Corporate pensions shortfall shrinks £26bn as assets heal August 1, 2010 RECOVERING equity values and rising corporate bond yields have shaved £26bn from the combined shortfall of the UK’s 200 largest private defined benefits pension schemes. The retirement funds’ deficit narrowed from £100bn to £74bn between June and July, according to risk management firm Aon Consulting. Trustees of schemes run by corporate giants such as BA [...]
Employers are breaking the law by not paying interns, says report August 1, 2010 COMPANIES that take on unpaid interns are almost certainly breaking the law, according to a new study. The report, created by think-tank the Institute for Public Policy Research (IPPR) and campaign group Internocracy, says there is a mistaken belief that if both the company and the employee understand the position is voluntary they do not [...]
Syrian mulls £400m bid for Liverpool August 1, 2010 A FORMER Syrian international footballer has become the latest businessman to be linked with a bid for Liverpool Football Club. Yahya Kirdi, who claims to be fronting a consortium of wealthy Arab investors, is understood to be in talks with the club’s much-maligned American owners. There was speculation earlier this year that Kirdi, who is [...]
Migrant cap will hurt City’s competitiveness August 1, 2010 As people across the nation count down the days to the London 2012 Olympics, final preparations for another great sporting festival are being made over 4,000 miles away in India. Much like the organisers of London 2012 hope to leave behind enduring sporting, cultural and transport legacies, the 2010 Commonwealth Games in Delhi have been [...]
Advisers to Aim companies face fight to retain clients August 1, 2010 COMPETITION for providing financial services to growth companies has been fierce over the past quarter, as firms listed on the Alternative Investment Market (Aim) struggle to keep their costs to a bare minimum in continuing tough market conditions. Law firms, stockbrokers and nominated advisers (Nomads) have all struggled to retain a consistent client base over [...]
BEST OF THE BROKERS August 1, 2010 REED ELSEVIER Standard & Poor’s Equity Research (S&P) believes half year results are stronger than expected and have raised their target price by half a euro to €8, though it maintained a “sell” rating. Shares have reacted postively but this could lead to a correction later on in the year. BRITISH AMERICAN TOBACCO Charles Stanley [...]
Pace of growth in China slows further August 1, 2010 CHINA’S vast manufacturing sector cooled further last month in response to the gradual withdrawal of monetary and fiscal stimuli and a drive by the government to rein in real estate speculation. The purchasing managers’ index (PMI) fell to 51.2 in July from 52.1 in June and 53.9 in May, the China Federation of Logistics and [...]
Chinese central bank vows to keep interest rates stable during 2010 August 1, 2010 CHINA will stick to a relatively loose monetary stance in the second half of this year, with an emphasis on implementing policy flexibly, the People’s Bank of China (PBOC) said yesterday. In a statement on its website, the central bank said it would combine its various policy tools, including open market operations and required reserves, [...]
CITY MOVES | WHO’S SWITCHING JOBS August 1, 2010 Association of British Insurers Alain Dromer will join the ABI’s investment committee as chairman on 15 September. Dromer, who is currently chief executive of Aviva Investors, takes over the position from Keith Skeoch, who has spent three years in office. Dromer has also spent time as head of global investment at HSBC, head of insurance [...]
Coalition must up green tax breaks August 1, 2010 A City accountancy firm has rounded on the coalition government for not doing enough to tackle climate change via generous green tax relief measures. UHY Hacker Young says this morning that green tax breaks for businesses currently make up a tiny 3.5 per cent proportion of the amount raised by the government in green taxes [...]
