News - Sisters lose second coming cover

31 10 2007

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Insurers have withdrawn the cover on their virginity taken out by three sisters in the event of the second coming of Christ.


Essex-based Britishinsurance.com confirmed it had provided the 1m policy, but said it was reviewed on Thursday following complaints.


The firm said the women from Inverness had renewed the policy since 2000.


The cover was meant to pay for the cost of bringing up Christ if one of them has a virgin birth.


Britishinsurance.com managing director Simon Burgess said it had not been the company’s intention to offend anyone.


The Catholic Church is up in arms about what we’ve been doing. We have withdrawn the cover because it was causing a furore
Simon Burgess
Britishinsurance.com


The company, which is based in Braintree, specialises in accident and unemployment insurance.


Mr Burgess said: “The people were concerned about having sufficient funds if they immaculately conceived. It was for caring and bringing up the Christ.


“We sometimes get weird requests and this is the weirdest we have had.”


Burden of proof


The burden of proof that it was Christ had rested with the women and any premium on the insurance was donated to charity, said Mr Burgess.


The siblings had paid 100 annually since 2000. If they had secured a payout, they stood to receive 1m.


He added: “The Catholic Church is up in arms about what we’ve been doing. We have withdrawn the cover because it was causing a furore.


“The three ladies have been informed.”


The women, who have not been identified, are believed to be members of a Christian group in Inverness.


Britishinsurance.com said it was authorised and regulated by the Financial Services Authority and is a member of the Finance Industry Standards Association.


The Catholic Church in Scotland declined to comment.


Read http://news.bbc.co.uk/1/hi/scotland/highlands_and_islands/5105946.stm
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News - Have your say: Pensions Bill

30 10 2007


Measures aimed at tackling the pension crisis have been published by the Department of Work and Pensions (DWP).

The Pensions Bill includes a protection fund to guarantee workers’ retirement savings. But there will be no retrospective compensation for people who have already lost money.

Other proposals include a lump sum incentive to encourage people to defer drawing their state pension; a new pension regulator to help combat fraud, underfunding and maladministration; and an online pension planning and forecast service.

What do you think about the government’s proposals? Do you think there should be compensation for workers who have already lost out?

Would you be prepared to defer your state pension?

Would a complete online pensions forecast help you?

This is your chance to have your say. Please send us your comments using the form below.

Click here to find an e-mail form.


I believe the most important thing legislation should do is to ensure that companies ringfence pension funds for the benefit of members only.

Contributions should be considered ‘deferred wages’ and not be used for business purposes.

Secondly, I think it is totally unjust that the government should walk away from those who have already lost considerable benefits. At least the value of their own contributions, or a substantial proportion, should by met by the government.
John Pilley

How can the public have faith in pensions when the new bill does nothing to compensate people who have saved all their lives for a pension and end up getting nothing.

How do we know the new ‘insurance lifeboat’ proposed will function in 25 years time, when successive governments have failed even to implement Article 8 of EU law, which requires them to protect pensions. The UK signed up to this in the mid 1990s.

Dave Cole

The proposed levy on pension schemes to help members of failed schemes is misguided and - as many commentators have already pointed out - could have the consequence of closing yet more defined benefit schemes.

The biggest issue is that underfunded schemes are allowed to pay out full pensions to those who have retired whilst failing to protect the portion of the fund that relates to those yet to retire.

John Beaumont

The argument for reducing the cap on pension scheme compulsory annual inflation increases from 5% to 2.5%, is that inflation is now under control. I fail to see the logic.

If it is true, then increases will remain low and there will be no saving to pension schemes. If it is not true, then the reason for making the change has gone.

In fact the logic can only be that the government expects inflation to become out of control again.

As a pensioner-elected trustee, I anticipate my constituents will be very unhappy about this.
John Claxton

The proposals do nothing to rectify the discrimination against men who have to wait until they reach the age of 65 before receiving an ‘old age’ pension, unlike women who receive such a pension at age 60.
Robin Eley Jones

I find it impossible to trust the government on pensions - and indeed on anything else - following the chancellor’s abolition of the dividend tax credit concession, an act which placed insurmountable burdens on pension funds.

