Pensions trustees set to cut back on equities July 3, 2011 NEARLY three quarters of occupational pension trustees are looking to cut back their allocation to equities, according to a comprehensive survey released today. And companies are hoping to reduce deficits in their pension funds, with 22 per cent of trustees expecting to receive company assets in lieu of cash contributions, the study by Pension Corporation [...]
Redundancy bill hits £4.4bn July 3, 2011 REDUNDANCY payments totalled £4.4bn over the last fiscal year, the details of a freedom of information request reveal today. The figure is only slightly down (by two per cent) on the previous year, as government sector cuts and a fear of employment tribunals continue to push up the level of payments. In the last three [...]
Mayor backs £600m bond for Crossrail July 3, 2011 THE Mayor of London Boris Johnson has launched a £600m bond to finance the construction of Crossrail. Issuing the bond will help the Greater London Authority (GLA) fund its £4.1bn investment in the £14.8bn project to build the new rail link, which will connect east and west parts of the capital. London will be the [...]
Protectionism rears its ugly head again July 3, 2011 WHO would you buy £3.4bn worth of new trains from. Germany, a country synonymous with precision engineering and home to some of the world’s most prestigious car marques, like BMW, Porsche and Mercedes Benz? Or Britain, home of the Mini-Metro and Austin Allegro? The answer seems obvious, yet the Department for Transport is under fire [...]
RAIL RAGE July 3, 2011 THE LABOUR Party has urged the government to review its decision to award a £3bn contract to Siemens of Germany to build new Thameslink trains. In a letter sent to David Cameron yesterday, shadow business secretary John Denham said the decision had dealt “a body blow to the UK rail manufacturing sector” and will put [...]
WH Smith pins its hopes on travellers July 3, 2011 WH Smith gives its third quarter update later this week, with analysts tipping the company for a robust performance, despite the tough trading environment. The company is pinning its hopes on international expansion while cutting costs to shore up profit. In contrast with companies like beleaguered HMV, WH Smith has steered relatively safely through choppy [...]
Retailers hail Independents’ Day July 3, 2011 Independent high street stores need a “programme of support” to survive, the British Retail Consortium (BRC) will argue today, calling for cuts in expensive employment regulation and cheaper parking in town centres. Today has been dubbed “Independents’ Day” in a bid to promote small and medium sized stores, with the BRC also asking for reduced [...]
Prada raises more in HK listing July 3, 2011 Bookrunners for Prada’s Hong Kong listing have exercised an over-allotment option to bring more shares to the market and raise an extra HK$2.5bn (£200m). The over-allotment brings shareholder Prada Holding BV’s ownership to 80 per cent from 82.5 per cent.
AQUASCUTUM PLANS OVERSEAS PUSH WITH STANDALONE STORES July 3, 2011 BRITISH heritage fashion brand Aquascutum is planning to tap the overseas luxury market that has treated rivals Burberry and Mulberry so well in recent years by launching its first stand-alone shops outside of the UK within the next 12 months. The brand, best known for the classic trench coats worn by British soldiers during both [...]
French left backs DSK for shock return July 3, 2011 A NEW poll suggests former IMF boss Dominique Strauss-Kahn could stage a remarkable political come-back should the rapidly unravelling sex case against him finally collapse. As the credibility of the maid at the centre of the scandal comes under increasing doubt, a poll shows 60 per cent of left-leaning French voters want the man known [...]
