Markets are roaring – Nasdaq hits 4,000 for first time in 13 years November 25, 2013 US indexes are surging on open, as the Nasdaq has passed 4,000 for the first time since September 2000. That follows Germany's Dax reaching a record high, passing 9,300 for the first time. MSCI's All-Country World Index has also moved higher, reaching five year highs. Much of that momentum comes from the successful negotiation of [...]
European Commission tightens corporate tax loopholes November 25, 2013 The European Commission has proposed restricting loopholes in the Parent-Subsidiary Directive in order to clamp down on tax avoidance. Companies will be unable to use differences in the way intra-group payments are taxed across the EU in order to avoid paying tax. The Commission asserts that the Parent-Subsidary Directive will ensure a level-playing field among [...]
Bank mourns passing of former governor Robin Leigh-Pemberton November 25, 2013 The Bank of England's former governor, Robin Leigh-Pemberton, Baron Kingsdown, passed away last night. The central banker was educated at Eton, then Trinity College, Oxford. He would serve as governor from 1983 to 1993, before which he worked as chairman of National Westminster Bank and of several industrial companies. Current governor Mark Carney extended "sincere [...]
BlackBerry’s operations and marketing chiefs out – new finance boss in November 25, 2013 BlackBerry's reorganisation marches on. Chief operating officer, Kristian Tear, and chief marketing officer, Frank Boulben, are out. They've simultaneously announced their new chief financial officer hire. James Yersh will replace Brian Bidulka. Yersh has been with the company since 2008 and has more than 15 years of experience in the industry. John Chen, executive chair [...]
Doug McMillon named new CEO of Walmart November 25, 2013 The world's largest retailer has appointed a new chief executive officer (CEO), 47 year old Doug McMillon. He will succeed Mike Duke at the beginning of February. Ron Walton, chairman of Walmart said: A merchant at heart, Doug has both a long history with our company and a keen sense of where our customers globally [...]
Reading the HS2 bill before consultation ends is equivalent to finishing War and Peace every other day November 25, 2013 Want to be properly informed about the HS2 debate, and you've maybe even considered reading the bill? An estimated length of around 49,000 pages might make you reconsider. The Woodland Trust say that attempting to finish the document is roughly equivalent to reading Leo Tolstoy's Russian classic "War and Peace" every other day. Here are [...]
World Trade Organisation talks fail to make progress November 25, 2013 The World Trade Organisation's (WTO) global trade reform meeting in Geneva has failed to reach agreement on the text of a deal to be put to ministers. A worldwide agreement now depends on whether ministers can hammer out their remaining differences at next month's WTO biennial conference in Bali. The International Chamber of Commerce (ICC) [...]
Full steam ahead as government publishes HS2 hybrid Bill November 25, 2013 The Bill for phase one of HS2, which gives the government the power to start building the railway, is being published today. The hybrid Bill, which is effectively the planning application for the scheme, will also give individuals the chance to petition parliament both for and against the proposals. Transport secretary Patrick Mcloughlin said: The Bill [...]
Thomas Cook sells Neilson Active Holidays to private equity firm November 25, 2013 Thomas Cook announced today that it has agreed to sell its tour operator Neilson Active Holidays. The specialist activity tour operator will be sold to London-based private equity firm, Risk Capital Partners, for consideration of £9.15m. The deal is expected to be completed around 10 December 2013. None of Thomas Cook's other UK tour operations [...]
RBS says review of its lending was a tough read but accepts recommendations November 25, 2013 RBS has called the review it commissioned into its lending to small and medium-sized businesses a "tough read". In a letter sent to the leader of the review, Sir Andrew Large, from the bank's chief executive Ross McEwan (pictured), the bank also confirmed that it has asked law firm Clifford Chance to investigate the treatment [...]