Pension curtailment gain represents almost the entire profit

UK construction company Kier restricts pensionable salary increases with a resultant £24.3 million gain representing almost the entire profit.

Joint venture acquisition proves a passing fancy

Spanish construction company Acciona finalises the accounting for a €9.3 billion interest in a joint venture as an acquisition in stages and discloses a ten year management agreement, but then adds that it intends to dispose of its interest, whilst retaining renewable energy assets, in the next financial year.