The FT leads with a report that signs of a renewed rift between Tony Blair and Gordon Brown ove...
The FT leads with a report that signs of a renewed rift between Tony Blair and Gordon Brown over British entry into the euro blighted the prime minister's effort yesterday to talk up the economy. Blair used his speech to the Confederation of British Industry in Birmingham to deny any difference of opinion with Brown.
Opec producers yesterday looked likely to cut output in a bid to boost the oil price, despite their mounting concern at losing market share to producers outside the cartel writes the FT.
The Times writes this morning that pressure on the Bank of England to deliver a half-point cut in interest rates intensified yesterday as it was revealed that manufacturing had endured its worst month for a decade and that service industries had gone into rapid decline. The British Chambers for Commerce added its voice to that of the CBI in calling for a half-point base rate reduction after official data showed manufacturing had suffered its sharpest monthly contraction in September since May 1992.
The Times also writes that the City watchdog will propose a shake-up of life insurance regulation after the collapse of Equitable Life. The Financial Services Authority seeks to force life insurers to make more information available to policyholders through tougher rules on regulatory disclosures and reserving requirements. The life insurance industry has so far resisted calls for improved disclosure on the position of with-profits funds, which aim to provide exposure to stocks and shares while smoothing volatile returns.
Carol Galley, the fund manager, has claimed that Hans Eggerstedt, the chief financial officer of Unilever, threatened to damage her personal reputation if she did not agree to compensate for poor performance on the £1bn pension portfolio managed by Mercury Asset Management, says the Times. In a witness statement, Galley said: "Eggerstedt said we should either pay compensation or the situation would become 'rough'. He said there would be bad publicity for me personally, contrasting that I had made money (out of the sale of the business to Merrill Lynch) with the fact that the fund had performed badly."
Moves to overweight equities and fixed income
The Big Interview: Focus on ethical investment
View from the front row
'No control or oversight'
359 new customers in 2018