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with Arron Banks and Elizabeth Bilney agree settlement with Electoral Commission By www.insuranceage.co.uk Published On :: Thu, 30 Apr 2020 11:11:39 +0100 Commission states it accepts the National Crime Agency’s conclusions that it found no evidence that any criminal offences had been committed after it investigated loans totalling £8m provided to the Leave.EU campaign from one of Banks' other companies. Full Article
with Partners& shoots into Top 100 with £65m GWP By www.insuranceage.co.uk Published On :: Mon, 06 Apr 2020 16:48:31 +0100 Phil Barton, alongside Stuart Reid and Chris Jelf, has formed the broker from MRIB and Independents, La Playa, CGI and Versatile, with initial £25m investment from Capital Z. Full Article
with Axa XL teams up with Accenture on cyber security services By www.insuranceage.co.uk Published On :: Wed, 25 Sep 2019 10:28:11 +0100 Provider says partnership will benefit Axa XL brokers and clients. Full Article
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with THB agrees Fleet UK partnership with Axa By www.insuranceage.co.uk Published On :: Mon, 18 Nov 2019 14:35:59 +0000 Axa to underwrite the Fleet UK product from 1 January following Zurich's exit from the scheme. Full Article
with Keychoice teams up with NIG on commercial vehicle policy By www.insuranceage.co.uk Published On :: Thu, 23 Jan 2020 15:03:02 +0000 NIG has also added two new products on SSP's commercial e-trading platform. Full Article
with Acturis expands cyber offering with Qomplx By www.insuranceage.co.uk Published On :: Thu, 20 Feb 2020 10:46:45 +0000 Qomplx’s WonderCover product offers parametric cyber cover either as a standalone product or as an add-on. Full Article
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with Support Britains bus coach workers with us By www.cpt-uk.org Published On :: We would like you to join us on strongTuesday 5 Maystrong, when we will be thanking everyone in the bus and coach industry for the work theyrsquo;re doing during the Covid19 outbreak to keep key services running and supplies moving. Full Article
with CPT News Release: Coach tourism needs 65m a month as it faces fight for its future with 18 month winter warns CPT By www.cpt-uk.org Published On :: Today 7 May CPT is calling on the Government to provide a support package worth pound;65m each month for the coach tourism industry. Full Article
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with Petrol retailers should reduce their prices in line with falls in international petrol prices By www.accc.gov.au Published On :: Wed, 22 Apr 2020 08:43:00 +1000 22 April 2020Petrol retailers should not use the current pandemic to further increase profits, which the latest ACCC petrol industry report shows have risen in recent years, and should pass on the full benefit of falling oil prices to motorists, the ACCC has said. Weekly average international crude oil prices have decreased by around US$ 50 per barrel since the beginning of the year and this has largely flowed through to Australian wholesale petrol prices, which have decreased by around 50 cents per litre (cpl) in the same period. Over the same period, seven-day rolling average petrol prices across the five largest cities (i.e. Sydney, Melbourne, Brisbane, Adelaide and Perth) have decreased by around 45 cpl. These cities have regular petrol price cycles, which makes it difficult to assess the exact flow through of falls in international crude oil and refined petrol prices in the short term. “The drop in the crude oil price is good news for the Australian motorists. At this time the Australian economy needs all the assistance it can get, and lower world crude oil prices are one of the few positives from current world events,” ACCC Chair Rod Sims said. “In the larger Australian capital cities, petrol retailers took too long to pass on the savings from the rapid drop in international oil prices, and this did not reflect well on them.” In Hobart, Canberra and Darwin as well as many regional locations, retail prices have been much slower to come down and the extent of the falls has varied widely. Fuel prices are generally higher in regional Australia due to a number of factors, including lower population and demand, meaning there are fewer petrol stations, which often leads to less competition. There are also higher costs for transport and storage of fuel, and less convenience sales which can support the operation costs of petrol retailers when fuel prices are low. Price changes in regional centres can lag up to six weeks behind changes in the larger capital cities, because the turnover of stock is generally lower in the country. The reduction in demand for petrol due to current travel restrictions may have further exacerbated the lag. “We have previously found