Posted by Hari on Thursday, July 16, 2015 with No comments | Labels: Roundup

Fired Barclays CEO to
walk away with £28m despite not turning around the troubled bank
Sacked Barclays chief executive Antony Jenkins was fired by
chairman John McFarlane – a gruff Scottish banker nicknamed Mac the Knife for
his take-no-prisoners attitude – after losing the confidence of the bank’s
board. But the ousted boss' payout includes a £2.4million 'golden goodbye',
£15million in shares and nearly £11million in bonuses, it was reported. And the
total could increase by another £10.8m depending on the bank's performance in
the short and long-term. Mr Jenkins is said to have been fired because he
failed to make enough headway cutting down the forest of bureaucracy engulfing
Barclays. He also failed to cut costs quickly enough and has struggled to
improve the performance at the investment bank, it was claimed. DAILY MAIL
Planning shake-up to
get more homes built
Developers could get automatic planning permission to build
on disused industrial sites in England. Ministers would also get powers to
seize disused land, while major housing projects could be fast-tracked, and
rules on extensions in London relaxed. Business Secretary Sajid Javid unveiled
the plans as part of a broader push to boost Britain's productivity. Treasury
sources say workers are more productive when they live closer to their jobs. It
came as official figures showed new house building fell by 5.8% in May, the
sharpest decline in nearly four years. Mr Javid said the 141,000 new homes
built last year were a fraction of those needed to meet demand. Analysts have questioned
whether there is enough brownfield land - a term which refers to land that has
previously been developed but is vacant or derelict - available to meet the
UK's housing needs over the next 15 years. There would also be new sanctions
for councils that do not deal with planning applications quickly enough, and
the government would be able to intervene in councils' local development plans.
But the Local Government Association said councils were not holding up new
homes and that developers were not prioritising brownfield sites. It called for
stronger compulsory purchase order powers to allow councils to buy up sites
"stuck in the system". BBC NEWS
British banks could
face new legal action over foreign exchange rigging
A lawsuit is being prepared that could see RBS and Barclays
embroiled in a multi-million pound legal battle with US lawyers. Now US law
firm Scott and Scott is contacting businesses, pension funds and even central
banks across Europe to join a lawsuit. The law firm has already led successful
cases in the US, and wants to replicate its success in the UK. Last November
six banks, including HSBC and RBS as well as JP Morgan, Citi and Bank of
America, were fined £2.6bn in the UK for manipulating the foreign exchange
markets. US regulator have also fined banks £3.6bn over the wrongdoings. DAILY MAIL
Trade Union Bill:
Ministers deny 'attack on workers' rights'
Ministers have defended plans to tighten the rules on strike
ballots after unions said they would make legal strikes "almost
impossible". Under current rules all that is needed for a strike is a
simple majority of those that take part in a ballot. But the Trade Union Bill
would impose a minimum 50% turnout - and public sector strikes would need the
backing of at least 40% of those eligible to vote. The bill represents the
biggest shake-up in the rules on industrial action in 30 years. The new laws
would force unions to give employers 14 days notice of strike action and allow
them to bring in agency staff to cover for striking workers. The legislation
could also cut the amount of money unions have to mount campaigns - or donate
to parties such as Labour - with members actively having to "opt in"
to pay the so-called political levy, which is currently automatic unless
members opt-out. But proposals to ban picket lines of more than six people
appear to have been dropped. The legislation also includes efforts to tackle
"intimidation" of non-striking workers. A number of unions involved
with the last major day of nationwide strike action in July 2014 would have
fallen foul of the proposed 50% turnout rule. The PCS Union, which represents
civil service workers, has never achieved such a turnout on a national ballot. NHS
strikes in October 2014 would also have fallen short, with turnouts below 50%
from unions including Unison and the GMB. Strikes are at historically low
levels. 2011 saw large protests over public sector pensions, leading to 1.4m
working days lost through labour disputes - the highest number since 1990. BBC NEWS
Health Secretary
raises doubts about long-term future of free NHS
The health secretary, Jeremy Hunt, expressed doubts about
the future sustainability of the funding system that has existed since the service’s
creation in 1948 after delivering a speech setting out his “25-year vision for
the NHS” in London on Thursday. His comments come days after David Prior, the
ex-Conservative MP and hospital trust chairman who recently became a health
minister in the Lords, warned that the premise of a tax-funded model would have
to be questioned if patient demand for care outstripped economic growth. Shadow
health minister Jamie Reed said: “It could mean charges for treatment are just
around the corner. Prior to the election American doctors warned that the
Tories were taking the NHS down a path towards a US-style system and it now
looks as if this was a prescient warning.” Hunt told NHS leaders in his speech
at the King’s Fund that he supported the way the NHS was currently funded as
the best model. “But I think the principle that sits behind it is one that we
all feel very strongly about. Social equity is at the heart of what the NHS
stands for. It’s what makes the British public say time after time it is what
makes them most proud to be British... But if we’re going to continue to
deliver that we have to be ambitious about new models of care,” he added. GUARDIAN
Fury as MPs are
handed 10% pay rise worth £7,000 a year just a week after Osborne ordered four
year public sector wage cap
The Independent Parliamentary Standards Authority said the
