RETIREMENT savings could collapse if the Government further reduces pension savings reliefs, pension consultancy Towers Watson has said. The Government has already restricted a number of reliefs for people saving into a pension. Employees can no longer claim relief on PRSI (pay related social insurance) while the universal social charge applies to pension contributions.

Smurfit invests in Russian factory

PACKAGING

PACKAGING giant Smurfit Kappa has acquired a factory in St Petersburg, Russia, from Swedish rival SCA. Smurfit Kappa already has an operation in the city and the two plants will be run by a single management team. A spokesman said the deal would enable the Irish company to expand its footprint in northwest Russia. The terms of the transaction were not disclosed.

Property Services Bill is welcomed

PROPERTY

THE Society of Chartered Surveyors Ireland has welcomed the passing of the Property Services (Regulation) Bill 2009 through the Dail. The SCSI said that the long-awaited legislation would enact the Property Services Regulatory Authority on a statutory basis and would provide what it said was much-needed legislative regulation in the property sector. Roland O'Connell, the vice president of the Society of Chartered Surveyors Ireland commented: "Buying a home is one of the largest financial transactions most people make and the new Bill will ensure proper standards of regulation of auctioneers, estate agents and property management agents."

Tesco steps up its price-cut campaign

RETAIL

TESCO is expanding its price-cutting campaign as grocers battle to lure cash-strapped shoppers in the run up to the key Christmas trading period. Its UK chief executive Richard Brasher said some of the investment was on top of a 'Big Price Drop' campaign launched two months ago, although he declined to give a figure.

Siemens plans cull of 17,000 jobs

TELECOMS

SIEMENS Networks, the unprofitable telephone-equipment venture of Nokia Oyj and Siemens AG, will eliminate 17,000 jobs worldwide in its biggest cull to narrow the gap with market leader Ericsson AB. The reduction, equivalent to about 23pc of its workforce, will be completed by the end of 2013, when Nokia Siemens aims to cut €1bn in annual operating expenses and production costs. Nokia Siemens will focus on mobile broadband and services.

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