that the lack of vigorous and effective competition in some regional locations was a major reason for higher prices in those locations,” Mr Sims said. “Where there is competition, you tend to see lower prices. Giving your business to outlets that are pricing competitively sends a strong message to those that have high prices that they will lose your business. We recommend motorists compare prices on fuel price apps and websites, such as MotorMouth and the government schemes in NSW, WA and the NT, which also provide information on retail prices in regional locations.” “Especially at this difficult time, retailers must not take advantage of the situation to increase their profits, but should pass on savings to motorists,” Mr Sims said. “The ACCC’s role is to monitor the market closely, and we will continue to do this, particularly to keep the pressure on the petrol retailers at this time.” New ACCC report shows retail profits increased over time The latest ACCC petrol industry report reports on the revenues, costs and profits in the Australian petroleum industry up to June 2018. It includes financial results for the retail and wholesale sectors as well as for refining and across the total downstream industry. Retail sector net profits across all fuel products, convenience store and non-fuel services were $616 million in 2017-18, the last year covered by this report. The sector generated a record high $333 million in net profits on petrol products – regular unleaded petrol (RULP), premium unleaded petrol (PULP) and ethanol blended petrol (EBP). This equates to a record net profit of 3.0 cpl on petrol products, which was almost double the average in the period 2008-09 to 2013-14 of 1.6 cpl. About 60 per cent of petrol net profits ($199 million) were made on premium fuels, which only accounted for about a third of petrol sales by volume. “Much of the increase in net profits on petrol products was driven by sales of PULP, which has a significantly higher profit margin for retailers,” Mr Sims said. Net profits on PULP 95 and PULP 98 were 5.8 cpl and 5.9 cpl respectively, while net profits on regular unleaded were 1.5 cpl in 2017-18. PULP 95 and PULP 98 have become more expensive relative to the retail price of RULP. The annual average price differential between RULP and PULP 98, for instance, increased to 20.4 cpl in 2017-18, an increase of 3.9 cpl since 2009-10. Profits were also influenced by higher sales volumes of PULP (particularly PULP 98). Retailers also earn substantial profits from convenience store sales. Convenience and other non-fuel sales contributed around 37 per cent of total retail sector net profits (or $226 million) in 2017-18, illustrating their importance to petrol retailers’ businesses as the profit margins on these products are significant. “Petrol stations make most of their profits from convenience sales and premium fuel. The average net profits on regular unleaded, at about 1.5 cpl are only a small part of the price motorists pay,” Mr Sims said. The annual average retail price of RULP in the five largest cities in 2017-18 was 134.5 cpl. “Drivers who have the option, can save money by resisting the temptation of convenience foods at petrol stations and using regular unleaded petrol, although motorists should follow their car manufacturers’ advice,” Mr Sims said. Net profits in 2017-18 were stronger for refining and across the total downstream industry The number of refineries halved from eight in 2002-03 to four in 2017-18, significantly rationalising operations. The financial performance of the refining sector fluctuated over the same period. Refining net profits however recovered following several years of net losses after the Global Financial Crisis. Net profits reached $845 million in 2017-18, the highest since 2007-08. Overall profits for the total supply sector (which comprises refining, importing and transactions between refiners) were $1.19 billion in 2017-18. Wholesale sector net profits were about $976 million in 2017-18 across all products and services. They have fluctuated over time but have been relatively consistent since 2008-09. Net profits for the total downstream industry across all products and services were $2.78 billion (or 2.9 cpl), the highest recorded since 2007-08 and more than double the figure recorded for 2013-14 ($1.24 billion, or 1.4 cpl). For petrol products, total industry net profits were $1.44 billion in 2017-18, or 4.2 cpl, the highest recorded by the ACCC. They were around double the profits on petrol products across the industry in 2013-14 ($723 million, or 2.0 cpl). Notes to editors On 16 December 2019, the Treasurer issued a new direction to the ACCC to monitor the prices, costs and profits relating to the supply of petroleum products in the petroleum industry in Australia. As part of this