Royal Mail To Change Post Box Collection Time

The collection time at almost 50,000 Royal Mail post boxes will be brought forward to earlier in the day under new plans.

Staff delivering letters are expected to make the pick-ups as part of their rounds.

Some 47,500 post boxes will see collection times as early as 9am, instead of the usual 5pm.

Royal Mail, which was privatised last year, said it will also add around 2,000 new boxes in under-serviced areas such as rural Scotland and Northern Ireland.

New boxes would also be fitted in areas of high pedestrian traffic, including train stations and shopping precincts.

It currently has some 115,000 post boxes around the nation.

The company said where new collection times are imposed, generally between 9am and 3pm, there will still be a late posting box within half a mile.

About 12,000 rural post boxes are already emptied during delivery rounds but the new plan would primarily affect urban and suburban locations.

The new system is designed to improve efficiency, amid a decade-long decline in stamped mail use.

The company said: "Rather than decommission uneconomic post boxes, while staying within the regulated density requirement, Royal Mail will ensure their viability by improving the efficiency of its collections arrangements."

It said consultations have been undertaken with consumer groups and regulator Ofcom has been informed.

An Ofcom spokeswoman said: "Ofcom recognises the need for Royal Mail to become more efficient so it can sustain a universal postal service that consumers value highly.

"While the changes won't affect the majority of postal users, Ofcom expects Royal Mail to communicate clearly with any affected consumers and ensure that their reasonable needs continue to be met."

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Huntsworth Boss To Step Down After Pay Revolt

By Mark Kleinman, City Editor

The Conservative peer who heads one of the biggest public relations groups listed on the London stock market is to step down weeks after a major revolt by shareholders over his pay package.

Sky News understands that Lord Chadlington, chief executive of Huntsworth and a close ally of David Cameron, is to retire from the owner of prominent communications agencies such as Citigate Dewe Rogerson and Red.

A statement confirming his exit could be made as soon as Monday, when Huntsworth is due to report half-year results for the six months to June 30, according to banking sources.

The precise timing of Lord Chadlington's departure is unclear, but the announcement is intriguing because it comes less than four months after Lord Myners, the former City Minister, was appointed as Huntsworth's chairman.

Lord Myners has been a long-standing advocate of strong boardroom governance, and is said to have been contacted by a number of leading Huntsworth shareholders since his arrival amid discontent about Lord Chadlington's £1m-plus pay deal.

At the company's annual meeting in June, more than 30% of investors expressed their disillusionment with the chief executive by abstaining on his re-election to the board.

Nearly a quarter of shareholders voted against last year's remuneration report, while almost a third opposed Huntsworth's pay policies for the next three years.

The departure of Lord Chadlington, who is also the president of Mr Cameron's Conservative constituency association, will spell the end of a chapter of one of the most prominent careers in the UK's PR industry.

Now 72, he founded the Shandwick agency four decades ago, turning it into a major industry force, and built Huntsworth through a string of acquisitions which also included Grayling, another leading outfit.

There have been tensions in the company's boardroom in recent times, with Richard Sharp, Lord Myners' predecessor, and Joe MacHale, another board member, stepping down this year partly in protest at Lord Chadlington's remuneration.

The Huntsworth boss is unusual among the heads of listed companies for having a guaranteed contractual entitlement to an annual pay rise and bonus.

The business has been performing poorly, however, with a recent profit warning contributing to a 35% fall in the share price during the past year, giving it a market capitalisation of just £133.1m.

The arrival of Lord Myners adds an unexpected layer of intrigue to a relatively low-profile listed company.

Huntsworth is also a rarity among London-quoted businesses in having a Chinese peer as its largest shareholder.

Blue Focus, one of Asia's biggest PR groups, paid £36.5m for a stake of almost 20% just over a year ago.

Last month, it emerged that Matthew Freud, another major figure in the UK PR industry, had snapped up a 3% stake in Huntsworth, a purchase he described as "somewhere between a hunch and a punt".

A Huntsworth spokesman declined to comment on Sunday.

