Pension rules hurt firms and savers, MPs say February 10, 2013 A GROUP of MPs will today call for the government to lift restrictions on a low-cost pension scheme, arguing it will create extra work for businesses and prevent employees from maximising the return on their savings. Dame Anne Begg MP said a failure to lift the current limit on contributions to the National Employment Savings [...]
Romanian firms face lawsuit over 100 per cent horse lasagne February 10, 2013 THE SCANDINAVIAN arm of frozen food giant Findus yesterday said it would sue one of its suppliers after one of its beef lasagnes was found to contain 100 per cent horse meat, unleashing a wave of lawsuits over the growing scandal. Environment secretary Owen Paterson said the substitution of horse meat for beef was “either [...]
Independent Scotland could lose membership of EU and UN February 10, 2013 AN INDEPENDENT Scotland would have to reapply to be a member of major world organisations such as the European Union and the United Nations, according to government legal advice published today. Meanwhile a rival report from the Scottish National Party (SNP), also issued today, says the country should keep sterling as its currency post-independence, even [...]
Research says basis for booze floor is wobbly February 10, 2013 THE DRINKS industry has squared up to the government over a price floor for alcohol, after a study commissioned by a trade body suggested that figures used by the government in setting the policy are slightly squiffy. The average amount of alcohol consumed per person in the UK has fallen by around 12.6 per cent [...]
Bumi chairman calls in City cops over alleged hacking incident February 10, 2013 BOTH sides in the boardroom dispute at Indonesian miner Bumi have separately lodged formal complaints with criminal authorities in London over alleged computer hacking offences. Bumi’s billionaire chairman Samin Tan is understood to have passed a report from a security review team into alleged hacking to the City of London Police, Serious Fraud Office and [...]
Barclays’ tax avoidance unit to close down February 10, 2013 BARCLAYS will tomorrow announce it is shutting down its controversial tax avoidance units as part of a major drive to clean up its operations and its image after a series of scandals. Antony Jenkins became chief executive after Bob Diamond stood down in the wake of the Libor scandal, and tomorrow unveils his plans to [...]
Auditors in line for major new power to challenge bank chiefs February 10, 2013 AUDITORS in banks should have greater power to challenge bosses about excessive risks in any part of the business, as well as about threats to the institution’s reputation and stability under proposed guidelines published today. In a drive to shake up the profession and prevent a repeat of the failings in the run up to [...]
Jenkins must walk the fine line between change and stability February 10, 2013 BARCLAYS’ share price has been on the rise since Antony Jenkins was appointed as chief executive late last August, recovering from the impact of the Libor scandal and Bob Diamond’s resignation in July 2012, and is now almost 30 per cent up on its price at this time last year. Optimists will be hoping that [...]
Hospital owner in talks to avert £2bn debt crisis February 10, 2013 THE owner of some of the UK’s best-known private hospital sites is to hold crunch talks with lenders over a £2bn debt pile, opening the door for a creditor takeover of the sites. General Healthcare Group, which owns 69 hospital sites including 9 Harley Street and Fitzroy Square hospital in London, is racing against time [...]
Private equity houses losing favour in deals February 10, 2013 INSTITUTIONAL investors are looking to bypass private equity firms in future and make more direct investments, amid growing concerns over the transparency of information from private equity houses. A heavyweight survey by M&A data provider Mergermarket and advisory firm Duff & Phelps shows over two-thirds of limited partners are looking to increasingly bypass private equity [...]
