Total new sales of its life insurance and pension products were 1.6bn ($3bn) in the three months to the end of September, up from 1.1bn a year ago.

Its third-quarter UK sales rose 33%, helped by April’s changes to pension rules which simplified the applied event extremal finance insurance modeling modeling probability stochastic governing saving for retirement.

Friends Provident said it now aimed to triple new insurance finance and investment profits by 2008.

The company’s latest sales figures beat market expectations, and shares in Friends Provident climbed 6.7% by close on Tuesday.

Original article News - Pensions lift Friends Provident ]]> http://financeinsurancelife.freeblogsite.com/news-pensions-lift-friends-provident-136/feed/ http://financeinsurancelife.freeblogsite.com/news-buffett-hits-out-at-mutual-funds-109/ http://financeinsurancelife.freeblogsite.com/news-buffett-hits-out-at-mutual-funds-109/#comments Sun, 28 Oct 2007 10:13:56 +0000 Business insurance http://financeinsurancelife.freeblogsite.com/news-buffett-hits-out-at-mutual-funds-109/ And some information of citizen locked funds insurance property.

Warren Buffett, one of the world’s most successful investors, has taken a swipe at mutual funds and the US tax system.

He also reported a surge in profit at his Berkshire Hathaway company.

In his annual letter to shareholders, Mr Buffett called on mutual funds to appoint “truly independent” directors to look out for investors’ rights.

He has previously complained that the actions of fund managers are not scrutinized closely enough, leading to poor returns and over-inflated fees.

Market moves

The US mutual funds industry, which look after the long-term savings of about half of all American households, has been under the microscope as it is investigated for trading abuses.

At the heart of the allegations are the practices of market-timing and late-trading.

Market-timing, where investors exploit outdated prices by rapidly moving in and out of fund shares, is not illegal, but is frowned on in the industry.

Late trading, however, is an illegal practice where fund managers allow big investors to execute overnight trades in fund shares at the previous day’s price.

Prosecutors say both practices have allowed Wall Street insiders to profit at the expense of ordinary savers.

Mr Buffett agrees.

“I am on my soapbox now only because the blatant wrongdoing that has occurred has betrayed the trust of so many millions of shareholders,” he said.

“Hundreds of industry insiders had to know what was going on, yet none publicly said a word.”

He added that the directors of mutual funds now had to “decide whether their job is to work of the owners or the managers.”

Tax concerns

The world’s second-richest man behind Microsoft’s Bill Gates, Mr Buffett called on the administration of US President George W Bush to levy more company taxes.

“We hope our taxes continue to rise in the future - it will mean we are prospering - but we also hope that the rest of corporate America antes up along with us,” he said.

His company, meanwhile, seems to be prospering.

An advocate of buying and holding shares, rather than turning them over quickly, Mr Buffett said his Berkshire Hathaway holding company earned $8.2bn (4.4bn) last year, almost double the 2002 figure.

Among the main drivers of growth were the company’s insurance and building businesses.

Mr Buffett also revealed that Berkshire had holdings of $12bn in five currencies after he bet against the US dollar because of concerns about the country’s widening deficits.

Originaly from: News - Buffett hits out at mutual funds page
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The case of 10 men with pleural plaques - lung scarring caused by asbestos exposure - is being heard at the High Court sitting in Manchester.

Kenneth Johnson, 58, from Ryton, Tyne and Wear, is one of the 10.

They say they are worried about getting more serious chest diseases. But insurance firms want to stop payments.

The men say that having the scarring causes anxiety for those who know they have been exposed to asbestos and could contract serious diseases such as mesothelioma, a terminal cancer of the lining of the lungs.

Mr Johnston told the court on Thursday that although the plaques caused little pain, they caused anxiety and were “an indication that something more serious could occur”.

‘Not injuries’

Insurers Norwich Union and Zurich argue that the plaques are not injuries and the anxiety stems from exposure to asbestos and not the plaques.

If the judge, Mr Justice Holland, rules in favour of the insurance company, compensation payments to people with pleural plaques - about 25m a year - could be stopped.

