OSBORNE PLANS TREASURY STAFF CUTS
George Osborne is planning to cut staff numbers at the Treasury by about one-quarter and scale back his department’s role as he attempts to lead by example in the search for sweeping spending cuts across Whitehall. The chancellor will reconvene the public spending “star chamber” this week and hopes to settle a number of departmental budgets by mid-September.
HUGO BOSS LOOKS AT RIVALS
Hugo Boss is cutting the time it takes to bring its collections to the shop floor, in a move to use some of the methods of lower-cost brands.
The German fashion house plans to increase its number of stores from about 450 this year to 700 by 2015, accelerating a transition towards higher-margin retail sales in fast-growing areas such as China.
US PAY LAW ‘LOGISTICAL NIGHTMARE’
US companies face a “logistical nightmare” from a new rule forcing them to disclose the ratio between their chief executive’s pay package and that of the typical employee. The mandatory disclosure will provide ammunition for activists seeking to target perceived examples of excessive pay. The law taps into anger at the increasing disparity between the faltering incomes of middle America and the largely recession-proof multimillion-dollar remuneration of the typical corporate chief.
PAKISTAN STATUS AS TEST NATION UNDER SCRUTINY
Pakistan’s status as a Test cricket nation was under scrutiny on Monday as current and former players demanded action if allegations about betting corruption involving members of its team are proved. British police were continuing to investigate evidence presented by the News of the World newspaper
ASSETS TO OVERTAKE PENSION FUND CASH
The BBC is the latest employer looking to plug its pension fund deficit not with hard cash but with assets. The corporation is discussing a plan that would see it pledge some of its property portfolio or a share of its BBC Worldwide arm to its pension trustees. Pension fund adviser PricewaterhouseCoopers predicts that for the first time over the next 12 months companies will use more assets than cash to repair their deficits.
LIBYA SNUBS BRITISH BANKS
HSBC and Standard Chartered have failed in their attempt to set up banking operations in Libya as British companies begin to question the value of doing business there. The pair were beaten by UniCredit just days after Libya increased its shareholding in the Italian bank.
The Daily Telegraph
STAFF WILL FOOT PENSION DEFICIT
Staff will be forced to pay more to maintain their company pensions because of new rules that will see employers contributing less, actuaries have warned. Under laws introduced by Labour, employers will have to enrol all their staff into a company pension scheme from 2012, unless workers specifically opt out.
DELTA GRABS HEATHROW SLOTS
Competition on two of the busiest transatlantic routes is set to intensify with Delta Airines applying to run services from London's Heathrow airport to Boston and Miami. he US carrier's move follows the regulators' decision to allow British Airways (BA) and American Airlines to operate a joint business across the Atlantic. Delta in turn is now seeking permission to run twice-daily flights on the Boston and Miami routes.
WALL STREET JOURNAL
OPEL FACES SUIT OVER AD CLAIM
Germany’s Center for Protection against Unfair Competition, or Wettbewerbszentrale, is suing General Motors Adam Opel GmbH division for an advertising campaign claiming to offer a lifetime guarantee on Opel cars.
CHRYSLER PLANS AMBITIOUS FIAT ROLLOUT
Chrysler Group LLC and Fiat SpA on Monday outlined an ambitious strategy to address pressing weaknesses each partner faces: the U.S. auto maker's need for a small car and the Italian auto maker's absence from the world's second-largest vehicle market. The two companies said they intend to introduce the Fiat 500 subcompact in the U.S. in January in hopes of selling 50,000 of them by the end of the year, according to people briefed on the plans in Detroit.