This bill does nothing for savers with personal pensions who have no-one to bail them out as stock markets collapse and bonuses are slashed.

And though the government pretends to want us all to save through whatever means possible, the abolition of tax benefits in ISAs is just another example of duplicity.
Elizabeth Balsom

For too long the pension system has been designed by the government for the “city” and financial advisers to live a risk-free life at the expense of the public.

Of course there should be compensation for workers who have lost out. Would MPs accept anything less from their pensions?

If employees are encouraged by the government to commit to a pension scheme, or indeed will have to by law take up a scheme, then the promised pension must be as secure as that expected by the pension MPs voted for themselves.

Anything less than that given to MPs smacks of some animals being more equal than others.

Mr P.Harwood

Pensions reform takes years. This one bill is just a staging post. All governments put off making the hardest decisions until last.

It would be too easy to just cough up and help out the pension members already affected by the failure of their schemes. This government does not go in for the ‘easy option’.

Perhaps government itself - with a four-year time horizon - is not cut out to fix these problems.

Anon

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Disclaimer: The BBC may edit your comments and cannot guarantee that all e-mails will be published.

The comments we publish are not necessarily the views of the BBC but will reflect the balance of views we have received.


It is helpful if contributors state if they work for any organisation relevant to an issue discussed.

In any case readers should form their own views on whether messages published represent undeclared interests, or views prompted by a common source.


BBC Radio 4’s Money Box was broadcast on Saturday, 14 February, 2004 at 1204 GMT.


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News - Bank ‘to bear impact’ of raid

29 10 2007


The Australian owners of the Northern Bank have said they will bear the cost of a 22m robbery in Belfast.

The raid at the bank’s headquarters in Donegall Square West is thought to be one of the biggest cash robberies in the UK.

The families of two bank executives were held hostage for 24 hours.

The National Australia Bank confirmed that initial audits showed that about 22m was seized by the gang.

The bank said the robbery would have no knock-on effect for the sale
of the Northern to the Danish Danske Bank Group announced earlier this month.

In a statement on Wednesday, the bank said: “The theft is covered by self-insurance, and as such, National Australia
Bank, which currently owns Northern Bank, will bear the impact of any losses
arising from the theft.”

Belfast bank raid map
Timeline: How the robbery was carried out

The bank said customers would not be affected.

Meanwhile, detectives investigating the muiti-million pound theft are examining a burnt out car.

The car was found on Tuesday at Drumkeeragh Forest Park between Castlewellan and Ballynahinch in County Down.

The discovery was made after the families of two Northern Bank executives were taken hostage on Sunday night and held for 24 hours.

It is thought the two bank officials, from Downpatrick, County Down, and Poleglass near Lisburn, went to work on Monday while their families were being held captive.

They were released once the robbery was reported at about 2345 GMT on Monday.



I have been informed that the sum involved is quite considerable and may be in excess of 20m


Sam Kinkaid
Assistant Chief Constable

Britain’s biggest robberies

It is understood that no-one was injured but one person was treated for hypothermia.

It has been reported that a female hostage was left in the forest on Monday night.

She walked through the forest to a house for help, and
was suffering from exposure as a result of her ordeal.

The building at the centre of the robbery houses the bank’s cash centre, where tens of millions of pounds were believed to have been stored.

Retailers’ Christmas takings and money to be distributed to cash dispensers for the last-minute shopping rush would be held in its underground vault.

BRITAIN’S BIGGEST RAIDS
2002: $6.5m in cash stolen by gang from a security van at Heathrow Airport.

1990: 292m in bonds stolen in the mugging of a City financial messenger.

1987: Over 10m worth of goods stolen from a safe deposit box warehouse in Knightsbridge.

1983: 26m in gold bullion and diamond stolen in Brinks Mat robbery.

Bank raids: the human factor

On Tuesday, Assistant Chief Constable Sam Kinkaid said a well-organised criminal gang was involved.

