| Pension funds feel stock market pain
The stock market meltdown that followed the bursting of the dotcom bubble and the 2001 terror attacks convinced pension fund trustees to move holdings out of shares and into less risky investments such as bonds. However the move was not as seismic as many people would imagine, according to Marc Hommel, pensions partner at accountants PwC. He reckons the average occupational scheme still has 55% of its funds in equities. Among the big investors, oil giant BP still has 79% of its pension cash in shares, while for Morrison, Diageo and Centrica, the figure is over 75%. While most pension fund monitors will view Monday's 300-odd point collapse in share prices as a momentary aberration, trustees are in a powerful position to demand more cash to top up ailing retirement pots. PwC's Hommel says guardians of some major pension schemes still don't realise risks associated with stock market investment.
Call for online ads watershed
UK TV channels adhere to a 9pm watershed, policed by communications regulator Ofcom, before which programming and ads deemed unsuitable for children cannot be broadcast. "Much of the focus on controlling advertisements so far has been on traditional sectors," said the report. "But the more successful online advertising gets, the more subject to regulatory scrutiny it may become. "While a watershed, a time before which certain content cannot be shown, exists for television and radio, this typically does not apply to the internet. "The online advertising industry should self-regulate and implement technology that would enable watersheds and restrict certain types of advertising, such as for alcoholic drinks." Deloitte's report also argues that there may be a backlash by consumers against too many commercial messages on the internet - as was seen by the revolt by Facebook users against the intrusive Beacon advertising system.
Spence-Jones to pay $8,000 for election violations
That Spence-Jones didn't acknowledge her campaign was behind a radio spot accusing Dunn of stealing from a church in the early 1990s. ''If Rev. Dunn stole God's money, do you think our city of Miami tax dollars will be safe?'' said the ad, authored by Spence-Jones ally Barbara Hardemon. The commissioner received the most serious fine for handing out nearly $23,000 in cash to poll workers on election day. State law says campaign workers must be paid with checks, not cash. Spence-Jones said she believed she was following campaign rules when she approved the cash payments, distributed by Hardemon and Hardemon's husband, Billy. ''I am not admitting guilt,'' Spence-Jones said in a written statement Thursday. ``I was a first-time candidate and made every effort to follow campaign guidelines.'' The settlement, signed last week, must still be approved at an election commission meeting in May.
|
