Union chief attacks Labour on pension policy - papers 26 Feb

The FT says Sir Ken Jackson, general secretary of Amicus and the UK government's closest trade union ally, has launched a stinging attack on Labour's pensions policy and called for an abolition of the £5bn-a-year ($7.1bn) tax raid on occupational schemes.

The Times reports Rolf Huppi, chairman and chief executive of Zurich Financial Services (ZFS), yesterday paid the price for a series of profit warnings and strategic failures as he agreed to relinquish the role of chief executive. The resignation came as Swiss financial regulators confirmed that they were seeking an urgent meeting with the troubled financial services group to discuss its weakened financial position.

The Times also writes JP Morgan Chase, the Wall Street bank, was yesterday accused of engineering for Enron the kind of high-risk transactions that led to the $2.6 billion Sumitomo copper-trading scandal in 1996.

According to the Telegraph, Stephen Hill, chief executive of the Financial Times Group, is planning a £75m management buyout of the trade magazines owned by the newspaper. The publications included in the FT Business division are The Investors Chronicle, The Banker, Money Management and Financial Adviser. They mostly circulate to professionals in the City and the business had a turnover of £30m last year.

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