Friday, 28 July 2017

Business

Can’t punish Vijay Mallya in absentia: Supreme Court

Vijay Mallya

NEW DELHI: The Supreme Court on Friday said that it cannot punish Vijay Mallya, former chairman of defunct Kingfisher Airlines, in absentia for contempt of court over not faithfully and fairly disclosing his assets to the top court and instead asked the central government to take all steps to produce ...

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EasyJet has applied for post-Brexit base in Austria

easyjet

PARIS: EasyJet has applied to establish a third airline to allow it to continue flying in the European Union after Brexit. The airline has applied for a £10 million new air operator’s certificate (AOC) in Austria, that it hopes to receive “in the near future”. It will allow the company ...

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Young families ‘hit by income slowdown’

mom__dad_with_baby

LONDON: A new report has exposed stark divides in the economic experiences of young and old Britons and between renters and home-owners over the year running up to last month’s general election. The Resolution Foundation said that an “abrupt” slowdown in living standards for young and lower-income households provided a ...

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Royal Mail offers staff new defined benefit scheme

PENSION

LONDON: Royal Mail has improved the pension offer made to its staff. The company announced in April that it would close its defined benefit pension scheme to future accruals from next year. Royal Mail is now offering members the choice of joining either a defined benefit cash balance scheme or ...

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RBS settles probe into toxic mortgages

rbs

Royal Bank of Scotland is to pay £4.2bn to settle claims it mis-sold billions of dollars-worth of toxic mortgage-backed bonds to Fannie Mae and Freddie Mac in the run-up to the financial crisis. In a long-awaited deal that helps RBS move on from its troubled past, the lender agreed to ...

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BMW workers accept revised pension deal

BMW

LONDON: BMW workers in the UK have accepted a revised offer over the closure of their final salary pension scheme, ending the threat of further strikes. The agreement follows a series of stoppages at plants making the Mini and Rolls Royce cars. More than 80% of members of the Unite ...

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BA throws support behind new Heathrow runway plan

British Airways

LONDON: The owner of British Airways has thrown its support behind a new third runway plan for London’s Heathrow airport from the wealthy founder of the Arora hotel group who claims he can cut the price of the project by up to £7bn. “Arora’s Heathrow proposal is a welcome alternative ...

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UK House prices fall for third quarter running

UK HOUSES

LONDON: UK house prices have fallen for three quarters in a row for the first time since 2012, according to the Halifax. Prices in the period between April and June were 0.1% lower than they were in the previous three months. Prices in June fell by 1% from the month ...

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