The front page of the FT today includes a report that financial advisors said yesterday t...
The front page of the FT today includes a report that financial advisors said yesterday there had been a rise in the number of clients considering withdrawing their funds from Equitable Life. Stuart Bayliss, a director of London based financial advisor Annuity Direct, told the FT he had received more than 1000 calls from Equitable policyholders in the last week, with more than two thirds considering leaving.
The FT notes that banks have bowed to pressure to make it easier for customers to move their current accounts in search of the best deal, a report will conclude today.
Execution only broker TD Waterhouse is moving into the UK retail fund market with the launch of a fund supermarket including six of its own brand funds says the FT.
The FT also reports that Japanese share prices tumbled to a 16 year low yesterday as new concerns emerged about the financial health of the country's troubled banks and the outlook of the world's second largest economy.
According to the Times Claims Direct, the controversial personal injury company, yesterday admitted that it was the subject of a wide-ranging Department of Trade and Industry investigation into its business. A formal statement to the Stock Exchange coincided with the company's decision to reject a £19.4 million bid to take it private by Barker Securities, a takeover vehicle created by Anthony Sullman and Colin Poole, its founders. The offer values each share at 10p.
The Guardian says a whiff of production cuts by the Organisation of Petroleum Exporting Countries (Opec) has sent world crude prices bubbling up and yesterday led to a surge of investor interest in BP and Shell. It is very nice for western oil bosses John Browne and Phil Watts to have their companies' equity prices underpinned by Opec, but not so healthy for the rest of us. The last thing a faltering world economy needs is higher energy costs, and the longer Opec artificially maintains high prices the longer high-cost non-Opec nations will drill for alternative supplies.
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