Aviva staff accept restructuring plan
STAFF at insurance firm Aviva have voted to accept a restructuring package that will see some 540 jobs go at the business. The package was approved by some 86pc of workers, with the redundancies expected to follow between now and 2015. While straight pay cuts are not on the agenda, some employees will be moved to performance related pay, while there will also be other changes to working conditions.
Company car for 81pc of managers
COMPANY cars are still a standard perk for managers despite the downturn, a new survey has shown. PwC's latest Company Car Survey shows 81pc of CEOs/Heads of Units are in receipt of a car benefit with marginally less than this for other directors and senior managers. However, the type of benefit being offered is being reviewed by organisations, with many moving from a car only option to a car allowance only option.
Plan for struggling olive oil producers
THE European Commission has proposed an action plan to help olive oil producers in eight countries including Spain, Greece and Italy overcome a sharp fall in prices. European Union Agriculture Commissioner Dacian Ciolos discussed a plan to boost competition and improve brand image with the agriculture ministers from the eight nations in Luxembourg.
Bank of America close to Swiss deal
BANK of America is close to a deal to sell its non-US wealth management operations to Swiss private banking giant Julius Baer. Terms of the deal are still being finalised, but Julius Baer could pay $1.5bn (€1.2bn) to $2bn. It was reported in April that Bank of America had put its wealth management business outside the United States up for sale.
Sign of recovery in US housing market
US homebuilder sentiment nudged upwards in June to its highest level in five years, the National Association of Home Builders said yesterday. The NAHB/Wells Fargo Housing Market index rose one point from the month before to 29, in another sign that the housing market may be slowly heading into recovery, and one point ahead of the expectations of economists.