident or a near-miss due to not turning their lights on.Analysis from esure also shows that "more and more" local authorities are turning off some of their streetlights at night in order to save money - a tre...Read More
Who actually controls the UK economy?
Over the last two years we have seen the UK government introduced a number of measures to try and inject more life into the UK economy and indeed bring the country out of recession. Even though the indications are that the UK economy will leave recession in the final quarter of 2009, many people are puzzled as to why it has taken so long for these financial initiatives from the authorities to actu...Read More
Latvia on the verge of financial collapse
In a worrying development it has been revealed that a $100 million auction of short-term government debt failed to attract any bidders in Latvia today placing the country on the verge of financial collapse. While to many people Latvia may be irrelevant to their own local economies it is the potential knock-on effect to confidence, investors and surrounding countries which will have the biggest imp...Read More