Business Diary: Moss wants a win-win but at no cost to him
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Aviva chief Andrew Moss was waxing lyrical on the proposal to create a Consumer Financial Education body in the Queen's Speech. He wants the credit for recommending it as chairman of the insurance industry working group and calls it a win-win. "Consumers benefit by taking greater responsibility to save for their retirement. Society gains as improved financial literacy helps close the long-term savings gap." Now for the but: "The insurance industry already contributes significantly to a range of financial education initiatives." So a win-win that will generate us lots of business but which we don't want to pay for.
Best Buy breaking down walls at DSGi
DSGi is finally breaking down the barriers between its Currys and PC World formats – literally, in some cases, where the creation of a new "electronics superstore" has involved little more than breaking down walls between neighbouring shops. The latest is in Southampton, which happens to be the venue for one of US electronics giant Best Buy's first British ventures. Demolition specialists should watch planning registers for Best Buy's name.
Shoot Sir Stuart? Perish the thought
"I have time on my hands from July so I might be inundated with job offers from tomorrow." That was Sir Stuart Rose having finally appointed his successor as chief executive of M&S in the form of Marc Bolland. Asked if this meant he fancied running another retailer (apparently there's an opening at Morrisons), he said: "In the words of Sir Steve Redgrave, if I go near one, please shoot me." Oh Sir Stuart, diary likes you too much for that. But we will remind you of the quote when the time comes.
Watchdog that should take close look at itself
The GAO, the audit arm of the US Congress, has been looking into the SEC, the US securities regulator. It says the watchdog "did not have effective internal control over financial reporting as of 30 September 2009". It identifies "significant deficiencies" that represent "a material weakness in SEC's internal control over financial reporting". The banking crisis really should come as no surprise, then.
Number of the day: $7 trn
Of leveraged loans are due to mature in 2014, says financier Guy Hands. He thinks they need restructuring. Soon.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments