Russian billionaire Mikhail Fridman in telecoms move with Letter One Technology April 7, 2015 Russian oligarch Mikhail Fridman is preparing to expand his holdings in the telecoms market with investment vehicle Letter One. The billionaire businessman will operate the Letter One Technology platform as a private equity-style fund to invest in telecoms assets across Europe, with initial funding of $16bn (£11bn). The technology offshoot of the Letter One group [...]
Fundraising and dealmaking help to boost profits at stockbroker N+1 Singer April 7, 2015 N+1 Singer yesterday became the latest City stockbroker to report a boost in profits last year as fundraising and dealmaking activity picked up. However, the group warned there was still too much capacity in the small- and mid-cap market because of falling secondary commissions. N+1 Singer’s revenue increased five per cent to £30.9m [...]
UK House prices: Generation rent downbeat on buying outlook April 6, 2015 A generation of Britons still fear that they will never be able to buy a home despite the number of first-time buyers reaching a seven-year high in 2014, a survey reveals today. Some 79 per cent of 20- to 45-year-olds believe banks do not want to lend to first-time buyers, while 21 per cent think [...]
Cadbury hit with £62m Indian tax bill over ‘phantom factory’ April 6, 2015 Chocolate maker Cadbury was yesterday hit with a new 5.7bn Indian rupee (£62m) tax claim in India in relation to allegations that it claimed excise benefits on a “phantom” factory. India, under pressure to reduce its budget deficit, has sought to boost fiscal revenue, not least by pursuing billions of dollars in unpaid tax claims [...]
Greece bailout: Future looks brighter for struggling economy as Yanis Varoufakis says he’ll meet all obligations to creditor nations April 6, 2015 Greece's economic situation is on the brink of improving slightly, as long as finance minister Yanis Varoufakis sticks to his word. Yesterday, he told the troubled country's creditor nations that Greece intends to “meet all obligations”, and that includes a €450m (£332m) loan repayment due to be made to the International Monetary Fund (IMF) on [...]
TV leaders’ debate: Rise of smaller parties “unnerving development for the markets” April 3, 2015 The strong showing from the smaller parties in last night's leaders' debate could add to market jitters over the unpredictable result of the General Election. Markets could become increasingly anxious as the polls continue to indicate there will be no clear winner come polling day. Nick Beecroft, senior market analyst at Saxo Bank, explaining the consequences of [...]
Living close to Waitrose could boost your house price by 12pc April 3, 2015 Premium properties within easy reach of a Waitrose can command a 12 per cent (£38,831) higher price than similar properties in other areas. According to research from Lloyds Bank, houses close to supermarkets enjoy, on average, a seven per cent higher price than other properties in the same town. Lloyds compared the average house prices [...]
Why hiring chief executives externally is better for struggling businesses April 2, 2015 It's an age-old argument: when a leader steps down, do you promote from within or bring in fresh blood? Each brings their own benefits – one has a fresh view on business and new ways of working, while the other already has a deep understanding of a company's strengths and weaknesses. Now we might have [...]
EU immigrants contribute £463 per second to the UK economy April 2, 2015 European immigrants generate a whopping £463 per second in revenue for the exchequer, according to a new report commissioned by Rapid Formations. Once the costs of government spending on immigrants are taken into account, migrants generate a net benefit to the economy of £55 per second. The study comes as the General Election gets into [...]
400 jobs cut at EDF’s Hinkley nuclear power station project April 2, 2015 French power giant EDF has cut 400 contractors' jobs at the £16bn Hinkley Point C power station. In a statement, the company said because negotiations with potential investment partners have been delayed, it was not prepared to keep investing in the project – although it will continue to make preparations for the next phase of [...]