Industry

Europe | 19 Oct 16

The Portuguese government is looking at plans to introduce a wealth tax on properties valued over €600,000 (£538,572, $660,108) in a move that could affect thousands of British expats living in the EU-member state.

Retirement | 18 Oct 16

The UK government has scrapped plans to set up a secondary market in annuities saying “it has become clear that creating the conditions to allow a competitive market to emerge could not be balanced with sufficient consumer protections”.

Asia | 18 Oct 16

China Life, the country’s largest insurer by market cap, has issued a profit warning after it forecast a 60% drop in net profit due to a decrease in investment income for the nine months to 30 September 2016.

Companies | 18 Oct 16

With Credit Suisse ending direct client coverage out of the Channel Islands, the Swiss bank has set up a wealth management firm with local financial service provider Stenham Group, that will act as an external asset manager (EAM) for the bank regionally and elsewhere.

Companies | 18 Oct 16

The US Department of Labor’s planned RDR-style rule change on providing investment advice for retirement planning, will have a major impact on investment flows, fund management giant BlackRock said in its quarterly results statement on Tuesday.