issue of politicians' salaries could no longer be 'ducked' and it is pushing
ahead with the increase from £67,060 to £74,000. However, the watchdog has
climbed down on plans to link their pay to UK-wide average earnings in future -
a move that could have left MPs £23,000 better off by 2020. Instead they will
be restricted to average rises in the public sector. The Prime Minister previously
branded the substantial boost, backdated to May 8 and tied to cuts in pensions
and expenses, 'unacceptable' at a time of austerity. But last month Downing
Street indicated that Mr Cameron will not seek to block the move - and he will
personally accept the money. Politicians elected before 2015 - including Mr
Cameron - will also see a major boost to their pensions as they are based on
final salary. The proposals have caused bitter divisions among MPs, with some
decrying the award and others arguing they have been underpaid for decades. It
has also split ministers, with Education Secretary Nicky Morgan breaking ranks
to declare she will give the money to charity and International Development
Secretary Justine Greening warning that Ipsa is 'not working in its current
form'. Labour leadership contenders Andy Burnham, Yvette Cooper and Liz Kendall
have all declared they will forego the rise. Foreign Secretary Philip Hammond
is likely to be reminded of comments from 2013 when he indicated he would not
accept a pay rise while the rest of the public sector was being restrained. Michael
Gove, now Justice Secretary, memorably declared around the same time that Ipsa
could 'stick' their pay rise. DAILY MAIL
Supermarket rip-off pricing
could land them in court
Of every £5 Britons spend in the supermarket, £2 is on
something that's part of a deal. One problem, a lot of the deals are
effectively fake. The good news? It could be about to cost them dearly if they
don't clean up their act. Following a complaint by consumer association Which?,
the UK's competition watchdog, the Competition and Markets Authority, found
evidence of potentially confusing and misleading pricing and promotional
practices among supermarkets that could be against the law. “There are hundreds
of misleading offers on the shelves every day that do not comply with the
rules. This puts supermarkets on notice to clean up their pricing practices or
face legal action,” said Which? executive director Richard Lloyd. There are two
main ways supermarkets use “deals” try and trick us into spending more, or make
us thing we're getting better value. Firstly, through “Was/Now” pricing
promotions. Frequently here the discount price is advertised for longer than
the higher price. For example: Pepsi Max (2 litres) advertised at £1.98 for 28
days but then went on a £1 “was £1.98” offer for 63 days. Secondly, through Unit
pricing. Unless you know what you're paying per unit then you can't compare
different products – but Which? found cases where some sauces in supermarkets
priced per 100 ml and on others per 100g making it impossible to make a price
comparison. They also found cakes being priced per item or per 100g. MIRROR
Pope rails against
unbridled capitalism, 'idolatry of money'
Pope Francis appealed to world leaders on Saturday to seek a
new economic model to help the poor, and to shun policies that "sacrifice
human lives on the altar of money and profit." It was the second time
during his trip to South America that Francis, the first pope from the region,
used a major speech to excoriate unbridled capitalism and champion the rights
of the poor. In Bolivia last Thursday, he urged the downtrodden to change the
world economic order, denouncing a "new colonialism" by agencies that
impose austerity programs and calling for the poor to have the "sacred
rights" of labor, lodging and land. "Putting bread on the table,
putting a roof over the heads of one's children, giving them health and an
education, these are essential for human dignity," he said. He urged
politicians and business leaders "not to yield to an economic model which
is idolatrous, which needs to sacrifice human lives on the altar of money and
profit." He said those charged with promoting economic development must
ensure it had "a human face" and he blasted "the idolatry of
money and the dictatorship of an impersonal economy lacking a truly human
purpose". "Corruption is the plague, it's the gangrene of
society," he added during a heavily improvised speech at the rally. REUTERS
Think a late holiday
flight means compensation? Think again! Dirty tricks airlines use to fight you
when you're DELAYED
Under EU law, flight passengers are entitled to up to £424
in compensation if their flight arrives at its destination more than three
hours late. You can claim for delays dating back six years. The exception to
this rule is if the delay is caused by a so-called extraordinary circumstance
which is outside of the airline’s control — this includes bad weather or
strikes. But airlines routinely use this loophole to wriggle out of paying
legitimate claims. They had claimed that technical faults counted as an
extraordinary circumstance. But in October last year, following a six-year
legal battle, a court ruled that these did not qualify. Airlines also argued
that they need to pay only for delays dating back two years, citing the 1999
Montreal Convention which has a two-year limitation period for claims. Again,
last year a court rejected this and told them they had to deal with claims
dating back six years — in line with UK law. These two decisions were expected
to open the floodgates for an estimated £3.89 billion worth of claims. Still,
though, some airlines refuse to pay up. The Civil Aviation Authority is hoping
the independent ombudsman will end the stand-off. But it is not compulsory —
airlines can decide if they want to join. Some of the biggest names in aviation
are refusing to commit to signing up, or have not made a decision. Others
seemed not to have even known of the scheme. Among those who won’t yet sign up
are Monarch, RyanAir, Flybe, Delta, United Airlines and Virgin Atlantic. Those
that have promised to join include British Airways, easyJet, Thomas Cook and
Thomson. DAILY MAIL
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