Briefs

first_imgn Sandwich chain Pret A Manger has revealed it is considering floating on the stock exchange within 18 months.n Supermarket Morrisons is planning a £450m rebranding, starting in July, with yellow and green replacing its yellow and black corporate colours.n Whitbread this week reported a 24.5% increase in profits, after strong performances at its Costa and Premier Travel Inn divisions. Pre-tax profits for the year to March 1 were £213m.n Burton’s Foods, makers of Jammy Dodgers, has submitted plans for a 2,658sq m extension to its bakery in Edinburgh.n McDonald’s has reported an 11% rise in sales to $5.4bn (£2.69bn) for the first quarter to 31 March.n Coffee chain Caffè Nero is placed number 18 in The Sunday Times Profit Track 100 list of Britain’s private firms with the fastest-growing profits. Profits have grown 77% a year from £1.6m in 2003 to £9.1m last year, and the firm plans to expand the number of British outlets from 300 to 450 by 2010.n Juice bar chain Crussh plans to open four more outlets in the UK by the end of the year. The 16-strong snack chain also sells sushi, sandwiches and soup.n Packaging firm Jordan Plastics, whose clients include Allied Bakeries Ireland, has increased production 50% after a £1m move to a 40,000sq ft plant.n Waitrose managing director Steve Esom is leaving after 11 years, tipped to join Marks & Spencer. Mark Price will be the new Waitrose MD from April 30.last_img read more

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MLA, FFIEC eyed in NAFCU January webcasts

first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NAFCU webcasts in January will focus on the proposed rule amending the Defense Department’s Military Lending Act requirements, which would affect all credit unions, and cybersecurity requirements from the Federal Financial Institutions Examination Council.NAFCU Associate Director of Legislative Affairs and Military Liaison Quincy Enoch will host the MLA webcast, scheduled Jan. 13 at 2 p.m. Eastern. The proposed change in MLA implementation would apply a 36 percent military annual percentage rate cap to more consumer credit products and require credit unions to check all consumer credit applications against a DoD database to see if the rule’s provisions apply to them. Enoch will focus on the current rule’s provisions, what compliance issues would arise from the change and how NAFCU is working to reduce the associated compliance burden for credit unions. Attendees who register by Jan. 6 will save $100.Randy Romes, a principal at Clifton, Larson & Allen LLP, will speak about cybersecurity and the latest trends in cyber-fraud during a webcast scheduled Jan. 28 at 2 p.m. Romes will focus on the new cybersecurity governance requirements from the FFIEC and how to apply the requirements to credit unions’ management programs. Attendees who register by Jan. 21 will save $100. continue reading »last_img read more

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‘Record demand’ for index-linked Gilts stems from pension duration gap

first_img“However, with circa £400bn of index-linked Gilts in issue versus around £1trn of inflation-linked pension liabilities, the supply and demand imbalance is unlikely to be eased any time soon.”The issuance, which matures in 2058, will grant many institutions the ability to address both duration and maturity gaps in their existing hedging portfolios, according to Barron.“In addition, the significant supply at the syndication has highlighted hedging opportunities for pensions schemes that have flexible LDI mandates in place to take advantage of the current attractive pricing for hedging inflation risk separately to interest rate risk,” she said.“The cost of hedging long-dated inflation risk using either inflation swaps or index-linked Gilts with their interest rate sensitivity removed is at the most attractive level in over a year.”The comparatively low volume of index-linked Gilts, when viewed against pension liabilities, has caused the UK National Association of Pension Funds to warn that it was “creating risks” for pension funds.“There has been increasing frustration from schemes that, to reduce their interest rate and inflation risks, they are effectively ‘forced’ buyers of Gilts with low or negative real yields,” the association said in June. A UK Gilt issuance that attracted £14.5bn (€18.3bn) in offers is proof that pension investors are keen to address their duration mismatches in their hedging profiles, despite falling bond yields.Following the syndication of £5bn in 45-year index-linked Gilts, AXA Investment Managers (AXA IM) said interest, which stood at £14.5bn, proved there was still significant demand for such issuances, despite a negative yield of 5.3 basis points a year.Lucy Barron, senior solutions manager at AXA IM, said the demand clearly stemmed from domestic pension providers wishing to manage liability risk.“Index-linked Gilts continue to be seen as the best match to inflation-linked liabilities,” she said.last_img read more

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