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Ofgem Rejects Blame For High Energy Bills

Ofgem has rejected claims that it is partly to blame for high energy bills.

It comes after five former energy regulators said the watchdog may be responsible for rising bills due to the poor structure of its regulation since 2008.

The Competition and Markets Authority (CMA) is currently investigating the energy sector after Ofgem said households are paying too much for gas and electricity.

The former regulators told the CMA that Ofgem played a part in weakened competition in the energy market.

They said that intervention by Ofgem has reduced the number of deals on offer, meaning "customers are less interested in shopping around".

But in a statement, the watchdog said: "Many of the current problems with retail competition in the energy market were showing before 2008 and the regulatory and policy environment has changed significantly since then.

"Our reforms to make the market simpler, fairer and clearer for consumers have been in place since earlier this year with the aim of tackling some of the issues affecting competition."

But while the CMA conducts its review of the energy sector, former regulators including Stephen Littlechild and Sir Callum McCarthy expressed concerns over its independence.

Ofgem said: "Referring the energy market to the CMA will help to ensure that no stone is left unturned to make sure that competition is bearing down as hard as possible on prices.

"We consider it essential that their review is independent so it can answer pressing questions and provide remedies to make the market work better for consumers.

"While it's up to the CMA to decide which features of the market to investigate, we have made it clear that we would fully expect them to look at the regulatory framework and the actions we have taken to intensify competition and protect consumers."

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Amazon Stops Disney Pre-Orders In 'Dispute'

Amazon has reportedly halted pre-orders of some Disney films, in what looks like another contract dispute following the online retailer's row with a book publisher.

Physical copies of titles such as Maleficent and Captain America: The Winter Soldier were unavailable for order on Amazon.com.

Digital copies of some of the movies in question were still available for pre-order, the Wall Street Journal reported.

Amazon has been waging a battle against Hachette Book Group, the fourth-largest US book publisher, over the price the online retailer can charge for e-books.

A group called Authors United ran a two-page ad in the New York Times on Sunday, criticising Amazon for halting pre-orders from some Hachette authors and slowing delivery of books by Hachette authors.

The ad was signed by more than 900 writers, including Stephen King and Donna Tartt.

Amazon.com's Books Team ran a message on the Readers United website reiterating its arguments for cheaper ebooks, and suggested people email Hachette chief executive Michael Pietsch.

Scarlett Johansson stars in the latest Captain America film

The company published Mr Pietsch's email address and listed key points people might want to make.

Mr Pietsch replied to every individual who emailed him saying that the dispute started because Amazon is seeking a lot more profit and even more market share at the expense of authors, bookstores and Hachette.

"Both Hachette and Amazon are big businesses and neither should claim a monopoly on enlightenment, but we do believe in a book industry where talent is respected and choice continues to be offered to the reading public," Mr Pietsch wrote on Sunday.

"Once again, we call on Amazon to withdraw the sanctions against Hachette's authors that they have unilaterally imposed, and restore their books to normal levels of availability."

Amazon argues that cheaper e-books sell more copies and so ultimately generate more revenue and more royalties for authors.

There has been no comment from Amazon or Disney relating to the matter.

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Starting Pay Flatlines As Wage Outlook Weak

Wage growth in the UK is expected to remain weak after a new report showed only 2% of employers gave new recruits pay rises above inflation last year.

A survey by the Chartered Institute of Personnel and Development (CIPD) revealed that despite increasing output and a pick-up in the jobs market, the squeeze on real wages will continue.

In the year to June, the CIPD said that private sector median wage increases dropped to 2%, down from 2.5% in 2013.

Of the 1,000 employers it surveyed, only 20 said they had significantly increased starting salaries.

It comes as some reports have suggested a brighter outlook for wage growth.

Last month the Institute of Directors said two-thirds of the company bosses it surveyed intended to increase staff pay at least in line with inflation over the next 12 months.

But the CIPD said some surveys have failed to include a large number of employers who are not carrying out pay reviews or are implementing pay freezes. 

