Pension shortfalls top 1 trillion September 8, 2009 Pension liabilities of the UK’s defined benefit pension schemes have topped the £1 trillion mark for the first time . The shortfall in the 7,400 schemes, including final salary pensions, widened from £18.1bn at the end of July to £173.2bn in August the Pension Protection Fund said. The level has fluctuated in recent months but [...]
Ashtead optimistic on future September 8, 2009 Industrial equipment rental firm Ashtead yesterday said it was optimistic of meeting analysts’ expectations of £12.5m pre-tax profits for the full year – despite posting a 77 per cent drop in profits. Chief executive Geoff Drabble said the group was over the worst of the downturn, and it would not have to launch rescue refinancing [...]
Kraft flexes its muscles in Cadbury fight September 8, 2009 KRAFT Foods chairman and chief executive Irene Rosenfeld yesterday hinted the US food giant is ready to get tough in its bid to take over Cadbury, a day after the chocolate maker rejected its initial £10.2bn indicative offer. Rosenfeld told US analysts in a conference call that Kraft “has been and will continue to be [...]
Darling says government is ready to cut public spending September 8, 2009 THE government is ready to make “tough choices” on public spending, chancellor Alistair Darling said yesterday, in the clearest signal yet that Labour will reduce departmental expenditure to address the ballooning deficit. Speaking at a conference of business leaders in Cardiff, Darling said: “To cut spending now would kill off the recovery. But, when the [...]
Cuomo: BoA is stalling probe September 8, 2009 New York Attorney General Andrew Cuomo last night threatened to file charges accusing top Bank of America executives of failing to disclose essential details about its takeover of Merrill Lynch. Cuomo argued that Bank of America is improperly using the “attorney-client privilege” defence to prevent company officials from being charged in the investigation. A deadline [...]
Euro will not eclipse the dollar September 8, 2009 The euro is unlikely to depose the dollar as the world’s leading currency, but could achieve parity with the US currency, European Central Bank governing council member Ewald Nowotny said yesterday. Nowotny, who heads Austria’s central bank, said there were likely to be several major currencies used for trading in 10 years time. “The euro [...]
BMAurges ban on alcohol ads September 8, 2009 The British Medical Association (BMA) has called for a blanket ban on the advertising of alcohol on television, radio and online to tackle binge drinking among young people. The BMA said advertising, including promotions such as happy hours, should be scrapped to combat the “soaring cost of alcohol-related harm”. However, media research firm Nielsen said [...]
Top bankers fight back in bonus row September 8, 2009 TOP executives?at the world’s biggest banks teamed up to defend bonuses yesterday, in the first clear sign of an industry fightback against threats from policymakers to curb banker pay. Top bankers from Morgan Stanley, Credit Suisse and Deutsche Bank said bonuses did not cause the financial crisis, as they concluded a two-day summit in Germany. [...]
Hedge funds gain 1.85pc in August but correction due September 8, 2009 HEDGE funds grew by 1.85 per cent on average in August, meaning the funds have now grown 17.3 per cent this year so far, according to data released yesterday. But the data provider Hennessee said the gains may be the last investors see for a while, fuelling fears the hedge fund sector’s raging recovery that [...]
STRIKE THREATS September 8, 2009 CITY commuters who use National Express’ East Anglia network face further travel chaos later this month, after drivers’ union Aslef threatened to walk out over pay and conditions. A week-long walk-out would start from 21 September, and comes as the union rejected a deal to end the row. Services in London, Essex, Cambridgeshire, Norfolk and [...]
