Construction company Alfred McAlpine has announced plans to abolish its policy of holding back 5 per of fees from subcontractors to cover extra costs. The industry-backed Construction Liaison group is campaigning against the policy. The announcement is part of a drive to raise standards.

A euro transfer payment system, Stepyl, adopted by major European banks, is expected to speed up euro transfer payments, according to the Euro Banking Association. Paperwork should be reduced and payments should be completed within two days.

The contract clothing division of textiles company Coats Viyella, a supplier to retailer Marks & Spencer, is to remain open after a management buy-out this month.

Energy regulator Ofgem has set out its new year’s resolutions in a corporate and budget plan. These include ensuring efficient trading in wholesale gas and electricity, managing the move to competitive supply markets, improved regulation of monopoly businesses and social and environmental action. For a copy of the plan, visit www.ofgem.gov.uk or call 0116 277 2617.