It found that only 38% of employers had carried out a pay review since the start of 2014, a figure it said was "surprisingly low" since most pay settlements take place during the first half of the year.

According to the Office for National Statistics, regular employee pay rose by 0.7% in the three months to May.

It was less than half the rate of inflation and the slowest pay growth since records began in 2001.

Despite its findings, the CIPD said the jobs market is growing.

CIPD chief economist Mark Beatson said: "Recruitment intentions are high, SMEs provide much of the fuel and we are seeing this all over the UK, with employers in the Midlands and the North having the highest short-term employment optimism.

"This is great news for job seekers, but we urgently need to see jobs growth accompanied by productivity growth for workers to feel the benefits of the recovery too."

He added: "The figures show that despite pay squeezes, around two thirds of employers plan to recruit employees in the next three months.

"Recruitment intentions in the public sector have risen to a five-year high with 75% indicating that they plan to recruit in the third quarter of 2014."

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Morrissey On The Hunt For Record Label Again

Morrissey claims he has been dropped by his record label just weeks after releasing his first new album in five years.

Last week the former Smiths frontman criticised Harvest as he talked about how he has been snubbed by the media over his release of World Peace Is None Of Your Business.

The chart star has fallen out with numerous record companies, and wrote about his dissatisfaction with the music business in his memoir, Autobiography, last year.

A statement posted on the website used by Morrissey said: "Three weeks after the release of Morrissey's World Peace Is None Of Your Business (#2 UK, #14 US), Capitol Records/Harvest have ended their relationship with Morrissey, as directed by label boss Steve Barnett.

"Morrissey is once again in search of a record label."

The star had been without a label for a number of years before he signed with Harvest.

It is part of the same Universal Music group with whom his previous album, Years Of Refusal, had been released in 2009 and he was less than complimentary about the company in his book, saying they signed him "against their will".

Last week the 55-year-old thanked fans for posting homemade videos to accompany the title track of his album and made it clear that he felt his record label should have provided a promo of their own.

He said of the fan films: "These videos fully understand the intent of the song, and I am relieved that these films exist.

"Yes, a similar document ought to have been harvested by the record label, but please understand that the pop or rock industry can be as dedicated to perpetuating public deception as the world of politics itself. God bless social media."

He added: "I should like to finally make it clear that I have not received any television invitations - worldwide! - to either discuss World Peace Is None Of Your Business, or even to sing any songs from the album."

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Banks Plot Sale Of Food Giant Bakkavor

By Mark Kleinman, City Editor

One of Britain's biggest suppliers of supermarket ready-meals is heading for a shake-up of its ownership as part of the unwinding of the legacy of the Icelandic banking crash.

Sky News has learnt that Bakkavor, which is a major supplier to Marks & Spencer, Tesco, Waitrose and other major grocery chains, is drafting in bankers to sell stakes potentially amounting to nearly half of the company's share capital.

The move follows a restructuring of Bakkavor's borrowings, including a debt-for-equity swap, last year.

Although little-known among British consumers, Bakkavor is a significant player in the UK food industry, employing more than 16,000 people here.

Insiders said on Monday that Barclays was close to being appointed to find buyers for the 25% of Bakkavor which is owned by Arion Banki.

Other Icelandic institutions, including the Pension Fund of Commerce and the Gildi Pension Fund, which between them hold about 12% of the company, may also decide to participate in the share sale.

Barclays would be hired by the company at the request of the selling shareholders, they added.

The Gudmundsson brothers, Agust and Lydur, who founded Bakkavor a quarter of a century ago do not intend to sell any of their 39% shareholding, according to another source.

Bakkavor became a big player in the UK through its takeover of Geest in 2005, a deal which reflected the rapacious appetite among Icelandic companies to expand internationally.

The enormous loans made by Iceland's banks enabled those companies to embark on a debt-fuelled spending spree but triggered the meltdown of the country's economy when the financial crisis hit in 2008.

The Gudmundssons were the biggest shareholders in Kaupthing, one of the Icelandic banks that collapsed, through their investment vehicle Exista.

