British Airways is to pay a record fine of £121.5m after admitting price fixing on fuel surcharges on its long-haul flights, reports The Guardian.
It is the biggest-ever penalty imposed for infringements of competition law by the Office of Fair Trading, which said this morning that it demonstrates its determination to “deal vigorously” with anti-competitive behaviour.
But BA faces total penalties of £350m in the price-fixing scandal, with a separate fine due to be imposed on the group this afternoon by the US Department of Justice.
STANDARD LIFE’S TWO MILLION policyholders are set to receive windfall payouts from a £1.3n pot of surplus cash held by the UK insurer in its with-profits fund, it emerged yesterday, reports The Times.
The insurer said that it would pay the cash to qualifying policyholders as their policies matured, rather than paying out one lump sum to all its customers in one go.
UK insurers hold an estimated £20bn of so-called orphan assets in their with-profits funds, pots of surplus cash that prop up the insurers’ solvency figures.
RUPERT MURDOCH IS POISED TO get his hands on the biggest prize in his long career in newspapers, after members of The Wall Street Journal's controlling family abandoned their opposition to his $5bn (£2.5bn) takeover of Dow Jones, its parent company, reports The Independent.
The Dow Jones board was meeting last night at the end of a day of wheeler-dealing which persuaded key members of the Bancroft family to change their minds and support a bid for the company.
His takeover of the Journal reshapes the media landscape in America, adding the country's paper of record for the business community into a portfolio of assets that includes the New York Post and the Fox News channel, and a Fox business channel that launches later this year.
The clincher yesterday appeared to be News Corp's agreement to take on some of the legal costs that Bancroft family trusts have incurred over the four months since he first made his audacious approach.
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