Osborne vows to get tough in the City
George Osborne will announce today the biggest-ever attempt to raise standards in the City when he promises to implement sweeping cultural reforms proposed by a cross-party banking commission. The chancellor will endorse the overwhelming majority of the panel’s proposals – including introducing criminal penalties for “reckless” bankers and tighter control of pay and bonuses – in his formal response to its 571-page report. Osborne will echo the view of the Parliamentary Commission on Banking Standards.
Executive pension cost increase
The average pension contribution for a serving executive director at one of the UK’s 100 largest quoted companies has risen by 7.5 per cent over the past two years, outstripping their basic pay increases. According to a study by business consultants Lane Clark & Peacock, the average cost to companies of providing these pensions has risen from £225,000 in 2011 to £242,000.
Geithner joins after-dinner top table
Tim Geithner, former US Treasury secretary, has been elevated to the highest rank of public speakers after receiving about $400,000 for three engagements.
Center Parcs set to create 1,500 jobs
Center Parcs will begin a search for 500 housekeepers today as it looks to create 1,500 jobs at its new £250m Woburn Forest holiday village, which is due to open next spring
Asda staff handed cash to splash out
More than 19,000 staff at Asda are to share £28.1m in profits from an employee saving scheme, which will pay out its biggest-ever amount today.The payment comes after a steep rise in the share price of Wal-Mart, Asda’s listed parent company.
The Daily Telegraph
Pension funds sitting on £120bn
The government is missing out on billions of pounds of funding for infrastructure projects because its proposed investment vehicle for pension funds is badly constructed and too small, say experts.
Eon hits back at stranglehold claims
Eon chief executive Tony Cocker has hit back at criticism of the dominance of the Big Six household power suppliers, insisting there is plenty of competition already.
THE WALL STREET JOURNAL
Switzerland’s Tetra Pak faces probe
China is starting an investigation of Swiss packaging maker Tetra Pak, the latest in a growing roster of foreign firm under scrutiny there for possible anticompetitive behaviour.
Lisbon shuffle buoys deputy premier
Paulo Portas, leader of the junior partner in Portugal’s ruling coalition, has emerged from a weeklong political crisis that ended in a cabinet shuffle by being named deputy prime minister and point man in the country’s dealings with the country’s international bailout creditors.