direction, the ACCC produces industry reports that focus on particular aspects of consumer interest in the fuel market in relation to prices, costs and profits. This is the first industry report under the new direction. It reports on the revenues, costs and profits for the total downstream petroleum industry as well as for the following industry sectors: retail, wholesale, and total supply (which comprises refining, importing and transactions between refiners). The focus of this report is to provide transparency around the financial performance and the profitability of the downstream petroleum industry. It presents results from analysis of this data. The ACCC analysed the financial data of 11 companies: refiner–wholesalers – BP, Caltex, Mobil and Viva Energy independent wholesalers – Liberty, Puma Energy and United supermarket chains – Coles Express and Woolworths large independent retailers – 7-Eleven and On The Run. The ACCC previously reported on financial results to the end of 2013-14. This report includes data from 2002-03 to 2017-18 (the latest data analysed), but excludes results for 2014-15 and 2015-16, which was a period when the ACCC conducted other financial analysis of the industry as part of its regional market study reports. All results in this report are in real terms in 2017-18 dollars. Release number: 76/20ACCC Infocentre: Use this form to make a general enquiry. Media enquiries: Media team - 1300 138 917 Audience Media Topics Fuel Full Article
with Retailers granted authorisation to collectively negotiate with landlords By www.accc.gov.au Published On :: Wed, 22 Apr 2020 15:30:00 +1000 22 April 2020The ACCC has granted interim authorisation allowing retailers to collectively bargain with landlords about rent relief during the COVID-19 pandemic. The interim authorisation, granted to the Australian Retailers Association and its current and future members, will also allow retailers to share information relevant to the negotiations including in relation to requests by landlords for certain information as part of considering and negotiating support to be provided in the context of COVID-19. “We see a clear public benefit in allowing retailers to work together in the negotiations with landlords as it will help those tenants who are experiencing financial hardship during this pandemic to reach a fair outcome,” ACCC Chair Rod Sims said. “We need to maintain strong competition in the retail sector and supporting these businesses will help with economic recovery once the pandemic subsides.” The authorisation is voluntary and temporary, and does not include individual tenants exchanging information about the amount of their rent or any rent incentives they were previously granted. It is planned that the proposed co-operation will have regard to the proposed mandatory Code of Conduct which sets out the good faith leasing principles applicable between landlords and small and medium shopping centre tenants. “As with all of the temporary arrangements that industries are looking to implement as a means to deal with the COVID-19 issues they are facing, we will keep under consideration when they are no longer necessary,” Mr Sims said. Having granted interim authorisation for the arrangements, the ACCC will now seek feedback on the application for final authorisation which is sought for a period of 12 months from the date of authorisation. More information, including the ACCC’s interim authorisation decision, is available at Australian Retailers Association. Background The Australian Retailers Association is Australia’s largest retail industry association and provides advice, education and advocacy for its approximately 7,500 members. On 3 April 2020 the ACCC granted interim authorisation allowing shopping centres to co-operate to support retail tenants financially impacted by COVID-19. Notes to editors ACCC authorisation provides statutory protection from court action for conduct that might otherwise raise concerns under the competition provisions of the Competition and Consumer Act 2010. Section 91 of the Act allows the ACCC to grant interim authorisation when it considers it is appropriate. This allows the parties to engage in the proposed conduct while the ACCC is considering the merits of the substantive application. The ACCC may review a decision on interim authorisation at any time, including in response to feedback raised following interim authorisation. Broadly, the ACCC may grant a final authorisation when it is satisfied that the likely public benefit from the conduct outweighs any likely public detriment. Release number: 77/20ACCC Infocentre: Use this form to make a general enquiry. Media enquiries: Media team - 1300 138 917 Audience Business Media Topics COVID-19 Authorisations Full Article
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