08:10 , Graeme Evans
Direct Line Insurance, whose brands include Churchill and Green Flag, is holding consultations over plans to reduce its headcount by 550 roles.
The company, which employs more than 9000 staff, is looking to achieve £50 million of cost savings in 2025 through procurement, technology rationalisation and simplification of its operations.
It said: “Our drive to create a leaner and more efficient operating model is advancing, with consultations currently taking place as part of a proposed reduction of around 550 roles.”
The company is in the early stages of a turnaround under new boss Adam Winslow.
He described trading conditions in motor insurance as competitive, alongside a higher level of injury claims in the third quarter.
The company, which grew its presence on price comparison websites during the period, lifted gross written premiums by 11.8% year-on-year.
07:46 , Graeme Evans
Various Eateries, which operates the brands Coppa Club and Noci, today warned that the Budget and changes to workers’ rights will “substantially” increase the costs and administrative burden of employing young people.
It highlighted the above-inflation increases to the minimum wage, substantial increase in National Insurance rates and lowering of the employer NI threshold.
The company said: “As a major employer of first-time workers, the hospitality industry will be particularly affected by these measures.”
It added: “Various Eateries is in a strong position to mitigate these effects, but this is still a further major blow to a struggling industry that employs more than three million people, mostly under 25.”
The comments came in a trading update for the year to 29 September, which showed revenues slightly ahead of current market expectations at £50.5 million.
This should generate adjusted earnings slightly ahead of forecasts due to efficiency improvements coupled with further softening of inflationary pressures.
07:27 , Graeme Evans
Asia stock markets have started the week on the back foot after Friday’s stimulus measures aimed at addressing local government debt disappointed traders.
The weakest inflation reading since June also knocked confidence, with annual growth in the consumer prices index of 0.3% compared with the 0.4% forecast.
Hong Kong’s Hang Seng index fell by an initial 3% before a recovery to stand 1.8% lower, while an afternoon upturn helped Shanghai Composite to lift 0.5%.
