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Equilibrium's Finance and Investment News Roundup

Despite the long Easter weekend, it has been another busy seven days in the world of finance and investment. In this week's roundup, we report on Yahoo setting a deadline for preliminary bids for its web business and Asian assets, claims that leaving the EU could prove detrimental to young people in the UK, warnings that the new state pension has not been made clear enough and figures showing pet insurance claims have reached a record high.

 

April deadline set by Yahoo for preliminary bids

Yahoo has set a deadline for the submission of preliminary bids for its web business and Asian assets as it continues the auctioning off of its core business, a process that began in February. The technology company has asked bidders for details regarding financing and other conditions to be sent by April 11, the Wall Street Journal reports.

In a letter sent to potential bidders, Yahoo also requested bidders to inform them of the main assumptions they would be making should they choose to push a deal through. The deadline means that such a deal could therefore be finalised in June or July.

Yahoo began selling off its core business earlier in the year after it decided not to pursue plans to spin off its stake in the Chinese e-commerce giant Alibaba amid tax concerns. 

Leaving the EU 'could harm the next generation'

Young people in the UK could be negatively impacted should the UK decide to leave the European Union (EU), it has been warned. During a speech at the Fashion Retail Academy, Education Secretary Nicky Morgan urged people to consider how such a decision could affect their children and grandchildren in the longer term.

Ms Morgan claimed that young people will suffer the most and be "left in limbo" as an "alternative model" would need to be negotiated following Brexit. She added that going into the unknown could result in companies delaying hiring decisions, which would affect those looking to start a career.

Ms Morgan also indicated that while most young people would likely prefer to remain in the EU, they are also the least likely to vote. "I want young people to make sure their voices are heard in this debate - whichever side of the debate they might be on - otherwise they risk having the decision made by other people, their future decided for them, not by them," she added. 

New state pension 'has not been made clear'

Too few people understand how the new state pension will work. This is according to the Work and Pensions Committee, which has warned that it has not been made clear by ministers that the majority of people retiring on the pension will not be given the £155.65 weekly rate. 

It was noted that 55% of claimants would receive less than this amount, but failures in communication are to blame for them not being aware of this. Contracting-out and contribution gaps were cited as the main reasons why the figure would be lower for many.

The committee said the situation has become so muddled that "neither the winners nor losers yet know who they are". 

New record for pet insurance claims, figures show

Last year saw a record number of UK pet owners claiming on insurance policies, new figures have shown. According to the findings from the Association of British Insurers, there were 911,000 claims made in 2015, representing a 9% climb on the previous year.

There were 686,000 claims made for dogs and 193,000 for cats, representing climbs on 2014 figures of 11% and 6% respectively.

Unusual claims included a dog swallowing a kebab stick and a python being treated for anorexia.