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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'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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Malaysia Airlines Launches 'Complete Overhaul'

Malaysian officials have released a share buy-back plan to take Malaysia Airlines off the stock market, as part of a "complete overhaul" of the embattled carrier.

State investment firm Khazanah Nasional, which owns 69% of the airline, wants to purchase the majority shareholding from investors ahead of a delisting.

The move comes as the company continues to reel from the dual effect of losing two aircraft this year - the disappearance of MH370 and the crash of MH17 in eastern Ukraine.

The airline struggled with profitability for several years ahead of this year's disasters.

Khazanah Nasional has proposed buying the outstanding stock at 27 sen (£0.0475) a share, 29% higher than the three-month average.

The complete takeover would cost 1.38bn ringgit (£255m). Shares were suspended in Kuala Lumpur ahead of the announcement.

"The proposed restructuring will critically require all parties to work closely together to undertake what will be a complete overhaul of the national carrier," Khazanah said in a statement.

"Nothing less will be required in order to revive our national airline to be profitable as a commercial entity and to serve its function as a critical national development entity."

Before this year's disasters, the carrier's financial performance was among the worst in the industry, putting a question mark over its future.

Some industry experts recently voiced concern of its ability to survive without a major cash injection from the Malaysian government.

Branding specialists have said Malaysia Airlines must take dramatic steps such as replacing its senior management and a name change.

As a state-owned flag carrier, the airline must fly unprofitable domestic routes.

Its workforce has a strong union presence that has resisted operational changes, amid the rise of low-cost regional rivals.

Khazanah said the plan required approvals from regulators and Malaysia's finance minister.

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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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Canadian Teachers Swoop On Debt Group Lowell

By Mark Kleinman, City Editor

A giant Canadian pension fund has swooped to buy a big stake in Lowell Group, one of Britain's biggest consumer debt collection agencies.

Sky News understands that Teachers Private Capital (TPC), an investment arm of one of Ontario's municipal retirement schemes, signed a deal on Friday to acquire just over 35% of Lowell's shares.

The deal values the debt collection group at around $1.6bn, and returns a large chunk of cash to TDR Capital, the private equity firm which has owned Lowell since 2011.

An announcement is expected on Monday as a consequence of Lowell's publicly-traded debt securities.

Lowell specialises in debt recovery and other credit management services, a sector which has attracted frequent attention from private equity funds.

The company, which pledges to take "a fair, sensitive and ethical approach to debt recovery", competes with rivals such as Cabot Credit Management and Arrow Global, which floated on the stock exchange last October.

The Financial Conduct Authority assumed responsibility for regulating consumer credit providers earlier this year.

TPC, which is also a significant investor in TDR's funds,  is understood to have been attracted to Lowell's growth prospects and its compliance record with UK financial regulators.

The deal adds Lowell to a portfolio of UK investments made by Ontario's vast teachers' pension fund, which include Camelot, the National Lottery operator; Burton's Biscuits, the owner of Jammie Dodgers and Wagon Wheels; and Busy Bees, the nurseries group.

TPC's investment comes ahead of a potential stock market flotation of Lowell, which could take place as soon as next year.

TDR and TPC declined to comment.

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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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Malaysia Airlines Launches 'Complete Overhaul'

Malaysian officials have released a share buy-back plan to take Malaysia Airlines off the stock market, as part of a "complete overhaul" of the embattled carrier.

State investment firm Khazanah Nasional, which owns 69% of the airline, wants to purchase the majority shareholding from investors ahead of a delisting.

The move comes as the company continues to reel from the dual effect of losing two aircraft this year - the disappearance of MH370 and the crash of MH17 in eastern Ukraine.

The airline struggled with profitability for several years ahead of this year's disasters.

Khazanah Nasional has proposed buying the outstanding stock at 27 sen (£0.0475) a share, 29% higher than the three-month average.

The complete takeover would cost 1.38bn ringgit (£255m). Shares were suspended in Kuala Lumpur ahead of the announcement.