He said it was “far too early” to say whether they had “any connections to a paramilitary group”.

ACC Kinkaid added: “I have been informed that the sum involved is quite considerable and may be in excess of 20m.”

Police officers took surveillance tapes from various cameras at the building, including ones outside the bank.

Detectives are studying CCTV footage in an attempt to trace the movements of the getaway van.

The external access point to the building from Wellington Street was cordoned off on Tuesday.

The Northern Bank has 95 branches and 30% of the market in Northern Ireland.


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News - Buffett hits out at mutual funds

28 10 2007

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Warren Buffett, one of the world’s most successful investors, has taken a swipe at mutual funds and the US tax system.

He also reported a surge in profit at his Berkshire Hathaway company.

In his annual letter to shareholders, Mr Buffett called on mutual funds to appoint “truly independent” directors to look out for investors’ rights.

He has previously complained that the actions of fund managers are not scrutinized closely enough, leading to poor returns and over-inflated fees.

Market moves

The US mutual funds industry, which look after the long-term savings of about half of all American households, has been under the microscope as it is investigated for trading abuses.

At the heart of the allegations are the practices of market-timing and late-trading.

Market-timing, where investors exploit outdated prices by rapidly moving in and out of fund shares, is not illegal, but is frowned on in the industry.

Late trading, however, is an illegal practice where fund managers allow big investors to execute overnight trades in fund shares at the previous day’s price.

Prosecutors say both practices have allowed Wall Street insiders to profit at the expense of ordinary savers.

Mr Buffett agrees.

“I am on my soapbox now only because the blatant wrongdoing that has occurred has betrayed the trust of so many millions of shareholders,” he said.

“Hundreds of industry insiders had to know what was going on, yet none publicly said a word.”

He added that the directors of mutual funds now had to “decide whether their job is to work of the owners or the managers.”

Tax concerns

The world’s second-richest man behind Microsoft’s Bill Gates, Mr Buffett called on the administration of US President George W Bush to levy more company taxes.

“We hope our taxes continue to rise in the future - it will mean we are prospering - but we also hope that the rest of corporate America antes up along with us,” he said.

His company, meanwhile, seems to be prospering.

An advocate of buying and holding shares, rather than turning them over quickly, Mr Buffett said his Berkshire Hathaway holding company earned $8.2bn (4.4bn) last year, almost double the 2002 figure.

Among the main drivers of growth were the company’s insurance and building businesses.

Mr Buffett also revealed that Berkshire had holdings of $12bn in five currencies after he bet against the US dollar because of concerns about the country’s widening deficits.


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News - Claimant’s fear in asbestos case

27 10 2007

Original article News - Claimant’s fear in asbestos case

A man seeking compensation in a test case for sufferers of asbestos-related diseases, has told of his fear of contracting terminal cancer.

The case of 10 men with pleural plaques - lung scarring caused by asbestos exposure - is being heard at the High Court sitting in Manchester.

Kenneth Johnson, 58, from Ryton, Tyne and Wear, is one of the 10.

They say they are worried about getting more serious chest diseases. But insurance firms want to stop payments.

The men say that having the scarring causes anxiety for those who know they have been exposed to asbestos and could contract serious diseases such as mesothelioma, a terminal cancer of the lining of the lungs.

Mr Johnston told the court on Thursday that although the plaques caused little pain, they caused anxiety and were “an indication that something more serious could occur”.

‘Not injuries’

Insurers Norwich Union and Zurich argue that the plaques are not injuries and the anxiety stems from exposure to asbestos and not the plaques.

If the judge, Mr Justice Holland, rules in favour of the insurance company, compensation payments to people with pleural plaques - about 25m a year - could be stopped.

Mr Johnston worked for Newcastle-based NEI International Consortium Ltd between 1975 and 1979 and 1980 and 1985.

The court heard he was exposed to asbestos, and in
2001 was diagnosed as suffering from pleural plaques.

He told the court: “I know that I have asbestos in the lungs and it makes me a candidate to getting something more serious.”

