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 [...]
US energy producers join forces April 11, 2010 Mirant agreed to take over rival RRI Energy, yesterday, creating one of the largest US independent power producers and cutting costs as they deal with weak electricity prices that have challenged the entire industry. The companies said they will combine to create GenOn Energy, a new company with value of around $3bn (£1.9bn). After the [...]
Coca-Cola ups Innocent stake April 11, 2010 American drinks giant Coca-Cola has taken majority ownership of Innocent, the British smoothie maker, increasing its stake to 58 per cent. The move gives the US company more exposure to the fast-growing health beverages market in the UK and comes a year after Coca-Cola paid £30m for an 18 per cent stake in Fresh Trading, [...]
Racing Post gallops to profit April 11, 2010 Racing Post, the newspaper which provides tips for racing and sports betting, expects its bottom line to rebound to pre-recession levels in 2009 thanks to a push to improve its online business through subscriptions. In accounts to be filed this month Racing Post will announce turnover of £50m for last year, but ebitda is expected [...]
BarCap hired to find buyer for Liverpool April 11, 2010 LIVERPOOL’S embattled owners Tom Hicks and George Gillett have hired Barclays Capital to find a buyer for the club. The co-owners, who were involved in a bitter spat over the Anfield club, are ready to cash in on their ill-fated reign. Likely buyers include Rhone Capital, the private equity vehicle that had a £116m bid [...]
Mining chief’s £27m package fuels row over executive pay April 11, 2010 XSTRATA chief executive Mick Davis banked a total pay of £27m last year, according to the company’s annual report. News of the bumper pay deal will inflame the simmering debate over bumper executive remuneration packages. While the FTSE 100 mining company boss’s basic pay and bonus for 2009 came to £4.9m, his earnings were massively [...]
Ineos set for Swiss move as tax fears rise April 11, 2010 CHEMICALS group Ineos has confirmed it will shift its tax residency from the UK to Switzerland in a move it believes will save the company £400m over the next four years. Ineos, the largest privately owned company in Britain by turnover, said it had received the thumbs-up for the relocation from its lenders, including state-owned [...]
BarCap eyes retail share offer venture April 11, 2010 BARCLAYS Capital, the investment banking arm of British financial services giant Barclays, yesterday said it had formed a joint venture with Solid Solutions Associates (SSA) to oversee retail share offerings in initial public offerings. The deal will see SSA advise and assist Barclays Capital on project management aspects of any retail tranche of initial public [...]