MPs slam venture funding March 8, 2010 THE government’s track record for investing in small businesses came under fire yesterday by the Committee of Public Accounts. A report by the Committee said that the government’s management of its venture capital funding initiative for young businesses with prospects for growth needed improvement. Some of the concerns listed by chairman Edward Leigh included a [...]
Brazil ups heat in US trade war March 8, 2010 Brazil moved yesterday to hike import tariffs on a range of US goods, which could spark a trade war with America over cotton subsidies. The decision takes effect next month, starting a 30-day period during which US and Brazilian officials will attempt to negotiate a solution to the dispute. The moves comes after the matter [...]
Pension deficits fell in 2009 March 8, 2010 Pension deficits fell among UK firms during 2009, but the overall improvement masks yawning liabilities at some notable names including British Airways, research to be published today will show. The report by consultants Hymans Robertson on the ability of FTSE 350 companies to support their pension schemes shows the median deficit fell to 6p per [...]
Guy Dawson joins up with Red Knights March 8, 2010 CITY stalwart Guy Dawson will advise a string of wealthy backers on their bid to wrest control of Manchester United. The Nomura banker, who sold his Tricorn Partners advisory firm to the Japanese bank and now works there, will advise a group of United fans who plan to buy the club for £1.25bn. Dawson advised [...]
Taxes to rise, says top Tory adviser March 8, 2010 A Conservative government would be under pressure to raise the general level of taxation to tackle Britain’s record deficit, one of its key advisers said yesterday. Alan Budd, who would lead the Conservative’s fiscal policy watchdog, suggested the budget deficit, set to top 12 per cent of gross domestic product this year, could not be [...]
Kroll eyed for possible sale March 8, 2010 INSURANCE broker Marsh & McLennan is believed to be putting corporate investigations company Kroll up for sale. Kroll declined to comment on the sale, but reports suggest it will be given a $1.3bn (£864m) price tag. It is understood that Carlyle Group, Apax Partners and General Atlantic have all bid for the company, while BC [...]
Bair calls for tighter reforms March 8, 2010 SHEILA Bair, chairwoman of the Federal Deposit Insurance Corporation in the US, called for large financial institutions to pay for the costs of their failure in an address to the National Association for Business Economics yesterday. Bair said a “pre-funded resolution mechanism” was needed alongside a “clear mandate” that can be applied to large institutions [...]
Prudential to fast track its Hong Kong listing March 8, 2010 PRUDENTIAL will rush through its Hong Kong listing in a bid to underpin its record breaking £14bn rights issue. The insurer hopes the announcement yesterday will help avoid a shareholder backlash by attracting Asian investors to shore up its share price before embarking on the mammoth fundraising. The Pru will also hope the news will [...]
JAMES DYSON CALLS FOR NEW TECH AWARD March 8, 2010 SIR James Dyson has proposed a new “prize for engineering” in a bid to encourage Britain to support its science and engineering industries. The vacuum cleaner entrepreneur proposed the “Brunel Prize” yesterday as part of a review of these sectors, and also added that young people should be encouraged to choose science and engineering degrees.
EU draws up plans for euro rescue fund March 8, 2010 THE European Commission is looking at plans to create a rescue fund for European member countries in a bid to prevent another major financial crisis in the future. The fund, which would act in a similar fashion to the International Monetary Fund (IMF), would help to prevent future crises similar to Greece’s, said the Commission [...]