Frank Burton QC, for the claimants, said that pleural plaques were “a marker of asbestos exposure” and “set time running” for sufferers.

The case continues.


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News - Yell shares make bright start

26 10 2007

Shares in Yell, the owner of the Yellow Pages directories business, were in healthy demand as London’s biggest flotation in two years was launched.

At the start of the day Yell shares rose to 306p from 285p in conditional trading - dealing between big city banks ahead of the official start of trade - but by lunchtime had settled back to 292.25p.

The price slid further to close at 289.5p, 1.6% higher than its debut.

The pricing of Yell shares at 285p gives the total group a market capitalisation of about 2bn ($3.2bn), making it large enough to enter the FTSE 100 list of top companies.

The flotation, which was cancelled last summer because of poor market conditions, is the largest so far this year and is seen by some analysts as a sign of renewed confidence in the stock market.

Official trading in Yell’s shares is due to start on 15 July, which is when private investors will be able to buy the shares.

Strong response

“We are delighted with the way new investors have embraced the Yell story,” said chief executive John Condron.

YELL GROUP
Publishes Yellow Pages and Business Pages UK telephone directories

Operates Yell.com, the online directory service

Operates Yellow Pages 118 247, a telephone directory service (formerly called Talking Pages)

Publishes Yellow Book directories in the US

Had a turnover of 1.1bn in 2002/03

Employs 7,800 people (3400 in UK)

“The strong response to the Yell share offer reflects the quality and potential of the business.”

The telephone directories business was bought by private equity firms Apax and Hicks, Muse, Tate & Furst from BT Group in 2001.

They will continue to hold 30% of the listed company with Yell management and staff holding 5%.

Appetite returns

Yell is the biggest firm to come to market since insurance group Friends Provident floated in 2001.

Neil Austin, head of new issues at KPMG Corporate Finance, said the float was an encouraging sign that the market could be about to pick up.

“I think it does signal that the appetite’s come back,” Mr Austin told BBC Radio Five Live.

“We’ve had twelve months of complete silence with institutions sitting on their hands - this shows there is some appetite there.”


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News - Insurers mull cancer gene tests

24 10 2007

UK insurers have told an advisory body they may seek approval to use the results of genetic tests for inherited cancers in setting premiums after 2007.


This would allow insurers to ask about tests for gene mutations linked to breast and ovarian cancer.


Approval applies to high value policies only; a moratorium exists on the use of genetic tests in all other policies.


But campaigners fear such proposals could be expanded if the moratorium is not renewed once it runs out in 2011.


At present, the Association of British Insurers (ABI) has to ask the Genetics and Insurance Committee (GAIC), which advises the government on the issue, for permission to request details from customers of genetic tests.


Since 1999, the GAIC has approved just one application, which allows insurers to use predictive test results for Huntington’s disease in life insurance policies over 500,000.


“The ABI has said that it may come forward with applications covering specific predictive genes for hereditary breast and ovarian cancer, but not until 2008 at the earliest,” the Department of Health’s Genetics and Insurance Committee said in its most recent update.


Predictive test


Last year, newspapers reported that the ABI would seek official permission to use predictive tests for the illnesses, but the association subsequently declined to submit an application in 2006/2007.


A spokesperson for the ABI reiterated that no application would be submitted for this period but did not dispute the statement in the GAIC report.


The basis for the tests are mutations or changes in the genes BRCA-1 and BRCA-2 carried by some individuals. These changes have a dramatic effect on the chances of a woman developing the diseases.


Female carriers of BRCA-1 mutations have a lifetime risk of breast cancer exceeding 80% and of ovarian cancer approaching 60%. Carriers of BRCA-2 mutations have a similar risk of breast cancer and a more moderately increased risk of ovarian cancer.


BRCA mutations account for about 5% of the 44,000 new cases of breast cancer each year in Britain and 10% of the 7,000 ovarian cancers diagnosed annually.


The voluntary UK moratorium covers income protection policies up to the value of 30,000 per year, critical illness up to the value of 300,000, and life insurance of 500,000. It accounts for about 97% of insurance policies.


