Government in bid to stop a tax exodus February 22, 2010 THE government yesterday moved to reassure multinational firms that there will be no surprise tax changes if Labour wins the next general election, amid growing fears of an exodus of blue-chip firms. Chancellor Alistair Darling told an audience of chief executives – including GSK boss Andrew Witty, WPP chief Martin Sorrell and the LSE’s Xavier [...]
Number 10 rejects inquiry into allegations of bullying February 22, 2010 THE government has rejected calls from the Conservatives for an inquiry into allegations of bullying at Number 10. Calls for the inquiry follow The Observer’s claims that Gordon Brown has physically intimated staff and allegations from Christine Pratt, the founder of the National Bullying Helpline, that her charity received “three of four calls” from Downing [...]
Goldman: Oil prices will soar to $95 per barrel February 22, 2010 Goldman Sachs yesterday predicted oil prices could reach $85-$95 (£55-£61) a barrel this year, driven by accelerating economic growth. This is an increase of nearly $15 on prices seen in October last year. Goldman analysts say the extra demand will draw excess capacity stored by Opec back into the market. It also speculated refining margins [...]
Falklands oil drilling begins February 22, 2010 Drilling on the first oil well in the Falkland Islands in over a decade started yesterday, despite protests from Argentina, which claims the British territory. Explorer Desire Petroleum said it spudded – or broke ground – at a well on its offshore “Liz” prospect. Liz could contain reserves of up to 400 million barrels, analysts [...]
Total chief: No fuel shortage February 22, 2010 The head of French oil giant Total yesterday said fuel supplies in France were not a problem “for the time being” and reiterated that the company would not cut jobs as part its plan to change operations at its Dunkirk refinery. “What is for sure is there will be no people hurt in this decision [...]
Dai-ichi Life planning IPO February 22, 2010 Dai-ichi Mutual Life Insurance, Japan’s second-largest life insurer, yesterday said it would sell about 1.07 trillion yen (£7.5bn) worth of shares in the country’s biggest initial public offering (IPO) in more than a decade. Dai-ichi Life is looking to expand overseas to offset its shrinking life insurance business in Japan as the population falls. The [...]
ICELAND GOES COLD ON DEAL February 22, 2010 THE Icelandic Government has said the latest Icesave compensation deal proposed by the British and Dutch is unacceptable. Iceland owes the two countries $5bn (£3.2bn) lost by savers when the online bank collapsed. Prime Minister Johanna Sigurdardottir said she needed more time to consider a new floating interest rate proposal.
Ireland to miss a late February deadline to set up its bad bank February 22, 2010 IRELAND will miss a late February deadline to transfer its first loan to “bad bank” National Asset Management Agency (NAMA) as it awaits European approval to start the scheme. The transfer to NAMA is instead expected to happen late in March, when Bank of Ireland marks its year-end. NAMA, which is awaiting approval from the [...]
Goldman Sachs defends 2001 derivative trades for Greece February 22, 2010 Goldman Sachs has defended the cross-currency derivatives it conducted for Greece in 2001 which reduced the country’s debt as a common currency risk management procedure consistent with EU debt reporting rules. The US bank said that it did the deals to reduce foreign denominated liabilities of Greece, which had become a priority following the nation’s [...]
Strong sales at Primark boost profits for AB Food February 22, 2010 STRONG sales at cut price clothing retailer Primark have helped fuel a “substantial rise in profits” for parent company Associated British Food. The London-based group yesterday said in a trading update it expected a jump in half-year earnings and a strong full year. Its 196-strong discount chain Primark saw an eight per cent rise in [...]