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Women’s pensions ‘would get above £106k on average’ if new fathers did 50 percent of unpaid care get the job done, report finds



Women’s pensions ‘would gain over £106k on average’ if new fathers did half of unpaid care work, report finds

omen are getting rid of out on over £100,000 in their pension pots on regular owing to adult men not taking on an equivalent share of unpaid care operate in the early years of baby-rearing, a new report has observed.

The “gender pension gap” is a identified issue. Ladies are a lot more probable to be still left in poverty on retirement simply because they commonly do the job less hours because of to caring responsibilities from their late twenties onwards, and simply because they confront earnings penalties on returning to the workforce just after taking maternity leave.

New analysis from fintech Pensionbee, released currently, identified that if adult males took responsibility for an equal share of unpaid care function when they have youthful small children, ladies could boost their pension pots by more than £106,000 on regular.

If the unpaid care perform ended up split similarly, couples would also possible see more than 10% in further personal savings in a mixed pension pot at age 64, the report located.

Pensionbee founder and mother-of-two, Romi Savova, argues that business enterprise leaders switching their guidelines is vital to tackling the problem

/ Pensionbee

It said: “Also often the onus is put on ladies to close the gender pension hole, by altering their behaviour. This is not good or helpful. Policy interventions are essential to guidance increased male participation in treatment duties.”

Pensionbee founder and mom-of-two, Romi Savova, argues that organization leaders modifying their procedures is crucial to tackling the challenge.

Savova explained to the Common companies must supply equivalent parental depart packages to men and women of all genders, and have more transparency on the issue.

She also known as on Govt to assistance ease the burden of “prohibitive” expenditures of superior quality early a long time childcare by allowing mom and dad to pay back nannies from their pre-tax money.

Savova, a former banker, also stated the Govt need to make it less complicated for corporations to build on-website nurseries in places of work.

“You have to have adult men to move up and do their section, but you also want companies to facilitate it. All far too normally we see the enterprise of getting children as women’s organization, and so there are maternity go away insurance policies but not parental leave guidelines,” she said. “You need a national conversation close to why it is so important to share parental duties, specially in the early days.

“A large amount of companies will examine a woman coming again from maternity depart to a guy who did not consider any leave and consequently progressed for 6 months, and I consider individuals biases are truly tough to battle unless of course adult men also be a part of in and do their aspect.”

“It’s the right minute in time to be seeking at this,” she additional.

Many employers offer you men just a few months of paid out paternity go away, with those deemed generous supplying a few months.

Attitudes are gradually shifting – this month the John Lewis Partnership grew to become the to start with United kingdom retailer to supply all team six months’ paid parental depart – but there is a very long way to go. Pensionbee offers 110 times complete pay to all new mothers and fathers.

The common value of sending kids under two to nursery total-time at the moment stands at £263 a 7 days in the United kingdom. In quite a few people, a person dad or mum does not return to do the job because it is effective out cheaper for them to just keep at property.

Savova tried to build a nursery on site at the company’s Metropolis office environment, but was faced with so significantly paperwork and this kind of superior prices it was “rather a great deal unattainable”.   She reported: “The tax program discourages nearly anything but extended-phrase maternal childcare, so of training course the Federal government can do far more.”


FTSE live: Recovery hopes after China Evergrande shock as National Express and Stagecoach unveil merger



FTSE live: Recovery hopes after China Evergrande shock as National Express and Stagecoach unveil merger


he FTSE 100 index has rebounded after Monday’s turbulence, with another big rise for airline giant IAG and a strong session for Royal Dutch Shell helping to offset the contagion fears triggered by the plight of debt-laden Chinese property firm Evergrande.

There’s also more merger and acquisition activity after National Express and Stagecoach confirmed talks over a potential tie-up, while interim results from B&Q owner Kingfisher have included plans for a £300 million buyback and higher dividend. A surprise bid for Entain from US fantasy sports group DraftKings has provided some afternoon excitement.

Live updates


Ladbrokes owner Entain surges on surprise $20 billion bid

It’s a bid day for deals. First Stagecoah and National Express, then BT’s possible DAZN transaction, now a possible Entain takeover.

Shares in Ladbrokes owner Entain have surged 15% after the gambling group received a takeover bid from US fantasy sports firm DraftKings.

“There can be no certainty that any offer will be made for the Company, nor as to the terms on which any such offer may be made,” the company said. “A further announcement will be made as and when appropriate. Shareholders are urged to take no action at this time.”

The brief statement followed a report by CNBC breaking news of the approach. CNBC said the offer was worth $20 billion.

Shares in Entain jumped 15% following the report. Entain was valued at £12.9 billion ($17 billion) prior to the spike.


Lunchtime update

Here are the main stories in the market this lunchtime:

– The FTSE 100 is up 86 points, or 1.2%, to 6990. The index is rebounding from a sell-off on Monday driven by fears that Chinese real estate giant Evergrande could default on its $300 billion debt pile. Concerns about possible global contagion have eased slightly.


