FSA lists new retail adviser standards June 28, 2010 THE FINANCIAL Services Authority (FSA) has finalised a list of requirements retail investment advisers will need to meet before they can operate under the new Retail Distribution Review (RDR). Within the next three years, the FSA has proposed that investment advisers will have to hold a statement of professional standing, which confirms that the adviser [...]
SRG to raise £25m from IPO June 28, 2010 The owners of British coal miner Scottish Resources Group are seeking to bank more than £200m next month by selling stakes held for 16 years in an initial public (IPO) offer. The company is currently mostly owned by investment vehicles Parkburn and Palmaris Capital, who have held their stakes since 1994 when it was created [...]
UK tax rate on capital is the highest in EU June 28, 2010 THE UK has the highest tax on capital in Europe, at 45.9 per cent, according to new research by Eurostat. Our capital tax rates, measured at the height of the recession in 2008, were almost double the European average of 26.1 per cent. The lowest implicit tax rates on capital were recorded in Estonia (10.7 [...]
BEST OF THE BROKERS June 28, 2010 LADBROKES Numis said that there is plenty of opportunity for positive change at Ladbrokes and it believes the right jockey is in place to deliver it. Numis gives the bookie a “buy” rating and said that although the going will undoubtedly be tough, it is confident that the next six months will be characterised by [...]
Tesla offers more shares in flotation June 28, 2010 ELECTRIC carmaker Tesla Motors has raised the number of shares it will sell in its initial public offering by 20 per cent, an early sign that investor interest in the start-up is strong. The increase yesterday, a day before shares are expected to begin trading, brings the number of shares being offered to 13.3m from [...]
URS set to buy Scott Wilson June 28, 2010 US ENGINEERING firm URS said its unit agreed to buy British peer Scott Wilson Group for £161m in cash, while another US firm said it was considering a cash offer for the company. The 210p per share offer from URS’ unit Universe Bidco was at a premium of 76 per cent to Scott Wilson’s Friday [...]
Senior says outlook is healthy for commercial aircraft market June 28, 2010 ENGINEERING firm Senior said its earnings for the first half of 2010 would be in line with the board’s expectations and said the outlook was healthy, buoyed by improved order books at its major clients. “The group has traded strongly, with profitability for the first half of 2010 anticipated to be in line with the [...]
CITY MOVES | WHO’S SWITCHING JOBS June 28, 2010 Norton Rose The law firm has made two new additions to its dispute resolution practice. Paul Morris joins as partner from Denton Wilde Sapte, where he was a partner and joint head of dispute resolution. He is an experienced contentious corporate trustee practitioner. Also joining the firm as partner is David McKie, who is moving [...]
ATM dispenses only £5 notes June 28, 2010 ATM operator Bank Machine has launched a network of free cash machines that only dispenses £5 notes. The company has introduced 21 cash machines across Britain following a pilot at two machines in London. The machines dispense 100,000 £5 notes a month.
Creston sells ad agency DLKW June 28, 2010 Communications firm Creston is selling its advertising agency DLKW Group to the world’s No. 4 ad group Interpublic Group of Cos (IPG) for £28m. For the year ended 31 March, headline pre-tax profit was £13.8m, compared with £14.2m in the year-ago period.