|Tesco plc faces backlash after cutting shop floor bonuses by 80 per cent|
|Tuesday, 15 May 2012 08:25|
News round up: Tesco, Greece, E.ON, Oil prices, Angela Merkel, Salary pension schemes and the British stock exchange.
The new left-wing star of Greek politics is gambling that the European Union cannot afford to kick Greece out of the euro. Alexis Tsipras of the Radical Left Coalition (Syriza), which took a surprise second place in the May 6 election and is expected to win a rerun, wants to rip up the harsh terms of Greece’s international bailout agreement while remaining in the common currency.
One of Britain’s largest energy suppliers has tried to win over consumers by promising not to raise bills this year, despite rising wholesale prices. The German-owned E.ON claimed that its pledge to keep its average annual bill at a near-record £1,223 would provide "peace of mind" for its five million customers.
Oil prices could double over the next decade with sweeping implications for the global economy, according to a report commissioned by the International Monetary Fund. As oil prices remain at historically high levels of around $110 (£68) a barrel, the working paper warned a combination of rising demand and constrained supply could have major consequences. "Our prediction of small further increases in world oil production comes at the expense of a near doubling, permanently, of real oil prices over the coming decade," the report's authors concluded.
George Osborne accused Angela Merkel of damaging Britain’s economic interests after she speculated that Greece would leave the euro. Speaking after he arrived in Brussels for meetings with other European finance ministers about the worsening Eurozone crisis, Mr Osborne implied that the German chancellor was destabilising the global economy.
Salary pension schemes
British businesses face a £100bn drain on their finances over the next three years as they top up ailing final salary pension schemes, according to new research. The cost of plugging soaring pension deficits threatens to eat up as much 13pc of companies’ total £750bn of cash balances, diverting money away from vital investment in jobs and growth, Pension Corporation warned.
British stock exchange
Plus Markets, the British stock exchange for small companies, said it planned to shut itself down after failing to attract an acceptable takeover offer. The loss-making group, which put itself up for sale in February, has informed Britain's financial regulator that it plans an "orderly closure" after suffering a drop in its cash reserves, it said on Monday.
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