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.
Will the young of today ever climb onto the property ladder?
While on the face of it there would seem to be an increase in competition within the UK mortgage market there is also no doubt that first-time buyers are still significantly handicapped when applying for mortgage funding. Despite promises to the contrary, the amount of money required as a deposit on any property purchase is now well in excess of 20% and has increased significantly over the last fe...Read More
AA claims motorists are ripped off by fuel retailers
17/04/2015 The AA believes that people are being ripped off by fuel retailers as the put up the price of petrol and diesel after the recent fall. Throughout March oil prices fell by a further 5%, but petrol prices rose by 1.2%. The AA believes that fuel retailers are "plundering drivers' pockets" as motorists pay an extra 1.73p a litre for petrol and an extra 0.63p a litre of diesel. Ind...Read More
Northern Rock valuer to receive £4.5 million!
As the government reveals the appointment of an independent valuation expert to arrive at a 'price' for Northern Rock it has been revealed that Andrew Caldwell, the man in question, will be paid a one off fee of £4.5 million no matter how long it takes him to arrive at the figure.
This is all part of the ongoing dispute between shareholders of Northern Rock and the government with...
MP Expenses Set To Be Protected By The Back Door
In a move which has not been widely reported in the Labour Party supporting press it seems that MPs have yet again made plans to hide substantial details of their expenses claims. While a move to become more open with regard to expense claims is afoot with literally millions of receipts being scanned as we speak, not all details will be made available.
Yet again the MPs have used t...
Sainsburys and Netto team up
06/11/2014 Sainsburys is set to open 15 discount stores in partnership with Danish discount chain Netto. The first Netto store opened today in Moor Allerton, Leeds. Sainsburys will not be taking on rival discount stores Aldi and Lidl, who’s share of the market is increasing at a substaintial rate. New-look Netto is launching as a joint venture between parent company Dansk Supermarked a...Read More