Final salary schemes on the way out June 4, 2009 PENSIONS analysts sounded the death knell for final salary pension schemes yesterday, after supermarket chain WM Morrison became the third major company in a week to end its scheme. The retailer’s decision to bring the curtain down on the scheme follows similar moves by Barclays, which transferred 18,000 staff to a hybrid scheme and energy [...]
CITY MOVES WHO’S SWITCHING JOBS June 4, 2009 PricewaterhouseCoopersJonathan Howe, a partner at the accountancy firm, has been appointed market leader of the UK insurance tax practice and a member of the UK insurance leadership team. Howe has 16 years of experience at PwC and will be leading a team of 10 insurance tax specialist partners and directors. He succeeds Anne Hamilton, who [...]
BA and Lloyds in pension row June 4, 2009 LLOYDS has been told by an increasingly irate staff union to issue a formal guarantee it will keep its final salary pension scheme open for existing members, ahead of its high-profile shareholder meeting today. This came as British Airways admitted last night all options remain open over its pension deficit, boosting fears it will close [...]
Paulson loses on Barclays short position June 4, 2009 PROMINENT hedge fund manager John Paulson has abandoned his fund’s short position on Barclays, losing an estimated £100m in the process. The loss will be particularly keenly felt because New York-based fund Paulson closed its position just a day before Abu Dhabi’s International Petroleum Investment Corporation opted to offload 1.3bn shares in Barclays, pushing the [...]
Oil stocks push FTSE 100 lower for second day in row June 3, 2009 THE large cap index lost 2.1 per cent yesterday, dented by weakness in commodity stocks, banks and index heavyweight Vodafone, which traded ex-dividend. At the close, the FTSE 100 was down 93.60 points at 4,383.42, albeit above the session low of 4,359.33. Oil producers were the standout losers, retreating after recent gains in line with [...]
Barclays ends final salary pension plan June 3, 2009 BARCLAYS told staff yesterday that it is to close its final salary pension scheme, prompting a furious response from unions, who accused the bank of stabbing its employees in the back. The bank said it was closing the scheme as a result of the mounting cost of financing pensions for some 18,000 staff. Members of [...]
JJB agrees a refinancing June 3, 2009 JJB Sports yesterday said it had completed its £50m refinancing and ended its standstill agreement with banks, marking the final chapter of the group’s recent struggles. Following a crucial deal with landlords – which will see it pay no rent on stores that have already been closed – JJB is now able to draw on [...]
Fears over Barclays sell-off drag the FTSE 100 down June 2, 2009 THE FTSE 100 ended down 0.7 per cent yesterday, hurt by banks after a major shareholder sold its holding in Barclays, although improving US pending home sales lent some support. The index closed 29.17 points lower at 4,477.02, giving up some of the previous session’s 2 per cent rise. Barclays topped the FTSE 100 losers’ [...]
CITY MOVES WHO’S SWITCHING JOBS June 2, 2009 DeloitteThe business advisory firm has appointed Anne Hamilton to lead its insurance tax team. Hamilton was previously a tax partner at rival PricewaterhouseCoopers. “In light of Solvency II we anticipate that there will be considerable restructuring work to make sure that insurance companies’ balance sheets have capacity,” said Deloitte head of UK insurance Mark Fitzpatrick. [...]
BAE plans $1.5bn bond issue June 2, 2009 Defence contractor BAE Systems is planning to issue a $1.5bn (£1bn) bond with maturities at five years and 10 years, an official at one of the banks managing the sale said yesterday. Goldman Sachs, JP Morgan, and Barclays have been named to manage the two-part issue, the official said.