UBS earnings hit three-year high April 12, 2010 SWISS banking giant UBS said first-quarter pre-tax profit would be at least CHF 2.5bn (£1.52bn). The group attributed some of the increase in profit in the first quarter to a slowing of client withdrawals in all its business sections. UBS issued the figures in an unexpected interim statement ahead of a shareholder meeting later in [...]
Europe in €30bn Greek loan plan April 11, 2010 EUROZONE politicians moved to soothe markets by spelling out the terms of a rescue package for Greece yesterday, bringing a bailout of the heavily indebted country a step closer. After a week that saw Athens’ borrowing costs driven up by frustrated bond investors, the 16 eurozone finance ministers agreed to lend Greece up to €30bn [...]
Manifestos to target the City April 11, 2010 THE City is set to take centre stage in the general election campaign this week, when the Tories and Labour unveil their manifestos. The Conservatives will confirm plans to raise over £1bn via a levy on banks’ wholesale funding when they release their manifesto tomorrow. Part of that will fund their £550m tax break for [...]
Davies rejects UK board role April 11, 2010 LORD Davies, the minister for trade, investment and small business, yesterday poured cold water on suggestions he is considering quitting politics for a return to the boardroom. Commenting on speculation that he has consulted headhunters over possible roles at the helm of some of Britain’s biggest companies, Davies told City A.M. he has “no desire [...]
Higher tax will make us all worse off April 11, 2010 ECONOMICS is not always intuitive – and that is what makes it such a fascinating and important discipline. Take what economists call “incidence” – the study of who actually bears the burden of a particular tax. It is obvious enough that employees pay income tax. But it is much harder to actually work out who [...]
High street sales jump April 11, 2010 A RISE in high street sales will add to hopes the economic recovery is on track, with a three per cent like-for-like rise expected for March. The figures, to be released later this week by the British Retail Consortium, and KPMG, will be a boon for a sector that has been decimated by the downturn. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 11, 2010 FINANCIAL TIMES TOTAL CHIEF STILL KEEN ON UAE DESPITE SETBACKS Total, the French oil company, is looking to invest in the United Arab Emirates’ nuclear industry despite having been part of a consortium that lost the $20.4bn contract to build the country’s reactors. The loss to a Korean consortium, led by Korea Electric Power Corp [...]
Asda moves to beat tax rate April 11, 2010 Asda, the second largest supermarket chain in the UK, helped a number of senior executives dodge the new 50 per cent top rate of income tax by paying them a portion of their annual salary upfront in March. Asda would not confirm how many staff earning above £150,000 per year took up the opportunity. Meanwhile, [...]
Institutions cool on Bolton fund April 11, 2010 Fidelity investment veteran Anthony Bolton has failed to reach the £650m fundraising target for his new China vehicle, having garnered £460m from institutional investors by the end of last week. Pensions funds are said to have been concerned at Bolton’s lack of knowledge of Asian markets, together with his inability to speak the language. The [...]
Bank experts on standby to break up FSA April 11, 2010 TWO of the Bank of England’s top brass are preparing themselves for a vastly increased workload if the Conservatives win the general election, it emerged at the weekend. Paul Tucker, the Bank’s deputy governor for financial stability, and Andrew Bailey, its chief cashier and executive director for banking, are understood to have been put on [...]