Call a tax a tax demands MP in NI rename row February 24, 2014 THE CONSERVATIVE MP calling for an end to National Insurance payments has won the backing of business leaders at the Institute of Directors. Backbench MP Ben Gummer will set out his argument to rename National Insurance the “Earnings Tax” in parliament today, and has admitted that this is the first step in a plan to [...]
Big firms face account probe February 24, 2014 ACCOUNTING standards are under increased scrutiny from HM Revenue and Customs (HMRC), which suspects poor financial practice means too little tax is being paid by big firms, according to lawyers Pinsent Masons. The law firm said HMRC believes as much as £442m is underpaid, up 57 per cent on the £282m it was looking into [...]
What the other papers say this morning – 25 February 2014 February 24, 2014 FINANCIAL TIMES Markit and Virtu race for IPOs Two unique financial technology companies are preparing multibillion dollar initial public offerings, with both Markit and Virtu Financial seeking New York listings in the coming months. Markit, the UK-based data provider, is aiming to raise at least $500m and seek a valuation of more than $5bn as [...]
KKR chiefs split $327m payday for bumper year February 24, 2014 THE LEADERS of Wall Street giant KKR earned more than $160m (£96m) each last year, dwarfing the pay packets of most banking chief executives. Henry Kravis and George Roberts, who co-founded the firm along with Jerome Kohlberg in 1976, made $161.4m and $165.5m respectively – a bumper total of $326.9m – from dividend payments and [...]
Eurobond king Rudloff quits after 50 years in investment banking February 24, 2014 INVESTMENT banking titan Hans-Joerg Rudloff announced his plan to retire yesterday after almost 50 years in the business. Rudloff made his name developing the Eurobond markets, a key stage in the emergence of modern, global finance, and in the history of the City of London. The 73-year-old has chaired Barclays’ investment banking arm since 1998, overseeing [...]
Banks hit out at Osborne fiddling with levy February 24, 2014 THE BANK levy puts Britain’s lenders at a competitive disadvantage to other countries, the British Bankers’ Association has told George Osborne. The group also argue that the chancellor’s constant fiddling with the tax is damaging as banks cannot predict how much they will pay over. The charge is levied on banks’ balance sheets, taking 0.156 per cent of [...]
Dixons boss set to be chief exec if deal happens February 24, 2014 DIXONS Retail chief executive Sebastian James is expected to head one of the high street’s biggest chains if talks with Carphone Warehouse lead to a merger, with Sir Charles Dunstone expected to become chairman. The two companies yesterday confirmed “very preliminary” merger talks that could create an electricals and mobile phone giant with a market [...]
Bottom Line: A merger of egos could be difficult to seal February 24, 2014 AS THE world’s telecoms bigwigs gathered in Barcelona for Mobile World Congress yesterday, something was afoot much closer to home. Forced to reveal much earlier than planned that they were in “very preliminary” talks over a potential merger, Carphone Warehouse and Dixons quickly became the FTSE 250 darlings – climbing almost nine and seven per cent respectively. [...]
Cameron heads to Scotland as oil debate rages February 24, 2014 THE ROW over North Sea oil and its place in the Scottish economy intensified yesterday after David Cameron moved his Cabinet meeting up to Aberdeen, just five miles from where Alex Salmond was holding his own. The decision by the Prime Minister to head to Scotland was timed to coincide with the release of the [...]
Uncertainty around UK’s green energy policy deters investors February 24, 2014 THE UK’S renewable energy market has become less attractive to investors worldwide due to political uncertainty and cancelled projects, according to a new report released by EY today. The UK has now slipped into fifth place in the rankings, falling behind Japan, according to quarterly statistics from the accountancy firm. “The UK’s fading appeal is the direct [...]