"The proposed restructuring will critically require all parties to work closely together to undertake what will be a complete overhaul of the national carrier," Khazanah said in a statement.

"Nothing less will be required in order to revive our national airline to be profitable as a commercial entity and to serve its function as a critical national development entity."

Before this year's disasters, the carrier's financial performance was among the worst in the industry, putting a question mark over its future.

Some industry experts recently voiced concern of its ability to survive without a major cash injection from the Malaysian government.

Branding specialists have said Malaysia Airlines must take dramatic steps such as replacing its senior management and a name change.

As a state-owned flag carrier, the airline must fly unprofitable domestic routes.

Its workforce has a strong union presence that has resisted operational changes, amid the rise of low-cost regional rivals.

Khazanah said the plan required approvals from regulators and Malaysia's finance minister.

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Canadian Teachers Swoop On Debt Group Lowell

By Mark Kleinman, City Editor

A giant Canadian pension fund has swooped to buy a big stake in Lowell Group, one of Britain's biggest consumer debt collection agencies.

Sky News understands that Teachers Private Capital (TPC), an investment arm of one of Ontario's municipal retirement schemes, signed a deal on Friday to acquire just over 35% of Lowell's shares.

The deal values the debt collection group at around $1.6bn, and returns a large chunk of cash to TDR Capital, the private equity firm which has owned Lowell since 2011.

An announcement is expected on Monday as a consequence of Lowell's publicly-traded debt securities.

Lowell specialises in debt recovery and other credit management services, a sector which has attracted frequent attention from private equity funds.

The company, which pledges to take "a fair, sensitive and ethical approach to debt recovery", competes with rivals such as Cabot Credit Management and Arrow Global, which floated on the stock exchange last October.

The Financial Conduct Authority assumed responsibility for regulating consumer credit providers earlier this year.

TPC, which is also a significant investor in TDR's funds,  is understood to have been attracted to Lowell's growth prospects and its compliance record with UK financial regulators.

The deal adds Lowell to a portfolio of UK investments made by Ontario's vast teachers' pension fund, which include Camelot, the National Lottery operator; Burton's Biscuits, the owner of Jammie Dodgers and Wagon Wheels; and Busy Bees, the nurseries group.

TPC's investment comes ahead of a potential stock market flotation of Lowell, which could take place as soon as next year.

TDR and TPC declined to comment.

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Russia In EU And US Food And 'Flight Ban'

Russian Prime Minister Dmitry Medvedev has said the country is considering a ban on flights from Europe and the US to Asia.

Speaking at a government meeting he said the "serious measure" of blocking Russian airspace was a response to sanctions that recently stopped Dobrolyot, one of Russia's low-cost airlines, from flying.

It comes as Mr Medvedev confirmed the country has banned transit flights for Ukrainian airlines via its territory.

If Russia goes ahead with the ban on Western airlines, passengers could see ticket prices rise because carriers would be forced to use more fuel to reach destinations using longer flight paths.

The move could hit major European airlines such as British Airways, Lufthansa and Air France, leaving them faced with multibillion-pound losses.

Mr Medvedev said a response to sanctions against Russia was needed

Meanwhile Russia announced further details of its sanctions on food and agricultural products from the West.

Mr Medvedev said an immediate ban has been put on fruit, vegetable, meat, fish, milk and dairy imports from the European Union, United States, Australia, Canada and Norway.

He said: "Until the last moment, we hoped that our foreign colleagues would understand that sanctions lead to a deadlock and no one needs them.

"But they didn't and the situation now requires us to take retaliatory measures."

He said the food ban would last for a year, but could be lifted earlier if the West reacted with a "constructive approach".

Responding to the decision, the European Commission warned it was ready "to take action".

In a statement it said: "This announcement is clearly politically motivated.

"Following full assessment by the Commission of the Russian Federation's measures, we reserve the right to take action as appropriate."

In 2013 the EU's agricultural exports to Russia were worth €11.8bn (£9.4bn), while the US says its food and agricultural exports amounted to $1.3bn (£77m).

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