Italian police seize castle in tax probe
Italian police have confiscated €65m of assets, including a 15th century castle, from the Marzotto family for suspected tax evasion connected to the 2007 sale of the Valentino fashion brand. The Marzottos are under investigation over the €2.6bn sale of Valentino and its Hugo Boss subsidiary in Germany to the UK’s Permira.
VW to issue €2bn of debt
Volkswagen, Europe’s biggest carmaker by sales, is set to replenish its capital reserves following a spate of acquisitions and planned investments by issuing at least €2bn of debt that must be converted to equity.
Stifel to purchase KBW for $575m
KBW, a boutique investment bank that lost scores of employees in the World Trade Center attack but managed to rebuild in the years since, has been acquired by Stifel Financial for $575m in cash and shares. In the years since it lost 64 of its 224 employees on 11 September 2011, KBW has recovered with the support of other banks on Wall Street.
Talking ATMs for the blind
Barclays has installed technology to make three quarters of its cash machines “talk” so they can be used by blind customers, it was announced yesterday. More than 3,000 of Barclays ATMs now have audio technology.
Amazon at your convenience
The introduction of collection lockers in Britain’s biggest independent convenience store chain is being hailed as a breakthrough for Amazon.
The Daily Telegraph
Britons plan to work in retirement
One in three Britons doesn’t plan to give up work when they reach retirement age, rising to four in 10 over-55s, according to a survey by NOW: Pensions. It found one third of Britons were not contributing to any kind of savings plan.
David Cameron defends arms deals
Selling arms to Saudi Arabia and the United Arab Emirates is “legitimate and right” as autocratic countries have a right to self defence, David Cameron said yesterday on a three day visit to the region.
THE WALL STREET JOURNAL
GM bolsters its credit line
General Motors disclosed yesterday that it has secured a new $11bn revolving line of credit, bolstering the auto maker's liquidity as it grapples with a potentially costly restructuring in Europe and significant pension liabilities at home.
HarperCollins closes warehouses
HarperCollins Publishers said yesterday it is closing its last two warehouses in the US, a sign of how the growth of digital books is prompting book publishers to rethink how they distribute print books.