JERSEY AND ISLE OF MAN OFFER TAX SOP TO BRUSSELS
Jersey and the Isle of Man have announced changes to their corporate tax regimes in an effort to neutralise criticism from Brussels. Both crown dependencies said they were withdrawing laws that aim to stop local shareholders from avoiding personal income tax by rolling up income in companies subject to a zero per cent corporate tax rate.
HIGH-FLYERS TO ESCAPE MIGRATION CAP
High-flyers earning more than £150,000 a year will be exempt from the yearly cap on economic migration, ministers will announce today. The move comes in response to fears that the limit would hinder the City’s ability to hire global talent. The concession will be welcomed by business leaders, who have warned that the limit on work permits threatens to damage trading partnerships.
CYPRUS COURT LIFTS INJUNCTION ON RUSSIAN TYCOON
A Cyprus court has lifted an injunction freezing a large part of Suleiman Kerimov’s business empire, including the Russian tycoon’s 25 per cent stake in Uralkali, which is part of a planned merger to create the world’s biggest potash producer by output.
EDF PROFITS DIVE AFTER PROVISIONS
EDF hopes to reassure investors on its development plans this spring, after the French state-controlled utility group saw net annual profits fall 74 per cent on the back of €2.9bn (£1.8bn) in provisions to cover risks in its international businesses. Senior executives said management would meet in the spring to consider the group’s future investment priorities as the group faces up to duller prospects in the US and Italian markets.
CAIRN CHIEF WARNS TIME IS RUNNING OUT ON INDIAN OILFIELD DEAL
Cairn Energy’s chief executive has flown to Delhi to try to salvage a $9.6 bn deal to sell its stake in India’s largest onshore oilfield. Sir Bill Gammell’s arrival coincided with a fresh delay in securing government approval for the deal. The Oil Minister S. Jaipal Reddy said yesterday the Cabinet would not make a decision on the sale of up to 60 per cent of Cairn India for two to three weeks.
ORDERING A PIZZA FROM THE MIDDLE OF A MOTORWAY
Hungry motorists will soon be able to phone ahead to the next motorway service station to order a Pepperoni Passion or a Hawaiian thin crust after Domino’s Pizza signed a deal with Moto Hospitality to open takeaways on up to 43 sites.
The Daily Telegraph
WIKILEAKS: BHP BILLITON CHIEF MARIUS KLOPPERS OFFERED
INTELLIGENCE ON CHINA TO US
The head of mining giant BHP Billiton offered to share intelligence about China with US authorities, according to Wikileaks cables seen by the Sydney Morning Herald. The revelations came as BHP, the world's largest mining company, prepared to unveil record interim results. Marius Kloppers, BHP’s chief executive, said he would exchange information with US diplomats in 2009, as he detailed the high level of surveillance that Chinese authorities had on his company. China is BHP’s largest customer.
APPLE’S CHILD LABOUR ISSUES GET WORSE
Apple, the technology giant, has admitted child labour is a growing problem at factories making its computers, iPods and mobile phones.
THE WALL STREAT JOURNAL
JUDGE SAYS BARCLAYS “MANIPULATED” DEL MONTE SALE
A Delaware judge issued a scathing decision that criticised Barclays Capital’s role as the lead adviser to Del Monte Foods in the food maker’s proposed $4bn sale to private-equity firms. J. Travis Laster, a judge in Delaware Chancery Court, said the Barclays unit failed to disclose “behind-the-scenes efforts” to put Del Monte in play or to tell the San Francisco company about the bank’s goal to provide financing to Del Monte buyers Kohlberg Kravis Roberts & Co., Vestar Capital Partners and Centerview Capital.
J&J RECALLS 70,000 SYRINGES
Johnson & Johnson has recalled about 70,000 syringes of antipsychotic Invega, an injectable formulation, after discovering cracks in the syringes.