The FT writes today that Equitable Life policyholders have accused the FSA of failing to monito...
The FT writes today that Equitable Life policyholders have accused the FSA of failing to monitor the mutual's bonus rate policy properly. This is a new line of attack on the principal city regulator, whose role in the collapse of Equitable is already under heavy scrutiny.
The Times leads with a report that people whose homes have soared in value over the last decade face big increases in their council tax bills, under a revaluation that will coincide with the next general election. Tony Blair could face a pre-election backlash from the middle classes under the revamp, which could include the introduction of the first £1 million tax band.
The guardian noted that the global jobs market yesterday felt the full force of the economic slowdown when more than 35,000 redundancies were announced in a matter of hours. The cuts were led by the telecommunications equipment group, Lucent Technologies, which said it would cut up to 20,000 staff in addition to the 10,500 it has shed since January. It will take a $9bn (£6.3bn) charge as part of the process and scrap its dividend.
According to the FT Paul O'Neill, US treasury secretary, said on Tuesday the US economy had great potential for growth and that well-run companies should be able to shrug off the economic slowdown. In an interview with the Financial Times, Mr O'Neill struck a resolutely optimistic tone, saying the US economy might grow by more than 3 per cent next year. He warned against the "endless drumbeat" of gloomy commentary about corporate earnings.
Stanley O'Neal was on Tuesday named president and chief operating officer of Merrill Lynch, one of the world's top three investment banks reports the FT. The appointment makes the Merrill brokerage chief the heir apparent to David Komansky, the current chairman and chief executive. The grandson of a slave, Mr O'Neal, 49, began his career on a General Motors assembly line in Doraville, Georgia.
The FT also writes that Vodafone has slipped behind both Orange and BT to become Britain's third largest mobile phone operator on the basis of stated active customers.
The FT says that Egg, the internet bank, is to increase the interest rate charged on its credit card to ensure it achieves its break-even target before the end of the year. The rise to 12.9% follows the bank's pattern of offering less attractive deals to customers after attracting them on initially loss leading rates.
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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