Final salary schemes on the way out June 4, 2009 PENSIONS analysts sounded the death knell for final salary pension schemes yesterday, after supermarket chain WM Morrison became the third major company in a week to end its scheme. The retailer’s decision to bring the curtain down on the scheme follows similar moves by Barclays, which transferred 18,000 staff to a hybrid scheme and energy [...]
Debenhams in call June 4, 2009 High street retailer Debenhams yesterday announced plans for a £323m fundraising to fulfill chief executive Rob Templeman’s plan to take its debt “off the agenda.” Debenham’s £900m debt mountain has cast a long shadow over the group’s trading ever since private equity firms Texas Pacific Group and CVC Capital Partners floated the business on the [...]
Cost cutting at Signet makes its profits sparkle June 4, 2009 Top jewellery retailer Signet Jewellers reported a higher quarterly profit yesterday as cost-cutting offset weak jewellery sales. The company, which runs Ernest Jones and H Samuel in Britain, said its initiatives to improve operational efficiency also helped it gain market share in the quarter. Signet reported a net profit of $26.3m (£16.4m) for the first [...]
WHAT IS THE FUTURE OF COMPANY PENSION SCHEMES? June 4, 2009 DUNCAN HOWORTH SOCIETY OF PENSION CONSULTANTS“Just as final salary pension scheme is the past, defined benefit contribution is unquestionably the future. There are many challenges before we see this form of provision deliver anything like adequate benefits. And employees need new tools to plan their retirement savings.” JOANNE SEGARS NAPF“Employers are no less committed to [...]
CITY MOVES WHO’S SWITCHING JOBS June 4, 2009 PricewaterhouseCoopersJonathan Howe, a partner at the accountancy firm, has been appointed market leader of the UK insurance tax practice and a member of the UK insurance leadership team. Howe has 16 years of experience at PwC and will be leading a team of 10 insurance tax specialist partners and directors. He succeeds Anne Hamilton, who [...]
Dragon Oil faces possible buyout June 4, 2009 London-listed oil explorer Dragon Oil said yesterday it may be bought out after receiving a preliminary approach. Last month there was speculation the group would spend some of its $833m (£524m) cash balance to fund its own acquisition. The group declined to name its would-be buyer.
M&A activity down 40 per cent June 4, 2009 Global mergers & acquisitions activity stands at $752bn (£463bn) this year so far in a 40 per cent decrease on the same period in 2008, according to Thomson Reuters research. The decline, the slowest start to a year since 2003, underlines the impact of the lack of debt availability. Fees for transactions, on which the [...]
Lonmin poaches Rio veteran June 4, 2009 Mining giant Lonmin has appointed Jonathan Leslie, the former mining director of Rio Tinto who spent 26 years at the group, as a non-executive director on its board. Leslie, 58, also served as chief executive of Rio’s copper and diamonds & gold arms. The barrister left Rio in 2003 to become chief executive of South [...]
De Beers to boost production June 4, 2009 De Beers managing director Gareth Penny, said yesterday diamond inventories have now fallen to levels justifying a ramp-up of production, with signs that the key Christmas sales season will be better than last year. The world’s largest diamond miner said stocks are 20 to 30 per cent down from their mid-2008 peaks. The company had [...]
PURNELL: I QUIT NOW BROWN MUST GO June 4, 2009 GORDON BROWN suffered another devastating blow last night after his work and pensions secretary quit and told him to stand down to save the Labour Party. James Purnell, a rising star and a leading Blairite, became the third cabinet minister to leave Brown’s chaotic government this week and the first to openly call for Brown [...]