Thursday newspaper round-up: DPD, pensions triple lock, Woodford fund
The delivery firm DPD and the B&Q owner Kingfisher are hiring a total of more than 7,500 staff in the UK to cope with surging demand for home deliveries during the coronavirus pandemic. DPD is to hire 6,000 workers, including HGV drivers, warehouse staff, managers and support staff such as mechanics as part of a £200m investment in expanding its next-day parcel-delivery service. – Guardian
Rishi Sunak is being forced to consider ways of getting round the “triple lock” on pensions next year amid signs that the bounce back in wages for furloughed workers could put state pensioners in line for an 18% increase. While the Treasury said it had no plans to ditch the arrangement – by which pensions rise by the rate of inflation, average earnings or 2.5%, whichever is greater – the chancellor has accepted a problem is looming in 2021 as the economy recovers from the coronavirus lockdown. – Guardian
Ministers are closing in on plans to end rent disputes between warring landlords and cash-starved businesses, with new guidance expected this week. A code of conduct drawn up by the Government with property owners and business groups should be revealed in good time ahead of the quarterly rent payment day next Wednesday, sources close to the discussions said. However, industry doubts remain over the likely effectiveness of the plan. – Telegraph
The administrator of Neil Woodford’s failed investment fund has been accused of delivering “a slap in the face” to investors with its recent £224 million deal to sell a host of the fallen stock-picker’s biotechnology stakes. Acacia Research Corporation has started to sell on some of the assets that it agreed to buy a fortnight ago from Mr Woodford’s Equity Income Fund and at least one stake has been offloaded for a significant profit. – The Times
Ministers and regulators have paved the way for the creation of gigantic new consolidation vehicles that could take over traditional pension funds and prise open a market at present enjoyed by insurers alone. The Pensions Regulator has set out a new interim regime that would allow “superfunds” to transact their first deals before formal legislation is enacted. – The Times