Standard Life to scrap retirement age – papers 4 Sept

Standard Life is scrapping the retirement age for its 8,000 workers ahead of new employment legislation aimed at outlawing age discrimination, reports the Scotsman .

Standard Life said from October its employees will no longer have to retire at a specific age and will be able to choose when they want to stop work.

The normal retirement age for the Edinburgh-based firm is 60, but staff will receive letters today setting out the new arrangement.

The paper quotes Josie Westley from Standard Life's staff association as saying: "We welcome the new legislation and have been working closely with the company to ensure it is successfully introduced."

NEW STAR has moved to fill the gap created by the departure of one of its star managers, Alan Miller, by promoting Gregor Logan, a member of the chief investment team, and reassigning management its UK hedge fund to his new colleague, reports the Times.

As reported by the Sunday Times over the weekend, Miller has split from New Star after a career there lasting almost 20 years.

Miller, whose £5m divorce battle hit the headlines last year, has been officially placed on sabbatical leave until the end of the end "so that he can spend more time with his family".

The Sunday Times reported Miller will not be returning to New Star at the end of the sabbatical, although this was not confirmed by the fund manager today.

THE GOVERNMENT’S decision to scrap the most crucial part of its plan to introduce home information packs (Hips) has resulted in a 52% fall in first-half pre-tax profits at Rightmove, reports the Independent.

The government u-turn, announced in July, set Rightmove back more than £8m, it confirmed yesterday.

The company said as well as having spent £7m working towards the introduction of Hips, it would need to spend an extra £1.2m to close down projects relating to the scheme.

ASIAN ENTREPRENEURS in Britain have increased their wealth at three times the pace of economic growth, thanks to a rising focus on high-value industries such as IT, says the Guardian.

Britain's 200 richest Asians increased their wealth by 69% in real terms between 1998 and 2005, compared with GDP growth of 22.8%, according to a study published today by Barclays Business Banking.

The boom means Asian entrepreneurs need £5m to join the top 200 rich list, compared with £2m in 1998.

The report highlights a shift away from their traditional industries – such as textiles and manufacturing – as growth opportunities in these areas dry up. They are now focusing on hi-tech and service-sector businesses.

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