Mr Johnston worked for Newcastle-based NEI International Consortium Ltd between 1975 and 1979 and 1980 and 1985.

The court heard he was exposed to asbestos, and in
2001 was diagnosed as suffering from pleural plaques.

He told the court: “I know that I have asbestos in the lungs and it makes me a candidate to getting something more serious.”

Frank Burton QC, for the claimants, said that pleural plaques were “a marker of asbestos exposure” and “set time running” for sufferers.

The case continues.

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At the start of the day Yell shares rose to 306p from 285p in conditional trading - dealing between big city banks ahead of the official start of trade - but by lunchtime had settled back to 292.25p.

The price slid further to close at 289.5p, 1.6% higher than its debut.

The pricing of Yell shares at 285p gives the total group a market capitalisation of about 2bn ($3.2bn), making it large enough to enter the FTSE 100 list of top companies.

The flotation, which was cancelled last summer because of poor market conditions, is the largest so far this year and is seen by some analysts as a sign of renewed confidence in the stock market.

Official trading in Yell’s shares is due to start on 15 July, which is when private investors will be able to buy the shares.

Strong response

“We are delighted with the way new investors have embraced the Yell story,” said chief executive John Condron.

YELL GROUP Publishes Yellow Pages and Business Pages UK telephone directories Operates Yell.com, the online directory service Operates Yellow Pages 118 247, a telephone directory service (formerly called Talking Pages) Publishes Yellow Book directories in the US Had a turnover of 1.1bn in 2002/03 Employs 7,800 people (3400 in UK)

“The strong response to the Yell share offer reflects the quality and potential of the business.”

The telephone directories business was bought by private equity firms Apax and Hicks, Muse, Tate & Furst from BT Group in 2001.

They will continue to hold 30% of the listed company with Yell management and staff holding 5%.

Appetite returns

Yell is the biggest firm to come to market since insurance group Friends Provident floated in 2001.

Neil Austin, head of new issues at KPMG Corporate Finance, said the float was an encouraging sign that the market could be about to pick up.

“I think it does signal that the appetite’s come back,” Mr Austin told BBC Radio Five Live.

“We’ve had twelve months of complete silence with institutions sitting on their hands - this shows there is some appetite there.”

Originaly from: News - Yell shares make bright start page
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This would allow insurers to ask about tests for gene mutations linked to breast and ovarian cancer.

Approval applies to high value policies only; a moratorium exists on the use of genetic tests in all other policies.

But campaigners fear such proposals could be expanded if the moratorium is not renewed once it runs out in 2011.

At present, the Association of British Insurers (ABI) has to ask the Genetics and Insurance Committee (GAIC), which advises the government on the issue, for permission to request details from customers of genetic tests.

Since 1999, the GAIC has approved just one application, which allows insurers to use predictive test results for Huntington’s disease in life insurance policies over 500,000.

“The ABI has said that it may come forward with applications covering specific predictive genes for hereditary breast and ovarian cancer, but not until 2008 at the earliest,” the Department of Health’s Genetics and Insurance Committee said in its most recent update.

Predictive test

Last year, newspapers reported that the ABI would seek official permission to use predictive tests for the illnesses, but the association subsequently declined to submit an application in 2006/2007.

A spokesperson for the ABI reiterated that no application would be submitted for this period but did not dispute the statement in the GAIC report.

The basis for the tests are mutations or changes in the genes BRCA-1 and BRCA-2 carried by some individuals. These changes have a dramatic effect on the chances of a woman developing the diseases.

Female carriers of BRCA-1 mutations have a lifetime risk of breast cancer exceeding 80% and of ovarian cancer approaching 60%. Carriers of BRCA-2 mutations have a similar risk of breast cancer and a more moderately increased risk of ovarian cancer.

BRCA mutations account for about 5% of the 44,000 new cases of breast cancer each year in Britain and 10% of the 7,000 ovarian cancers diagnosed annually.

