Chinese authorities may permit a more flexible currency November 20, 2011 CHINA will make the yuan more flexible in either direction and recent reforms to make the currency more market-oriented have begun to achieve some results, Premier Wen Jiabao said on the weekend. The comments probably do not signal an imminent widening of the yuan’s daily trading band, but they underscore Beijing’s intention to introduce two-way [...]
Unnecessary trading costs wipe off billions from pensions, report claims November 20, 2011 BILLIONS of pounds worth of annual costs are endured by pension funds due to “excessive trading” by fund managers, a report has claimed today. Research by SCM Private states that £3.1bn in “unnecessary” costs are hidden from investors each year. “The hidden pension fund dealing costs that we have identified could be removed simply through [...]
Call to hold off auto-enrolment November 20, 2011 The government should hold off its auto-enrolment pension plan for two years, the Institute of Directors will argue today. The plan – which will force companies to automatically enrol workers in a pension scheme unless they actively opt-out – will hamper consumer spending and result in more wage freezes, the business group says. “If the [...]
Pay freezes up in manufacturing November 20, 2011 Nearly one in five (17.3 per cent) pay settlements in the manufacturing sector are resulting in frozen wages, according to data released today by industry body EEF and JAM Recruitment. Despite persistently high inflation, the average settlement for pay in factories slipped to 2.4 per cent in the three months to the end of October, [...]
Souter mulls an Edinburgh airport bid November 20, 2011 STAGECOACH millionaire Sir Brian Souter could launch a surprise bid for Edinburgh airport when its forced sale goes through next year. Souter Investments hopes to take advantage of the Competition Commission’s decision to make owner BAA sell some of its airports over monopoly fears. The tycoon – whose plans for the £450m asset are understood [...]
Firms fear lack of global rules November 20, 2011 SIXTY-TWO per cent of multinational companies want greater harmonisation in how regulations are applied across borders, with the regulatory environment cited as the single biggest barrier to operating in some of the world’s key markets. The amount of companies wanting regulation to be applied in a more consistent way rises to 64 per cent among [...]
City hit by £1.4bn a year bill for new FSA red tape November 20, 2011 A TIDAL wave of red tape will cost the City up to £1.4bn a year, according to new research. Regulations introduced over the past 12 months by the Financial Services Authority (FSA) will create compliance costs of £1.1bn to £1.4bn annually, Hargreaves Lansdown said. City firms also face one-off implementation costs of £253m to £323m, [...]
Engineering giant Tomkins closes in on $550m sale of its tyre safety business November 20, 2011 ENGINEERING giant Tomkins is closing in on a sale of its tyre safety arm, with a string of private equity firms understood to be monitoring the asset. The firm’s valves and gauges business could also be hived off in what would be a major restructuring of Tomkins’ Northern Irish business, according to the Sunday Telegraph. [...]
Virgin in tie up with Israel’s Strauss water November 20, 2011 ISRAELI food and beverage maker Strauss Group is setting up a joint venture with Virgin Group’s Virgin Green Fund to sell Strauss Water products in England and Ireland and later on in France, Australia and South Africa. The joint venture, in which Virgin Green Fund will initially invest $7.5m (£4.8m) and Strauss Water $2.5m, will [...]
Twilight takes big box office bite November 20, 2011 The new Twilight vampire movie opened with a massive $283.5m (£180.1m) in worldwide ticket sales over the weekend as passionate fans filled theatres for the beginning of a two-part finale for the hugely popular supernatural love story. “The Twilight Saga: Breaking Dawn: Part 1” captured an estimated $139.5m in the United States and Canada, distributor [...]
