Posts Tagged ‘closure’
Here They Go Again: Iran Threats To Shut Down Straight Of Hormuz
TEHRAN, Iran (AP) — An Iranian newspaper quotes a senior commander in Iran’s Revolutionary Guard as saying that Tehran’s leadership has decided to order the closure of the strategic Strait of Hormuz at the mouth of the Persian Gulf if the country’s oil exports are blocked.
Khorasan daily reported Sunday that Ali Ashraf Nouri says the strategic decision has been made by Iran’s top authorities.
Iranian politicians have made the threat in the past, but this is the strongest statement yet that a closure of the strait is official policy.
The U.S. has recently enacted new sanctions targeting Iran’s central bank and its ability to sell petroleum abroad over Tehran’s nuclear program. Washington says Tehran is trying to develop weapons, while Iran denies the charges.
Please follow Business Insider on Twitter and Facebook.
Join the conversation about this story »
See Also:
- CARTOONS OF THE WEEK: Featuring New Year’s Celebrations
- This 25-Year-Old Said No To $10 Million In VC Cash, Then Built A Wildly Successful Startup
- If America Spends More Than Most Countries Per Student, Then Why Are Its Schools So Bad?
Quarter of final-salary pension schemes closed
Nearly a quarter (24 per cent) of private-sector final-salary pension schemes were closed in 2011, according to the National Association of Pension Funds (NAPF).
In comparison, just 3 per cent of final-salary pension schemes closed in 2008, while the proportion increased to 17 per cent in 2010.
It is estimated that the closure of this type of pension, which guarantees a payout based on earnings at the end of a career, has affected 250,000 employees in the past three years.
Many employers are moving staff over to defined contribution schemes, where payouts are based on contributions and returns on investment, placing the risk on employees rather than employers.
Only 19 per cent of private sector final-salary pension schemes are still open to employees according to the NAPF.
Joanne Segars, NAPF’s chief executive said: “The private sector is seeing a seismic shift in its pensions, and more change is certain. Final-salary deals are coming off the table and are either being watered-down or replaced altogether.
“Demographic and financial pressures mean businesses are struggling to afford these pensions,” she continued.
The NAPF is calling for the government to make it easier for companies to move their pension provision to a career average scheme.
This type of scheme calculates the member’s annual pension based on their average earnings over the total number of years they have been in the scheme.
Last week employees of consumer goods maker Unilever went on strike over the closure of their final salary pensions scheme.
It was the first time that Unilever employees in Britain had taken this type of industrial action.
Union members decided to go on strike after the company said in would no longer continue talks over the pension change, following an eight-month dispute.
Unilever plans to move its 5,000 members’ final salary pensions to a career average scheme by July 2012.
AA instant-access account offers 3.2% interest
The AA has launched an online, instant-access account paying 3.2 per cent interest before tax, which is currently the highest rate available for people who need immediate access to their money.
The account will offer some protection from the rising cost of living, without having to worry about tying up savings for a long period.
Issue 5 of the AA’s Internet Extra account includes an introductory bonus of 2.7 per cent, so after the first year the account could offer a return of just 0.5 per cent.
A balance of between just £1 and £1 million can be held in the account which must be linked with an account which accepts direct debits so that money can be transferred.
However the AA is part of the Lloyds Banking Group which also includes Lloyds TSB, Halifax and BM Savings, so savers should ensure that their total savings with the group do not exceed £85,000, or £170,000 for joint accounts.
The Internet Extra account is not available to joint account holders and cannot be operated by Power of Attorney.
For savers who don’t mind tying their money up for five years, the Bank of Ireland UK is offering a tax-free cash ISA which offers 4.5 per cent interest.
The Governor Money Bank of Ireland 5 Year Fixed Rate ISA is only available through the Bank of Ireland UK’s Governor Money service.
The ISA is subject to an Early Closure Charge equivalent to 270 days interest at 4.5% plus a £15 (ex VAT) admin charge.
It is only available until 27 Dec 2011 and between £100 and £50,000 can be invested.
The Governor Money service is a savings platform which allows several savings accounts to be managed in one place.
It is designed to make it easy for savers to switch to another provider when their savings mature.
Final salary pension scheme closures on the up
According to the National Association of Pension Funds (NAPF), final salary pension scheme closures are on the increase. These types of schemes are becoming significantly more expensive to operate and costs are likely to rise. As a result, the rate of decline appears to be picking up, said the NAPF. The Association said 17% of [...]
US drugs giant announces 6,000 job cuts
Pfizer has announced plans to reduce its global headcount by 6,000 over the next five years as part of a major restructure.
The company, which is the world’s largest drug maker, said the jobs represent almost a fifth of its workforce and said it will also close manufacturing sites in Ireland and scale back operations [...]