Above these ceilings, insurance companies can use the results of tests approved by the GAIC.


Legislation call


Some campaigners are worried about this apparent renewal of interest by insurers in predictive tests for BRCA genes.


Dr Helen Wallace, director of GeneWatch UK, told BBC News: “If the committee approves an application, it will only be for those high value policies initially; but once the moratorium runs out in 2011, it could mean that it is applied much more widely.


“We still think the industry should drop plans to use these genetic test results at all and that there should be legislation to prevent the insurance industry from refusing someone insurance, or charging a higher premium on the basis of a predictive genetic test.”


There are concerns that members of the public will decline to take genetic tests for hereditary illnesses because of fears over how the results could be used.


A spokeswoman for the Department of Health said: “Choosing to have a predictive genetic test can be life-saving, and nobody should be put off having such a test because of fears it will be used against them by insurers.


“Genetic tests that may predict disease have only recently been developed, but the current moratorium we negotiated with the Association of British Insurers (ABI) sets out a stable and sensible environment to help support the future development of genetics.”


In the US, the Genetic Information and Non-discrimination Act (Gina) has been passed by the House of Representatives and will go before the Senate later this year.


The act would prohibit insurers from requesting or using genetic information when establishing premiums and prevent employers from using such information when hiring or promoting individuals.


The UK moratorium on the use of predictive genetic tests is due to stand until November 2011.


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Sport - Dahlin case marks landmark ruling

23 10 2007

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Lawyers representing Blackburn Rovers have won a preliminary issue over the case of former striker Martin Dahlin.

Dahlin’s Rovers’ career was ended by a prolapsed disc in his back in 1997 and Blackburn are looking for a 4m-plus payout from the player’s insurers.

Laytons Solicitors have won a ruling from judge Justice Moore-Bick that the injury was not just normal wear and tear but was “abnormal degeneration.”

Former Sweden international Dahlin’s case will be heard next April.

Daniel Izza, a partner with Laytons, says the degeneration issue is vitally important to clubs and their players.

“For the past 10 years the clubs that thought they had a claim have been warned off as a result of insurers relying on a very wide interpretation of the clause,” Izza told BBC Sport.

“It does give clubs the opportunity of considering claiming from the past six years when similar claims in the past might have been rejected by the insurance companies.

“It’s a relatively small area, there won’t be hundreds of cases, but the clubs should relook at them.

“The fact is, everyone after about the age of 18 has degeneration, but with a footballer it is a massive issue.

“You have to appreciate that throughout their careers they are giving their bodies massive punishment.

“This is just a preliminary issue, a self-confined legal point about degeneration, it hasn’t decided the case in full.

“The judge has ruled that from now on you have to prove the player has suffered abnormal degeneration.”


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News - Why nodding dogs are big business

22 10 2007

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Bass speakers booming, wheel arches well flared and outsized rear spoilers standing tall and proud - accessorised or “maxed-out” cars are a colourful sight on today’s UK roads.

From Weston-super-Mare to Southend, the South Wales valleys to Aberdeen, go to pretty much any town centre on a weekend evening, and you will see - and, as likely, hear - young men driving around together in their highly modified, brightly painted small hatchbacks.

As if on a Scalextric track loop, many seem to just drive, or as they would say “cruise”, continuously up and down the main drag, from one roundabout to another and then back again in their pride and joy Citroen Saxos, Ford Fiestas, Peugeot 106s or Vauxhall Novas.

Yet far from racing around, almost all drive at a very sensible pace, as after all, many have spent thousands of their hard-earned cash on their much loved cars, and don’t want to squander their no-claims bonus.

So much money is in fact spent on car modifications or accessories in the UK today that the industry is now worth a cool 320m a year, according to the scene’s bible, Max Power magazine.

That 320m includes everything from in-car CD players and speakers, to replacement alloy wheels, car body-kits, expensive paint-jobs, and dare I say it, the old classic - furry dice to hang from your rear view mirror.

Go-faster kits

One of the biggest beneficiaries of the booming car accessories industry has been Halfords, which earlier this year floated on the London Stock Exchange and enjoys an annual turnover in excess of 500m.

