AXA faces strike threat over pension changes

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AXA faces strike threat over pension changes

AXA faces strike threat over pension changes
Union Unite has threatened insurer AXA with strike action over the decision to transfer more than 2,300 staff to a new pension scheme.
The Times, p. 38

The bigger picture?
The American company Eastman Kodak is to sell two of its subsidiaries, including one specialising in photographic mini-labs and theme park souvenir snaps, to the British-based Kodak Pension Plan, to release it from £3 billion-worth of pension promises.
The Times, p. 35
Also appeared in : Financial Times Companies and Markets, p.15, Daily Express, p.51, Evening Standard London, p.39, The Daily Telegraph Business, p.4, The Independent, p.44

Banking & finance
Customers and their families received more than £475 million from the insurer through claims on life insurance, critical illness cover and individual income protection policies in 2012, Aviva said
The Times, p. 36

Pensions under threat from EU legal meddling
EU meddling in the British insurance and pension industry has been branded “shocking” by the head of the new financial services watchdog. And a cross-party committee of MPs has lambasted the way it has tried to concoct new Solvency II rules as “an object lesson in how not to make law”.
Daily Express, p. 8

Emerging appetite for risk boosts Aberdeen
Aberdeen Asset Management has smashed City expectations by scooping a net £4.4 billion of new business from investors hungry for assets in the Asia-Pacific region and other emerging markets.
The Times, p. 37
Also appeared in : Evening Standard London, p.43, Financial Times Companies and Markets, p.22, The Daily Telegraph Business, p.3, The Independent, p.46

Abu Dhabi lines up £lbn for alternative energy inUK
Up to £1bn is to be invested by Abu Dhabi in Britain’s alternative energy industry. The deal will see Madsar, the renewable energy company owned by the Gulf state, invest in schemes along with the Government’s Green Investment Bank.
The Daily Telegraph Business, p. 3

Apple looks at bond
Apple has hired Deutsche Bank and Goldman Sachs to find investors for a multibillion-dollar bond that would fund its $100 billion dividend and share buy-back programme.
The Times, p. 41

Average price of a London house soars 10 per cent in 12 months
According to official Land Registry data, London house prices have risen by almost 10 per cent to a new all-time high, with the average value of a home in the capital rising to £374,568.
Evening Standard London, p. 3

Lloyds in £250m loss over bank sale
Lloyds Banking Group is selling its unprofitable Spanish retail lender to Spain’s fourth biggest bank Banco Sabadell, meaning a £250m loss at the partly taxpayer-owned bank.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 22
Also appeared in : Evening Standard London, p.40, Daily Express, p.50, The Independent, p.46, The Times, p.35

Santander chief in legal battle resigns
Alfredo Sáenz, the chief executive of Banco Santander, has resigned ahead of a decision by Spain’s financial regulator over whether he should be banned from banking because of a criminal conviction.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1
Also appeared in : Evening Standard London, p.39, Daily Express, p.51, Daily Mail, p.64, Financial Times Companies and Markets, p.18, The Daily Telegraph Business, p.1, Evening Standard London, p.39, The Guardian, p.25, The Times, p.1, The Times, p.35

First Libor trial delayed after Barclays appeal
Barclays has managed to delay the first UK civil trial involving Libor manipulation, after the bank lodged an appeal against certain aspects of the claim being permitted to proceed.
The Guardian, p. 28
Also appeared in : Financial Times Companies and Markets, p.22, The Daily Telegraph Business, p.4

Lloyds in limbo over a £25bn BOE shortfall
Lenders are still waiting to be told how much fresh capital they will each have to raise more than a month after the Bank of England revealed a total £25 billion black hole in their accounts. Lloyds is thought to be among those in limbo as it waits on a visit from the Prudential Regulation Authority (PRA). Lloyds and Royal Bank of Scotland are expected to make up the bulk of the £25bn shortfall, revealed by the Bank’s Financial Policy Committee (FPC) last month.
Daily Mail, p. 65

A strong pound ‘is hurting economy’
Think-tank Civitas has called for the pound to be weakened to ‘unleash’ a British manufacturing boom and kick-start the stuttering economy. The author of the report, entrepreneur and economist John Mills argues that a weaker pound would make British exports much more competitive and help eliminate the country’s ‘huge’ trade deficit.
Daily Mail, p. 64

European bank set to cut interest rates
The European Commission’s monthly sentiment index fell by more than expected from 90.1 in March to 88.6 in April, leading to an expectation that the ECB will reduce interest rates this week.
Daily Mail, p. 64

Lloyd’s veteran to assess public purchases of insurance cover
Michael Wade, a Lloyd’s of London veteran, is to be given legal powers to scrutinise public bodies’ buying of insurance as the coalition tries to secure value for money from government suppliers.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Luxembourg prepared to share data on corporate bank accounts
Luxembourg is ready to share confidential information about multinational companies’ bank accounts with other jurisdictions as part of efforts to shed the country’s image of a pre-eminent tax haven.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

D Bank in €2.8bn share issue
Deutsche Bank is raising €2.8bn from a share issue in which Germany’s biggest bank by assets hopes of vaulting ahead of many peers in terms of its closely watched benchmark capital ratio.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15
Also appeared in : The Daily Telegraph Business, p.4, The Times, p.38

Sovereign wealth funds to invest in Russian bank
Sovereign wealth funds from Qatar, Norway and Azerbaijan are set to become new investors in VTB, Russia’s second largest state-run bank.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

US deposit account shift puts bank margins under pressure
In a move that threatens to trim bank profit margins, US bank depositors have shifted an estimated $100bn into interest bearing accounts since the start of the year, from accounts that pay no interest.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 31

FCA charges currency trader with fraud
Investigators from the Financial Conduct Authority have charged Alex Hope, a 24-year-old former catering manager who reinvented himself as a day-trading currency markets expert, with financial services offences and fraud.
The Guardian, p. 28

Lender to the world’s poorest people is coming to Britain
Muhammad Yunus, the founding father of microfinance has called on politicians to make it easier to open banks in developed countries such as Britain.
The Times, p. 40

The above articles appeared on 30/04/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.