UK firms may face £1trn bill for pensions January 3, 2012 UK COMPANIES could be forced to pay an estimated £1 trillion of extra funds into their pension schemes if EU plans to regulate them in the same way as banks take effect, a leading actuary warned yesterday. Firms may have to push at least £600bn into their schemes under new proposals that aim to make [...]
Labour U-turn over benefits January 3, 2012 LABOUR is set for a U-turn on its social welfare policy after Liam Byrne claimed that the benefits system had “skewed social behaviour”. The shadow work and pensions secretary highlighted the work in the 1940s of William Beveridge – often considered the father of the welfare state – who said long-term unemployment benefits should be conditional upon [...]
Pimco fund hit by $1.4bn exit January 3, 2012 THE WORLD’S largest bond fund had $1.4bn (£895m) in outflows in December, according to fund analytics firm Morningstar. The Pimco Total Return Fund, led by Bill Gross, suffered total redemptions of $5bn in 2011, a year when the fund underperformed benchmarks after betting heavily against US Treasuries, which rallied on the year. Gross’ fund has [...]
CITY VIEWS: HAS BARACK OBAMA DONE ENOUGH TO SECURE RE-ELECTION? January 3, 2012 SCOTT BAILEY CFC UNDERWRITING “Probably not. He hasn’t delivered on his previous promises. It’s a troublesome time with the economic climate, and he’ll be the scapegoat. It could have happened to any leader faced with those problems.” PETER GODFREY JRP UNDERWRITING “Yes. He has the character and he hasn’t made a massive faux pas yet. [...]
Paramount at peak of world film industry January 3, 2012 MOVIE maker Paramount Pictures has been crowned the world’s number one film studio as it enters the year of its 100th anniversary, beating old favourite Warner Bros to the coveted top spot. America’s oldest existing film studio amassed a record $5.17bn (£3.3bn) in 2011, $1.96bn of which was in North America, with a further $3.21bn [...]
Digital services company Yells for help January 3, 2012 YELL, the online services directory, has appointed a new chief strategy and business development officer after a turbulent few years packed with debt and digital competition. Matt Anderson, the first to fill this new global role, will guide the struggling company in its continuing transformation from Yellow Pages distributor to a leader in the emerging [...]
Samsung edges Apple to top spot January 3, 2012 Samsung’s Galaxy S II handset fought off competition from Apple’s iPhone 4S to maintain its top spot in the mobile phone war over Christmas. The phone has now led tables for eight consecutive months, according to uSwitch.com’s tracker, which is based on internet searches as well as sales. The race appears to have been close-run, [...]
TalkTalk to expand its mobile offering in 2012 January 3, 2012 TALKTALK will enter the handset market in the second quarter as it continues its push to become a player in the mobile sector. The firm, which launched its SIM-only mobile offering last year, has just 50,000 customers but hopes the addition of devices will bolster its numbers. To lead its new drive TalkTalk has appointed [...]
How hopeful are you for the new year? January 3, 2012 THIS week we are asking members of the City A.M. Voice of the City panel, run with PoliticsHome.com, where they think the world’s markets are headed over the next twelve months. Is the new year’s boost to the FTSE a signal for gains through the coming months, or should investors brace for another rocky year? [...]
Wind power in the uk January 3, 2012 SSE onshore wind farm generating capacity in UK and Ireland = 1GW+ powers approx 1M homes (1,000 homes per megawatt) Overall UK onshore wind farm generating capacity (excluding Ireland) = 4.4 GW+ powers approx 4.4m Homes 1GW of onshore wind power equates to around 160 kilotonnes of oil equivalent (Ktoe). 160 kilotonnes of oil equivalent [...]