The voluntary UK moratorium covers income protection policies up to the value of 30,000 per year, critical illness up to the value of 300,000, and life insurance of 500,000. It accounts for about 97% of insurance policies.

Above these ceilings, insurance companies can use the results of tests approved by the GAIC.

Legislation call

Some campaigners are worried about this apparent renewal of interest by insurers in predictive tests for BRCA genes.

Dr Helen Wallace, director of GeneWatch UK, told BBC News: “If the committee approves an application, it will only be for those high value policies initially; but once the moratorium runs out in 2011, it could mean that it is applied much more widely.

“We still think the industry should drop plans to use these genetic test results at all and that there should be legislation to prevent the insurance industry from refusing someone insurance, or charging a higher premium on the basis of a predictive genetic test.”

There are concerns that members of the public will decline to take genetic tests for hereditary illnesses because of fears over how the results could be used.

A spokeswoman for the Department of Health said: “Choosing to have a predictive genetic test can be life-saving, and nobody should be put off having such a test because of fears it will be used against them by insurers.

“Genetic tests that may predict disease have only recently been developed, but the current moratorium we negotiated with the Association of British Insurers (ABI) sets out a stable and sensible environment to help support the future development of genetics.”

In the US, the Genetic Information and Non-discrimination Act (Gina) has been passed by the House of Representatives and will go before the Senate later this year.

The act would prohibit insurers from requesting or using genetic information when establishing premiums and prevent employers from using such information when hiring or promoting individuals.

The UK moratorium on the use of predictive genetic tests is due to stand until November 2011.

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From Weston-super-Mare to Southend, the South Wales valleys to Aberdeen, go to pretty much any town centre on a weekend evening, and you will see - and, as likely, hear - young men driving around together in their highly modified, brightly painted small hatchbacks.

As if on a Scalextric track loop, many seem to just drive, or as they would say “cruise”, continuously up and down the main drag, from one roundabout to another and then back again in their pride and joy Citroen Saxos, Ford Fiestas, Peugeot 106s or Vauxhall Novas.

Yet far from racing around, almost all drive at a very sensible pace, as after all, many have spent thousands of their hard-earned cash on their much loved cars, and don’t want to squander their no-claims bonus.

So much money is in fact spent on car modifications or accessories in the UK today that the industry is now worth a cool 320m a year, according to the scene’s bible, Max Power magazine.

That 320m includes everything from in-car CD players and speakers, to replacement alloy wheels, car body-kits, expensive paint-jobs, and dare I say it, the old classic - furry dice to hang from your rear view mirror.

Go-faster kits

One of the biggest beneficiaries of the booming car accessories industry has been Halfords, which earlier this year floated on the London Stock Exchange and enjoys an annual turnover in excess of 500m.

UK CAR ACCESSORIES FIGURES 8 million drivers have air fresheners 4.5 million add stickers to windows or bumpers 2.3 million have personalised number plate 2.1 million have dashboard figures, such as nodding dog or dancing Elvis Source: Halifax car insurance

“There is a growing enthusiast segment for products such as alloy wheels, body kits, and performance styling etc, with the primary customer audience being aged between 18 - 34,” says a Halfords spokeswoman.

“The younger, primarily male customers have increasing disposable income, the car park is getting older - ie more older cars in circulation - so there are a greater range of cars available to enhance.”

But with one Welshman recently being reported to have spent more than 16,000 modifying his 3,000 Vauxhall Corsa, why exactly do car modification addicts do it?

Image enhancement

Paul Symons, a 20-year-old student and Ford Fiesta owner, from car modification hotspot Weston-super-Mare in Somerset, says it is all about wanting to portray a certain image.

Welshman Ian Williams spent 16,000 on his 3,000 Corsa

“There are lots of lads in the town who don’t really earn much, but spend almost all of what they do on their cars.

“I haven’t done anything externally to mine - my car is pretty standard - but I put in a nice CD player and some six by nines [big speakers].

