Osborne to scrap child benefit for high earners October 4, 2010 Child benefit is to be axed for higher rate taxpayers from 2013, George Osborne has announced. The chancellor said the move would save an estimated £1bn. He said: “It’s a big decision for us, but we think it’s absolutely necessary and fair given the financial situation we face.” Families earning over about £44,000 would be [...]
Sanofi in £12bn hostile bid for Genzyme October 4, 2010 French pharmaceutical giant Sanofi-Aventis launched a hostile bid for Genzyme at $69 per share, or $18.5bn (£11.7bn), setting off what could be a protracted battle for control of the US biotech. The move comes a month after Genzyme rebuffed an approach from Sanofi-Aventis at the same price. Sanofi has been in discussions with Genzyme shareholders [...]
Steel demand forecast to hit new record October 4, 2010 Global steel demand is expected to reach record highs next year – surging above levels before the global downturn took its toll. The World Steel Association predicts world demand will jump 5.3 per cent in 2011 to reach 1.34bn tonnes. The last time it was that high was the first half of 2008. It said [...]
Osborne: Labour denying deficit October 3, 2010 GEORGE Osborne will today launch a scathing attack on Labour’s approach to the deficit, insisting that a slower pace of spending cuts would lead to a credit downgrade, higher interest rates and turmoil in financial markets. The chancellor will use his speech to the Tory conference in Birmingham to round on Labour’s new leader Ed [...]
Goldman in running for RBS loans October 3, 2010 AT LEAST three potential bidders are casting an eye over a £3bn portfolio of property loans that will soon be offloaded by Royal Bank of Scotland (RBS). Goldman Sachs is a shock contender for the loans, alongside distressed debt specialist Lone Star and private equity firm Blackstone. Lazard is advising RBS on the sale of [...]
London faces Tube chaos October 3, 2010 LONDONERS are facing another gruelling day of commuting across the capital as London Underground (LU) workers launch a second 24-hour strike in as many months. The walkout, which will finish at 6:28pm tonight, will cause extreme disruption to this morning’s commute as the entire Underground network is affected by the action. At 6:29pm yesterday, over [...]
Coalition still too complacent on tax October 3, 2010 IT IS heating up here in Birmingham at the Conservative Party conference. George Osborne is about to launch a scathing attack on Ed Miliband for failing to grasp the importance of cutting the deficit; and a deal has been agreed to sweep away the plethora of incentive-destroying benefits, eventually replacing them with a single payout [...]
CBI hits out at strike laws October 3, 2010 THE CBI is calling for an overhaul of current strike laws to provide greater protection to the public and companies as the threat of industrial action in the UK continues to rise. The business lobby group said the current laws need to reflect the fact that 85 per cent of private sector employees are not [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 3, 2010 THE SUNDAYS The Sunday Telegraph EURO MAY NOT SURVIVE, CAUTIONS STIGLITZ One of the world’s leading economists has warned that the future of the euro is “looking bleak” and the fragile European economic recovery could be irreparably damaged by a “wave of austerity” sweeping the continent. Joseph Stiglitz, the former chief economist of the World [...]
RBS exposed to Irish debt October 3, 2010 Royal Bank of Scotland will be the biggest loser should the Ireland fail to repay its debts, it has emerged. The 84 per cent state-owned bank holds a staggering £3.3bn of Irish sovereign debt – more than any other UK lender – and the figure is set to rise even further. Industry sources defended RBS’ position, [...]