M&S cuts pension funding costs after narrowing deficit by 80pc November 28, 2012 SHARES in Marks and Spencer were given a boost yesterday after the retailer announced yesterday it had agreed on a cheaper funding plan after slashing its pension deficit by nearly 80 per cent since 2009. The group said the latest actuarial valuation of its UK defined benefit pension scheme, which takes place every three years, [...]
Energy market abusers could face jail under new proposals November 28, 2012 LIBOR fiddlers could face up to seven years in jail under new proposals put out for consultation by the Treasury yesterday. And other market benchmark indices could fall under similar regulations. For example energy market benchmarks, which saw accusations of abuse and price-fixing earlier this month, could be subject to state regulation. The proposals also [...]
Barclays set to close its tax advisory unit November 28, 2012 TAX advisory and agricultural commodities trading could be some of the business arms cut by Barclays in its impending shakeup of operations, as it tries to improve its reputation, investment bank boss Rich Ricci told MPs and peers yesterday. And the senior banker also confirmed yesterday that five staff have been fired over the Libor [...]
Businesses back Boles’ plans to develop on open countryside November 28, 2012 BUSINESS leaders have applauded planning minister Nick Boles after he called for homes to be built over swathes of countryside in order to combat the UK’s housing shortage. Last night Boles told BBC Newsnight that around 1,500 square miles of open countryside should be developed, in the hope of bringing down the cost of homes [...]
Gerard Lyons resigns from top economist role at StanChart November 28, 2012 TOP STANDARD Chartered economist Gerard Lyons is leaving the bank, he said yesterday, for a job outside the financial services industry. The head of global research and chief economist will leave the bank tomorrow, ending a 13-year career at the UK-headquartered, but Asia and Africa-focused bank. In 2010 and 2011, the team Lyons oversaw was [...]
SAC could see SEC charges November 28, 2012 THE US government is threatening to file civil securities fraud charges against SAC Capital Advisors and is tightening the regulatory screws around Steven A. Cohen, the $14bn hedge fund’s founder and one of the industry’s most famous traders. The move comes a week after a former SAC Capital employee was charged with running the most [...]
Over 3m want to extend their working hours November 28, 2012 THERE are over three million workers who are in employment, but wish they worked longer hours, a report for 2012 revealed yesterday. Around a tenth of all workers wanted to work more hours, according to the data from the Office for National Statistics (ONS), including just under a quarter of those currently working part-time. This [...]
PwC bets chancellor will scrap duty hike in Autumn Statement November 28, 2012 THE most likely tax announcement George Osborne will make in his Autumn Statement is scrapping the planned 3p fuel duty rise, PwC estimated yesterday. The odds of Osborne cancelling January’s rise are 7-2, the financial services giant said, ahead of extending entrepreneur’s relief to all employees, rated at 5-1. Least likely of the possibilities are scrapping [...]
Consumer spending weak even with Christmas a month away November 28, 2012 SPENDING fell slightly going into the second half of November, data revealed yesterday, despite the proximity to Christmas. Spending was down 0.8 per cent in the four weeks to 19 November, figures from Visa revealed, despite a 1.2 per cent increase going into the last week of that period. This meant spending was some 3.7 [...]
Lord Rothschild slams central banking policy November 28, 2012 LORD Rothschild yesterday said government monetary policy was failing to fix the financial system as he revealed a near-£80m drop in value for his investment fund RIT Capital in the past six months. “Their actions prevent systemic collapse but the deeper underlying problems remain,” he said in a statement to shareholders. The City grandee and [...]