Bakkavor, which made around £115m in profit last year, will report half-year results later this week, an obligation placed on the company because it has listed bonds.

Its international customers include Burger King, PizzaExpress, Pret a Manger and Starbucks.

A Bakkavor spokesman declined to comment on Monday.

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Balfour Beatty Rejects Second Merger Offer

Balfour Beatty has rejected a £3bn merger deal with rival Carillion for the second time.

The British infrastructure company said a tie-up would pose significant risks to its business.

The revised proposals from Carillion follow a difficult period for the Balfour Beatty, which in the last 18 months has issued a series of profit warnings.

Its most recent warning came in July as the company blamed a deterioration in the performance of its UK construction business, but insisted that its balance sheet remained in good shape.

Earlier this year, loss-making Balfour also lost its chief executive.

Turning down an offer for the second time, the executive chairman said there was no strategic logic to a deal other than to boost the combined group's earnings.

Steve Marshall said: "In our board's judgement, it wasn't a credible proposal that was going to fix all the risks for Balfour Beatty shareholders."

It comes as the company is trying to sell off US consultancy Parsons Brinckerhoff.

Balfour Beatty voiced concerns that any deal with Carillion could threaten the sale of the business.

It said: "If bidders were not prepared to carry on and if the merger then didn't go through, Balfour Beatty is basically left with a failed merger transaction and damage to Parsons Brinckerhoff."

Balfour Beatty acquired Parsons Brinckerhoff  for £636m in 2009 but wants to shed the business as it says it has failed to deliver significant benefits.

With the latest rejection, Carillion has said it is considering its position.

Balfour's shares were up by more than 2% in afternoon trading.

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'Pay Before You Die' Inheritance Tax Plan

People suspected of trying to avoid inheritance tax could have to pay before they die under proposals being considered by ministers.

HM Revenue & Customs could demand "accelerated payment" where savers are using potentially illegal avoidance schemes.

The measures - at the consultation stage - are a response to concern that growing numbers of people are using trusts to shield their estates from inheritance tax.

But Stuart Phillips, of tax planning firm the Private Office, said the policy could have "unintended consequences".

HMRC says the proposals will only affect a small minority of wealthy people

"The concern is that the Revenue takes a highly aggressive stance, just like with the film schemes for which celebrities have been under scrutiny, and terrifies families who have been engaging in legitimate tax planning that has been used for many years," he told The Daily Telegraph.

"I'm apprehensive that large-scale action could have unintended consequences."

Inheritance tax is levied at 40% on the value of an estate above the £325,000 threshold. Married couples can combine their allowances.

The Tories pledged to raise the threshold from £325,000 to £1m at the last election, but the policy was blocked by the Liberal Democrats.

A HMRC spokesman said: "We are seeking views on tackling inheritance tax avoidance schemes. This is an ongoing consultation and no final decisions have yet been taken.

"The proposals in the consultation paper will only affect a small minority of wealthy individuals who actively seek to avoid inheritance tax.

"Couples would still be able to leave up to £650,000 tax free to benefit their children or grandchildren."

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Microsoft To Release £15 Mobile Phone

Microsoft has unveiled a dual-sim mobile phone that will cost less than £15.

It is a surprise addition to its Nokia range of phones, and will be available in three different colours.

There is no internet capability however, and users will have to rely on a USB connection, an SD card, or Bluetooth to load music and video onto the Nokia 130 device.

Unlike smartphones, the phone has a lengthy battery life – up to 36 days on standby with 13 hours talk time.

Other basic features include a rear-mounted torchlight, and a 1.8-inch colour display.

Microsoft said that despite the low cost, it is likely to profit from the handset.

The device will be sold in countries including China, India, Pakistan and Vietnam, but there are no plans to release it in the UK.

Last month a touchscreen smartphone costing just £26 was launched by a firm called Karbonn.

So far, it has only been released in India but Britons can order the device online and have it delivered to the UK.

The phone runs on Android, the Google-owned operating system, and features Google Maps and Gmail.

The device has a 1.2 GHz dual-core processor and 256MB RAM, plus 512MB internal storage.

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