The Government is bracing itself for a crunch parliamentary vote tomorrow over the funding of a pensions "lifeboat" set up to help to pay for the retirements of 125,000 workers abandoned by their employers, reports The Times .
Banks and insurers fear that they will be left vulnerable to a windfall tax if the funding proposal, tabled by the Conservatives as an amendment to the Pensions Bill, is voted through.
The Government could choose to finance the scheme by raiding dormant bank accounts and unclaimed pension and savings assets, hitting the savings of thousands of people, lobby groups for the financial services industry said.
THE CONSORTIUM LED BY Royal Bank of Scotland has increased the amount of cash in its offer for ABN Amro this morning as it seeks to get on the front foot in its gladiatorial bidding battle with Barclays, reports The Telegraph.
The group, which also includes Spain's Santander and Fortis of Belgium, said that 93pc of the €71.1bn offer will now be in cash, up from an initial 79pc.
The offer still values each ABN Amro share at €38.40, with investors in the Dutch bank also set to receive 0.296 new shares in Royal Bank of Scotland.
In a short statement, the consortium said that the offer is dependent on ABN not having "agreed to make any acquisitions, or disposals of a material part of its business or assets, with the exception of the disposal of LaSalle."
US INVESTORS IN VODAFONE are being targeted by rebel shareholders who want to force the mobile phone company to spin off its US business and increase its debts to return more cash to investors, reports The Guardian.
With Vodafone's annual meeting set for next Tuesday, the activist shareholder Efficient Capital Structures (ECS) has welcomed backing from American investor group Glass Lewis for its proposals. About 30% of Vodafone shares are US-held and ECS - backed by former Marconi executive John Mayo and Glenn Cooper, the City banker who floated Manchester United - has been focusing on investors in America to back its four resolutions.
Glass Lewis, which advises 80% of US funds, has recommended that Vodafone shareholders support all but one of those - rejecting ECS's suggestion that any deal over £1bn require shareholder approval. The group has also advised investors to reject Vodafone's remuneration report.
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Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till