UK’s FTSE rallies on Fed’s decision to maintain stimulus
They are also looking into high fees charged to members of older contract and bundled trust schemes with around 30 billion pounds of savings. The OFT estimates that members in pre-2001 schemes pay annual management charges some 26 percent higher than members of schemes launched after this date. “We have found problems in relying on competition to drive value for money for savers in this market,” OFT Chief Executive Clive Maxwell said in a statement. He said the OFT had worked with government, regulators and industry to agree a set of measures to help to ensure that savers get a better deal. The OFT also found employers often lack the experience or incentive to assess value for money when deciding which pension scheme to choose for their employees. This problem could grow as a government-sponsored auto-enrolment initiative, aimed at solving the country’s retirement savings timebomb, rolls out across Britain in the coming months, the OFT said. To tackle these concerns, the Association of British Insurers has agreed to an audit of bundled trust schemes and to help to set up independent governance committees to increase scrutiny of pension schemes on behalf of members. “It is important to remember that the level of contribution and how long someone works remain the most important factors in determining an individual’s overall retirement income,” ABI Chief Executive Otto Thoresen said. The OFT has also recommended that the Department of Work and Pensions increase transparency and comparability of pension scheme costs and quality in order to make employers’ selection process easier. Adrian Boulding, Pensions Strategy Director at Legal & General (LGEN.L) has called on the government to introduce a cap on the charges payable by pensions savers in both new enrolment schemes and legacy workplace pensions. “We firmly believe that no employees saving in a workplace pension scheme should have to pay more than half a per cent a year of their retirement savings pot whatever the size of the scheme and that low charge should be available for legacy pension scheme members too,” Boulding said. Lee Hollingworth, partner at consultant Hymans Robertson said he hoped planned reforms on how to improve quality of advice to savers wouldn’t be lost in a debate on fees. “At the moment the system relies too heavily on savers engaging with their scheme, but the majority of people are not equipped or interested in becoming their own pension adviser,” Hollingworth said. He said savers needed clear information on what income they can expect to retire on along with more hands-on direction on how to reach their retirement target.
Located at a 38,500 square-meter site near the two Gyron data centers already operating in Hemel Hempstead, northwest of London, the new facility will start providing approximately 10,000 square meters of server room from spring 2015, more than doubling the total server room area in the UK. By using advanced green technology for cooling such as end wall injection air conditioning, water-side economization and chimney racks to expel heat, the facility achieves a power usage effectiveness (PUE) of under 1.2, putting it among the most energy efficient data centers in the UK. It will also be the first data center in the UK to offer the option of a chillerless cooling system, which opens up approximately 30% more energy capacity for ICT systems without expanding its power system. The facility further reduces NTT Com’s environmental load by using rain water in the air conditioning, generating electricity from solar panels, and using heat from the server equipment to warm office areas in the winter. For more information about the green technology, please visit http://prw.kyodonews.jp/opn/release/201309184723/ By incorporating a modular design concept, electric power, air conditioning and communication equipment are scalable in each server room, and redundancy systems can be freely set. Tier IV upgrades are also available as customers require. Moreover, the facility will incorporate security measures beyond the industry standard, including a four-meter-high peripheral fence, barriers against vehicle attacks and fire-prevention equipment installed in each module. The high-speed, high-quality networks connecting the new facility with other NTT Com data centers will enable the low-cost, low-latency access necessary to effectively provide a hybrid cloud environment that combines on-premise systems, colocation and NTT Com’s Enterprise Cloud to better meet varied customer demand and optimize ICT systems. In addition, the high-speed connections between Gyron’s three Hemel Hempstead data centers will allow them to operate essentially as one data center, making it fast and easy to provide more server equipment and virtual servers for customers expanding their business. In the UK, the data center market grew by more than 20% in 2012 compared to the previous year due to strong demand from the technology, media and telecom industries. The demand for hybrid cloud services has likewise been growing and global service providers such as Salesforce.com have increasingly chosen NTT Com’s UK data centers. The new facility at Hemel Hempstead will enable NTT Com to meet the demand of this active market. For more information, please visit http://prw.kyodonews.jp/opn/release/201309184723/ About NTT Communications Corporation NTT Communications provides consultancy, architecture, security and cloud services to optimize the information and communications technology (ICT) environments of enterprises.
central bank’s decision to delay a reduction in its monetary stimulus boosting investors’ appetite for risk-sensitive sectors such as miners. The FTSE 100 index tracked a rally in global equities after the U.S. Federal Reserve surprised markets late on Wednesday by saying it wanted to wait for more evidence of solid economic growth before trimming its bond purchases, which have helped equity markets across the globe to set new highs. At 1416 GMT, the blue chip British stock index was up 70.48 points, or 1.1 percent, at 6,629.30. The mining sector gained 3.2 percent, led higher by precious metal miners. Randgold Resources and Fresnillo were among top gainers, up 7.8 percent and 5.3 percent respectively, benefiting as gold traded near a one-week high. Gold is seen as an inflation hedge, and had suffered as expectations grew that the Fed would begin to wind down its stimulus package. “The Fed are trying to keep real rates as low as possible, therefore we see a spike in precious metals… and it’s London listed gold miners that are helping the FTSE today,” Jeremy Batstone-Carr, analyst at Charles Stanley, said. UK miners dominated the list of top gainers not just on the FTSE 100 but also the pan-European FTSEurofirst 300, and the sector helped British stocks outperform their European peers. The FTSE 100 is up nearly 12.5 percent this year, but remains 3 percent off of 13-year highs set in May, just before Fed Chairman Ben Bernanke first indicated that tapering was set to occur later in the year.
NTT Communications to Double UK Server Room Area with New Data Center
“In the last 12 months, there have been significant developments in the legal process following the 2002 Gujarat riots, including convictions in a number of high profile cases,” Cameron told Eastern Eye, a weekly published by the Garavi Gujarat Group of newspapers. “We believe that closer engagement with Gujarat, including chief minister Narendra Modi, is now the best way to achieve our wide-ranging objectives there including on human rights and ensure that the UK can provide a full and consistent range of services across India,” Cameron said. Asked whether the UK will issue a visa to Modi if he wins the general elections in 2014 for BJP, Cameron said “any visa application is assessed on its merits. We are committed to a strong bilateral relationship with India, and that includes welcoming the Indian Prime Minister here for bilateral meetings.” Modi was named as the opposition’s candidate for the top job in India on September 13. Although many western nations including Britain and the US, distanced themselves from Modi in the immediate aftermath of the 2002 riots, there has been a shift in their position in the past year. In March this year, Britain’s foreign office minister Hugo Swire met Modi in Gujarat, saying it was “a logical next step” in Britain’s relations with the Indian state. “I am confident that active engagement is the best way to pursue British interests in Gujarat. This includes support for the British nationals in Gujarat, for the large Gujarati community in the UK, for human rights, and good governance,” Swire said at the time. It came on the back of lobbying by business groups, who sensed investment opportunities in the state and were keen to tap into the bond British Gujaratis have with their homeland. “There were arguments made privately for the UK government to start changing its stance in Gujarat,” said Patricia Hewitt, chair of the UK India Business Council. Barry Gardiner, MP for Brent North and chair of the Labour Friends of India, recently invited Modi to the UK. FEATURED ARTICLES