Firms in the dark over pension charges
Employers running final-salary pension schemes can be charged 10 times more than more efficient competitors, according to a new regulatory study that exposes a further lack of transparency in Britain’s investment industry. Research by The Pensions Regulator has also found that nearly a quarter of the trustees who oversee pension schemes for private sector companies do not know what they are paying fund managers for their services.
Rusal wins more time for debt talks
Rusal has received approval from its lenders for “forbearance”, in a move that will stave off default as it seeks to hammer out a restructuring of its $10bn net debt pile. The world’s largest aluminium producer has been negotiating with creditors since last year to change the terms of its debts, as its profitability is weighed down by aluminium prices at four-year lows.
Dropbox apps target Google and Apple
Dropbox, fresh from a new round of funding, is attempting to move from behind-the-scenes cloud storage to a portfolio of apps for email, photos and collaborative working. The suite of new services Dropbox unveiled in San Francisco yesterday takes it into more direct competition with the likes of Microsoft, Google and Apple, while also opening a new front against Facebook, the leader in online photo sharing.
Olympus sued for £160m by banks
Six Japanese banks are suing Olympus for $273m (£163m) in damages relating to the company’s accounting scandal in 2011. The banks, which include Mitsubishi UFJ and Nomura, are seeking compensation for false financial statements submitted by the Japanese camera maker in the 11 years before the fraud was revealed.
Losing bidders look into nuclear deal
Two of the consortiums that lost out to Babcock and Fluor for the £7bn contract to decommission Britain’s aging nuclear power plants have written to the government to seek clarity over the awarding of the contract.
The Daily Telegraph
Royal Mail warns of probe uncertainty
Royal Mail has warned of a “create a period of uncertainty in the UK postal market” after Ofcom signalled a longer review of the delivery company’s so-called access charges than it expected. The recently privatised company was concerned that the review could take up to two years and cause damage to its business.
Sotheby’s hits back at activist investor
Sotheby’s, the auction house, has launched a blistering attack on activist investor Dan Loeb, shredding his track record as a board director.
THE WALL STREET JOURNAL
Comcast defends Time Warner deal
Executives from Comcast and Time Warner Cable faced a tough audience in Congress yesterday, as lawmakers questioned whether the proposed combination of the nation's two largest cable companies would provide benefits to consumers.
LVMH sales rise amid China slowdown
LVMH Moet Hennessy Louis Vuitton said yesterday that first-quarter sales rose four per cent as the group, a bellwether for the luxury-goods industry, struggles to adapt to a slowdown in China. Revenue year grew to €7.21bn (£5.9bn) in the first quarter from €6.91bn a year earlier.