UK CAR ACCESSORIES FIGURES

8 million drivers have air fresheners

4.5 million add stickers to windows or bumpers

2.3 million have personalised number plate

2.1 million have dashboard figures, such as nodding dog or dancing Elvis

Source: Halifax car insurance

“There is a growing enthusiast segment for products such as alloy wheels, body kits, and performance styling etc, with the primary customer audience being aged between 18 - 34,” says a Halfords spokeswoman.

“The younger, primarily male customers have increasing disposable income, the car park is getting older - ie more older cars in circulation - so there are a greater range of cars available to enhance.”

But with one Welshman recently being reported to have spent more than 16,000 modifying his 3,000 Vauxhall Corsa, why exactly do car modification addicts do it?

Image enhancement

Paul Symons, a 20-year-old student and Ford Fiesta owner, from car modification hotspot Weston-super-Mare in Somerset, says it is all about wanting to portray a certain image.

A Corsa that has been modified to the tune of 16,000

Welshman Ian Williams spent 16,000 on his 3,000 Corsa

“There are lots of lads in the town who don’t really earn much, but spend almost all of what they do on their cars.

“I haven’t done anything externally to mine - my car is pretty standard - but I put in a nice CD player and some six by nines [big speakers].

“The scene is really big in Weston, but no one races around, they drive slowly with the music blaring. It is all about image and being seen, like an extension of someone’s clothes.

“It’s mainly lads from 17 to 23, you don’t get many older than that.”

Yet far from older people being immune to a bit of car customisation, it appears that middle aged men are equally susceptible, buying everything from speed camera detection systems, to satellite navigation systems, or chipping their engine management systems to give extra power.

Personal touch

Women by contrast, and that is women of all ages, appear completely immune. And while men exclaim over every possible extra, most females don’t have the slightest interest. That is not to say they do not appreciate expensive cars, just that they don’t give a monkeys about turbochargers, rear spoilers or the power output ratio of the car stereo.

Nigel Wonnacott, spokesman at the Society of Motor Manufacturers and Traders, says the car accessories industry allows people to better express themselves through their cars.

“More and more people are certainly choosing to add their own touches to their cars,” he said.

“The thing to remember is that while for many people a car is simply a way to get from A to B, for others it becomes an expression of the kind of person they are or want to be.

“They want to make their cars more individual or extroverted, and there is absolutely nothing wrong with someone wanting to make their car look more sporty. It only goes too far if their driving also becomes extreme.”


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News - HSBC staff offered nursery places

14 10 2007

HSBC is to offer all its UK staff nursery places and childcare vouchers for children up to the age of 16.


All 57,000 employees will be able to join the scheme, with payments taken directly from their wages.


The bank said that because the scheme would be exempt from tax and national insurance payments, it would effectively amount to a 6.5% pay rise.


Its announcement comes a week after unions balloted HSBC staff for possible strike action in a dispute over pay.


The Amicus union has attacked HSBC’s latest proposed wage increase as “derisory”.


Up to 10% of workers will get no pay rise and a further 45% will receive an increase below the rate of inflation, according to the union.


‘Flexible’


The half of HSBC’s staff with children under 16 will be able to choose nursery places or vouchers, or both.


HSBC said it will be the first company in the UK to make the offer to all its employees.


It is also doubling the number of its workplace nurseries to at least 170.


Sue Jex, head of employee support, said HSBC was extending the childcare support it had been offering since 1988.


“Our nurseries have proved so popular with staff that we now have waiting lists,” she said.


“We are working with a number of national nursery chains to at least double the number of workplace nurseries available to the under fives.


“The new voucher scheme will not only allow more parents and carers access to subsidised childcare, but is flexible.”


Amicus national officer Rob O’Neil said: “This is welcome news but it’s misleading to allow staff to believe that HSBC are funding these benefits. These are paid for by the taxpayer and introduced by the Government.”


He added: “This is a cynical attempt to look as if they are paying their staff fairly and equitably when in fact they are not.”


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