Experts ranging from Morgan Stanley's strategy team to billionaire investor George Soros have warned that the recent rise in global stockmarkets is a bear market rally, The Guardian says.
The British economy could continue on its downward path for another year and take a further two years to return to its pre-recession level, the National Institute of Economic and Social Research warned today.
Along with new surveys showing continued falls in consumer confidence and a grim outlook for jobs, the NIESR report further underlined the bleak outlook for Britain.
The FTSE 100 index in London dropped about 30 points to 3898.90 in early trading and investors were also braced for a poor round of US company results. Across Asia, stockmarkets were down, with Tokyo's Nikkei losing 2.7% to 8595.01 and Hong Kong's Hang Seng 3.9% lower at 14,354.84.
Experts ranging from Morgan Stanley's strategy team to billionaire investor George Soros have warned that the recent rise in global stockmarkets is a bear market rally because the economic turnaround is yet to come. Full story...
THREE TOP DIRECTORS AT Standard Life, including Sir Sandy Crombie, the chief executive, had their bonuses slashed last year after the Edinburgh-based insurance group undershot a crucial profits target, according to The Times.
Sir Sandy's total pay and bonus dropped from £1.64million to £1.39million last year. The 15 per cent fall came after the group's core return on embedded value - a key measure of profitability - fell from 10.2 per cent to 8 per cent. He received £380,000 in bonus and £754,000 in pay.
David Nish, Standard Life's finance director and one of two internal candidates to replace Sir Sandy, saw his total compensation drop from £945,000 to £885,000.
Keith Skeoch, also a runner for the top job, collected £1.3million, down from more than £1.7 million. Full story...
THE UK ARM OF insurance broker Aon is cutting contributions to its workers' pensions by up to a half in a bid to save costs, reports The Telegraph.
The company said it was involving employees in a two-month consultation on the plan, which it hoped would protect the business during "challenging conditions". Employees will have to pay up to three times current contributions to keep the company matching payments at existing levels.
Aon's current scheme requires employees to contribute 2pc of pay, with Aon contributing between 6pc and 12pc - rising in line with age.
The new arrangement will cap the company contribution at 6pc, for all workers wanting to save at the current rate.
Industry experts said the move could now encourage other employers to follow this route as pension costs become a growing burden during the recession. Full story...IFAonline
Also plan to scrap NI on contributions
Eight-week high against US dollar
Lower cost option for advisers
Following 2016 thematic review
December 2018 or early 2019