“The scene is really big in Weston, but no one races around, they drive slowly with the music blaring. It is all about image and being seen, like an extension of someone’s clothes.

“It’s mainly lads from 17 to 23, you don’t get many older than that.”

Yet far from older people being immune to a bit of car customisation, it appears that middle aged men are equally susceptible, buying everything from speed camera detection systems, to satellite navigation systems, or chipping their engine management systems to give extra power.

Personal touch

Women by contrast, and that is women of all ages, appear completely immune. And while men exclaim over every possible extra, most females don’t have the slightest interest. That is not to say they do not appreciate expensive cars, just that they don’t give a monkeys about turbochargers, rear spoilers or the power output ratio of the car stereo.

Nigel Wonnacott, spokesman at the Society of Motor Manufacturers and Traders, says the car accessories industry allows people to better express themselves through their cars.

“More and more people are certainly choosing to add their own touches to their cars,” he said.

“The thing to remember is that while for many people a car is simply a way to get from A to B, for others it becomes an expression of the kind of person they are or want to be.

“They want to make their cars more individual or extroverted, and there is absolutely nothing wrong with someone wanting to make their car look more sporty. It only goes too far if their driving also becomes extreme.”

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All 57,000 employees will be able to join the scheme, with payments taken directly from their wages.

The bank said that because the scheme would be exempt from tax and national insurance payments, it would effectively amount to a 6.5% pay rise.

Its announcement comes a week after unions balloted HSBC staff for possible strike action in a dispute over pay.

The Amicus union has attacked HSBC’s latest proposed wage increase as “derisory”.

Up to 10% of workers will get no pay rise and a further 45% will receive an increase below the rate of inflation, according to the union.

‘Flexible’

The half of HSBC’s staff with children under 16 will be able to choose nursery places or vouchers, or both.

HSBC said it will be the first company in the UK to make the offer to all its employees.

It is also doubling the number of its workplace nurseries to at least 170.

Sue Jex, head of employee support, said HSBC was extending the childcare support it had been offering since 1988.

“Our nurseries have proved so popular with staff that we now have waiting lists,” she said.

“We are working with a number of national nursery chains to at least double the number of workplace nurseries available to the under fives.

“The new voucher scheme will not only allow more parents and carers access to subsidised childcare, but is flexible.”

Amicus national officer Rob O’Neil said: “This is welcome news but it’s misleading to allow staff to believe that HSBC are funding these benefits. These are paid for by the taxpayer and introduced by the Government.”

He added: “This is a cynical attempt to look as if they are paying their staff fairly and equitably when in fact they are not.”

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The move could mean some small owner-managed businesses will pay much higher income tax and national insurance bills.

The government believes that some companies are taking advantage of generous provisions, which allow firms to make tax and national insurance savings on dividend payments.

Experts said the impact could be far greater than IR35, a controversial tax on personal service companies popular with IT contractors and could affect up to 300,000 businesses.

Dividend payments

Most small businesses take a large proportion of their profits as dividends.

This is advantageous because there is no national insurance on dividends.

Basic-rate taxpayers can also make income tax savings.

It is a tax measure used by hundreds of thousands of businesses around the country.

Anne Redston of Ernst & Young told BBC News Online: “This is the bombshell of this pre-Budget, because it could affect so many ordinary people - from fish and chip shops to window cleaners.”

Impact

The Federation of Small Businesses told BBC News Online any changes could potentially affect 300,000 businesses.

Stephan Alambritis, a spokesman, said the move could stunt business growth and entrepreneurship.

“These companies need to be encouraged so they can go on and become medium-sized companies, and to employ lots of people (which is how to counter unemployment).”

The Treasury said it would take into account these sorts of concerns, suggesting it would reward companies who reinvested their profits into their businesses.

A spokesman added that it would be conducting an open consultation on the proposals.

“We want to make sure that the tax structure is used in the way it was intended”, a spokesman said.

The Treasury says the aim is to make the tax system fairer between different types of taxpayers.

Some experts think the change will raise over 1bn in extra tax for the government.

Originaly from Source