Spain gears up to overhaul tax regime ahead of general election February 10, 2014 SPAIN’S tax system is set to be overhauled ahead of next year’s general election as the government looks to make tax collection more efficient. Although details have not yet been finalised, officials are planning to cut income and corporate tax rates, while broadening the tax based by removing exemptions. The country hopes to increase its [...]
Professor calls for full denial over Blinkx note | City A.M. February 10, 2014 HARVARD Business School professor Ben Edelman has called on Blinkx, the online video search engine that he claims has engaged in “deceptive tactics”, to face up to his claims and issue a categorical denial. “Blinkx has been making ambiguous and, I believe, deceptive statements about acquisitions for some time,” Edelman told City AM. “Blinkx should [...]
Centrica shares take a beating in wake of Davey’s attack. Here’s what you need to know February 10, 2014 Energy giant Centrica has become the biggest faller on the FTSE 100 in the wake of energy secretary Ed Davey's letter to regulators, urging them to investigate the profit margins of the big six energy companies. Shares in Centrica, which owns British Gas, have fallen by as much as three per cent this morning. Davey's [...]
Nissan beats estimates but lags behind fellow Japanese car makers February 10, 2014 After a disappointing second quarter, Nissan Motors has announced an above-expectations jump of 57 per cent jump in net income to 84.3bn yen (£501.7m) – its steepest quarterly gain in three years. Better sales in China, its biggest market, saw total car sales for April-December rise to 3.67m. Improvement in the US economy and a [...]
Nasty, brutish, short: Why businesses prosper then die at an ever faster pace | City A.M. February 10, 2014 IF THOMAS Hobbes found himself walking down City streets today, he wouldn’t blink an eye. Business life seems to be getting increasingly short and rather nasty. Due to the accelerating rate of technological change, some economists believe we are heading toward a “winner takes all” era of unprecedented competition, enabled by an enormous number of [...]
Unlocking the secret to startup success February 10, 2014 Annabel Palmer talks to the co-founders of Secret Escapes about their adventures in the online travel industry IF YOU watch television, it’s likely you’ll have been exposed (and possibly raised an eyebrow) to Secret Escapes’ marketing campaign – arguably the most provocative advert since Cindy Crawford donned denim hotpants for Pepsi. Brand ambassador Camilla Arfwedson’s [...]
Admiral shares drop as Goldman Sachs cuts insurer’s rating February 10, 2014 A downgrade from investment bank Goldman Sachs is sending Admiral shares lower this morning. Goldman have downgraded the insurer from "buy" to "neutral" on the back of recent outperformance from the stock, which has seen shares fall by nearly 1.8 per cent. When Goldman reiterated their "buy" rating for Admiral in October, they found that [...]
French industrial output fell at end of 2013 February 10, 2014 An unimpressive finish to 2013 for France's industrial sector as output fell 0.3 per cent month-on-month in December – a worse-than-expected result for the languishing economy. Economists had expected a flat result of 0.0 per cent. The decline followed growth of 1.2 per cent in November. Manufacturing output, said the country’s statistics agency Insee, was [...]
What you need to know before the open – 10/02 February 10, 2014 European markets are expected up this morning, following US and Japanese stocks, which have been seen climbing higher. Guidance is in focus this week as Yellen meets for the first time with US lawmakers tomorrow and Thursday, and Carney delivers the Bank of England’s inflation report on Wednesday. Over in Asia, the Nikkei made gains [...]
Insurer Catlin profits jump despite softening market February 10, 2014 Insurance group Catlin has reported a surge in profit before tax of 27 per cent to $432m (£263m) for the year ended 31 December. Common stock holders also saw net income jump 29 per cent to $392m. The company enjoyed a record net underwriting contribution of $1bn. However, total investment return fell to 1.5 per [...]