The prospect of Scottish Equitable being put up for sale by its Dutch owner Aegon was increased yest...
The prospect of Scottish Equitable being put up for sale by its Dutch owner Aegon was increased yesterday, after ratings agency Standard & Poor's cut its credit outlook from "stable" to "negative", says this morning's Scotsman newspaper.
A note issued by S&P credit analysts yesterday suggested: "The outlook revision reflects Standard & Poor's concerns about the ongoing core status of Scottish Equitable to Aegon [in the Netherlands] and the Aegon group. Aegon's commitment to the UK market may diminish over the longer term if Scottish Equitable fails to deliver profits in line with Aegon group hurdle rates."
The Scotsman suggests that while S&P has maintained ScotEq's "AA" rating, this is purely because it has such the parental support from Aegon.
NEWS of the Bank of England base rate cut to a 55-year low made the front page of the Times this morning, so the story inside focused more on the fact that the sterling currency also saw a raft of selling yesterday.
Sterling ended the day at 69.65p against the euro, having earlier in the day fallen to 69.95p, and "plunged" to a low of $1.6288 against the dollar.
TRUSTEES of the Maxwell Communication Pension Plan have asked the brothers Ian and Kevin Maxwell to transfer their pensions elsewhere, says the Daily Telegraph, in an attempt to ease the pressure on pensioners whose funds were plundered by their father.
The scheme was set up after the discovery that Robert Maxwell, the owner of the Mirror Group, stole nearly £500m from four pension schemes but the discovery was only made after his death in 19991.
Now, the fund is now £40m in deficit and around 1,400 pensioners are facing a 50% cut in their retirement income, so trustees are taking this route because they believe it is cheaper to invite them to leave than buying out their pensions through an insurance company.
HBOS is facing a claim for allegations of sexual discrimination and victimization of up to £1m from one of its former fund managers, continues the Times.
Christine Farquhar, who was previously head of fixed income and cash at Insight, has also lodged a claim for unfair dismissal and is believed to have complained of discrimination before she left Insight in March.
That is only months after the deal to acquire Rothschild Asset Management for £61m.
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