BT jumps on sports sale report

DAZN, a startup backed by billionaire Sir Leonard Blavatnik, is in “advanced” discussions to buy BT Sports and a deal could be announced within weeks, the Financial Times reported. The story sent shares in BT climbing 2.7% in London.

The deal would be a significant coup for DAZN, a London-founded startup that has been called the ‘Netflix of sport’ in the press. DAZN offers subscription sports streaming services and has made its name in combat sports like boxing and UFC, as well as NFL. Despite being founded in London, the company has a smaller footprint in the UK than in North America.

A deal to buy BT Sports would significantly expand DAZN’s reach in Britain and hand the company rights to Premier League matches.


UK residential transactions jumped last month

There was more positive news from the property market today with HMRC saying home sales bounced back in August, up a third higher on July.

An estimated 98,300 transactions took place last month, a 21% year on year rise.

Low mortgage rates, the tail-end of the stamp duty holiday and a continued “race for space” maintained momentum.

Mike Scott at estate agency Yopa said: “The housing market has recovered very quickly from the dip in activity after the stamp duty deadline at the end of June.”


Alphawave soars on microchip boom

The world may be in the midst of a microchip shortage but that hasn’t stopped Alphawave coining it.

The Canadian chip designer, which listed in London in May, today reported surging half-year sales and revenues and upgraded full-year forecasts. Bookings surged 490% to $196.1 million (£143.3 million) and revenue jumped 140% to $27.6 million.

Alphawave, which designs chips and then licenses them to manufacturers, said it was seeing a boom in demand due to ever increasing connectivity. Its chips are going into data centers, 5G networks and cars, among other things. CEO Tony Pialis called it a “breakout period” for the company.

Executive chairman John Holt said the ongoing global microchip shortage was an “opportunity” for the company as it was leading to investment in new factories to meet demand. That in turn was helping to fill order books.

Profit dipped 36% to $2.7 million as IPO costs hit the company’s bottom line. Alphawave upgraded its forecast for full year revenue growth by 25% to 125%. Shares in the business rocketed 40.6p, or 11.9% to 382.20p.


British Steel’s shutdown warning as gas price mayhem boils

British Steel today issued a stark warning over power prices “spiralling out of control” as the gas crisis swept across the UK economy.

The nation’s second-biggest steel producer said the colossal hikes — up 50-fold from £50 per megawatt-hour to £2500 per MWh since April — are making the power-hungry production process impossible at certain times.

“With winter approaching, when demand will rise, prices could get significantly worse,” the company said.

British Steel, owned by Chinese conglomerate Jingye, said it was maintaining production at “normal levels” for now but the spike in costs could not be “absorbed or ignored.”


Pitt v Clooney coffee wars boost Soho ad legends M&C Saatchi

M&C Saatchi has launched a coffee war ad campaign that puts Brad Pitt up against friend and rival George Clooney.

Pitt is the new face of Italian brand De’Longhi, going head-to-head with Clooney and Nespresso.

That was just one client win of several in the half-year that see the Soho firm bounce back from a tough two years that included an accounting scandal and a management overhaul.

Revenues jumped 15% to £171 million, profit soared from £2 million to £10.5 million.


Stagecoach takeover makes sense for both companies

The surge in both Stagecoach and National Express’ share prices today shows that the City sees value in this deal on both sides.

Both businesses operate large fleets that could benefit from shared servicing. Both need to invest large sums to get ready for the Net Zero future. A combined balance sheet offers more borrowing power and heftier buying power.

In many ways, what’s surprising is that this deal hasn’t happened sooner. Stagecoach first tried to buy National Express in 2009. Activist investor Elliott advocated for a merger at National Express three years later. It’s been a coy dance ever since.

The one thing that could burst the tyres on this deal is the competition watchdog. A deal with this much impact on the UK’s transport infrastructure will no doubt be scrutinized closely.


Stagecoach shares soar on takeover talks

Shares in Stagecoach jumped over 20% after confirming it was holding merger talks with rival National Express.

Both companies said in separate statements that they were engaged in talks about a possible all-share combination that would see National Express subsume Stagecoach. Deal talks were first reported by Bloomberg.

National Express is offering Stagecoach shareholders 0.36 shares in National Express for every Stagecoach stock they hold, which would give Stagecoach investors 25% of the combined business. The offer represents a premium of around 18% based on Monday’s closing price.

Shares in both businesses jumped in early trading, valuing the Stagecoach bid at around £480 million.

The boards of both companies said the deal would be “strategically compelling”, promising cost savings, growth, and value for both sets of shareholders.


Pernod Ricard reveals deal for The Whisky Exchange

Spirits maker Pernod Ricard has agreed to buy The Whisky Exchange which has three stores in the heart of central London.

As well as branches in Covent Garden, Great Portland Street and London Bridge, the Whisky Exchange also comprises an online business which stocks some 4000 whisky, 700 rum and 600 gin brands.

In addition, the firm is known for online auctions of rare spirits.

Read the full story HERE.

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