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According to the country's largest online seller of unemployment cover, insurers are turning away City workers seeking unemployment insurance, as they are seen to be at too great a risk in the uncertain economic climate. "If you worked at Lehman or Goldman Sachs or any other investment bank I could have got cover for you several months ago, but not now," said Simon Burgess of British Insurance. Brokers still offering cover to the finance sector stated that the market had tightened in other ways, including rises in premiums or more stringent acceptance criteria. The Association of British Insurers denied, however, that there was any sort of a "black list", stating: "Applications are assessed on an individual basis and the insurer will decide if they are prepared to take on the risk."

CONCERN GROWS OVER 'BOMBSITE BRITAIN' TAX

John Nicholls, chairman of the URC chief executives group and chief executive of the Leicester Regeneration Company, warned that British cities are "beginning to look like broken teeth", with hundreds of properties being demolished as a consequence of a damaging tax on empty property. The levy on empty shops, warehouses and offices is aimed at landlords who deliberately leave buildings empty while waiting for rents to rise. It was intended to raise the supply of properties, reduce rent and earn the Treasury around one billion pounds in tax. However, opponents argue that it has led to properties being demolished, in order to avoid paying the tax. A government spokesman said on Friday that there were no plans to "reverse the changes to empty property rate relief introduced on April 1, but as with all taxes we will keep the position under review."

CARBON PERMIT FUNDS MAY GO TO POOR

The newly appointed head of the Fuel Poverty Advisory Group, Derek Lickorish, told Channel 4 News on Friday that the government could deploy the money raised through the sale of permits in the European Union's emissions trading scheme to help the poor this winter. He added, the cash ought to be spent on "customers who are vulnerable or in receipt of certain benefits who will have difficulty in paying their energy bill this winter". The consumer watchdog, Energywatch, estimated that more than five million people would spend more than ten percent of their disposable income on energy bills, and consequently would fall into its definition for fuel poverty.

CROSSRAIL BIDDERS SHORTLISTED

The company set up to guide the construction of London's 15.9 billion pound east-west Crossrail rail line announced on Friday the shortlist for the key construction contracts. Only Bechtel and Balfour Beatty (BALF.L: Quote, Profile, Research) were shortlisted for both of the most important contracts. The largest contract is for a project delivery partner- the bidder that will oversee the building of the 21 kilometre twin tunnels beneath London. The other major contract is for a programme partner, which will supervise overall management of the project.

GUINNESS FAMILY OPENS ITS DOORS

Private investors who have at least 50,000 pounds to their names are being offered the chance to invest in an open-ended investment company, which aims to mirror the Guinness family's personal investment portfolio. The Ireland listed fund will be open to investors from the beginning of September. "To us, the appeal of private offices generally is that these are families who made their fortunes centuries ago and they've kept them intact by not straying too far off the beaten track," said Jon Horton of Chamberlain de Broe, a London advisory company and a member of the group that convinced the Guinnesses to open the fund. The fund, established by the Guinness family's office, Iveagh Ltd, aims to offer exposure to an assortment of assets, including hedge funds and private equity.

AON OF US AGREES TO BUY BENFIELD FOR 844 MILLION POUNDS CASH

The world's largest reinsurance broker is to be created after Benfield (BFD.L: Quote, Profile, Research) has agreed to be taken over by Aon of the US for 844 million pounds cash. Aon's 350 pence-a-share offer price is a 40 percent premium to Benfield's average share price over the last 30 days, and slightly above Friday's closing price of 345.5 pence. The deal is scheduled to be completed by year-end and is subject to a one percent break fee. Investors holding 25.4 percent of Benfield have already agreed to sell to Aon, with analysts describing the price as fair.

THREE ARRESTED IN GP NOBLE PENSION INQUIRY

Three men have been arrested in connection with the Serious Fraud Office's investigation into independent pension trustee company GP Noble. The move follows the Pensions Regulator last week using its emergency powers to remove GP Noble from control of 29 schemes. Money Portal, the City of London investment firm that owns GP Noble, said: "We shall do all we can to ensure that justice is done and will co-operate fully both with this inquiry and with the Pensions Regulator, whose actions we fully support".

SIMON TAKES STAKE IN UK RIVAL LIBERTY

Simon Property Group of the US has purchased a 3.5 percent stake in its UK shopping centre rival Liberty International (LII.L: Quote, Profile, Research) for 120 million pounds. This is the first time that Simon Property, which already owns or has involvement in 383 properties across the world, has become involved in the UK property market, but real estate analysts suggested that it is unlikely to make a sole bid for Liberty. Shares in Liberty closed trading on Friday up 68.5 pence at 943.5 pence.

VITEC DAZZLED BY HOLLYWOOD

Kingston based Vitec Group, which supplies equipment to the broadcast, entertainment and photographic industries, is to purchase California based Litepanels for 7.8 million pounds. Litepanels makes low-powered lights for the video and film industry, and was founded by a group of Hollywood-based lighting designers and directors who will remain with the company. It has developed a range of light-emitting-diode-based (LED) lights for use in studios and film sets, which Vitec chief executive Gareth Rhys Williams said had proved "much more comfortable for newscasters and actors", while also reducing studio power and air-conditioning requirements.

SPECTRIS LIFTED BY GROWING DEMAND FOR EFFICIENCY

Instrument and manufacturing controls maker Spectris (SXS.L: Quote, Profile, Research) has announced an operating profit of 44.7 million pounds in the six months to June 30, up from 38.9 million pounds, on revenues of 358 million pounds. Pre-tax profit was 39.1 million pounds, down from 56.4 million pounds last time around, though this figure had been inflated by a 17.5 million pound contribution from profits on disposals of businesses and other items. Sales in China grew by 15 percent, while business in India, Latin America, Russia, North America and Europe also advanced. Shares in Spectris rose 6.5 pence to 810 pence.

Source:  http://uk.reuters.com/