Equitable Life was yesterday told there is no possibility of reversing the House of Lords ruling ...
Equitable Life was yesterday told there is no possibility of reversing the House of Lords ruling that forced the troubled insurer to close its doors to new business, says the Times.
Nicholas Warren, QC, and Thomas Lowe said in a legal opinion the decision would be impossible to challenge after policyholder action groups requested that the company investigate grounds for a legal challenge.
Warren has said, however, that holders of non-GAR policies, some of whom have lost thousands of pounds as a result of the decision, could still be able to sue the life insurer for more cash.
The world's richest people escaped last year's stock market rout realtively unscathed, according to the Independent this morning, emerging even wealthier by selling out of equities or using sophisticated hedging techniques.
While small investors were burnt by plunging markets, with both the FTSE 100 and the American S&P 500 ending the year down 10 per cent, rich individuals are said to have seen their wealth rise by 6 per cent to $27 trillion (£16.6 trillion).
Baltimore Technologies, the Irish security software company, on Tuesday said it would cut 250 jobs, or 18 per cent of staff, and consolidate production facilities to find annual savings of £30m-£35m ($43m-$50m).
The company, which has already warned of lower-than-expected sales twice this year, said it would continue to review its cost base to "ensure that it is aligned with revenue expectations" by "eliminating duplication and unproductive expense", says the FT.
British Telecom stumbled into more controversy yesterday when it emerged that Sir Christopher Bland is to receive bonuses worth up to £2m on top of a £500,000 salary for his part-time job as chairman.
Details of the payout came after it was disclosed that chief executive Sir Peter Bonfield, who has presided over the company's disastrous decline resulting in its first loss, will collect more than £5m if he stays at the helm until the end of next year. He has another potential £3m from existing performance based share schemes, according to the Guardian.
Former prime minister John Major yesterday joined The Carlyle Group, the world's largest private equity firm, in the newly created part-time position of European chairman, theDaily Telegraph reports.
Major, who is leaving politics after the election, will work out of the company's Green Park office. He is expected to work two days a week for an undisclosed salary. He will join Carlyle's advisory boards and will also offer advice to the company's investment professionals.
Labour's controversial climate change levy more than tripled the pace of cost increases in Britain's industry after its introduction last month, official estimates have revealed, the Times reports this morning.
The figures, showing the real impact of the levy for the first time, threw the Government's record on business tax into the general election spotlight, reviving charges that it has dramatically raised the burdens on companies.
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