EU backtracking on ISDS: Most controversial part of TTIP could be scrapped March 20, 2015 The EU may scrap the most controversial part of the Transatlantic Trade and Investment Partnership (TTIP). EU trade commissioner, Cecilia Malmstrom, has voiced her support for replacing the Investor-State Dispute Settlement (ISDS) with a permanent investment court. The ISDS is a mechanism that sets the ground rules for foreign companies investing in other countries. It [...]
Number of people paying inheritance tax set to double by the end of the decade March 20, 2015 The number of people paying Britain's most unpopular tax is set soar before the end of the decade, according to the Office for Budget Responsibility (OBR). The independent watchdog forecasts that the deaths of 64,000 people in 2019/20 means the number of people paying inheritance tax will double. Still only paid by a small number [...]
Tesco takes over 21 superstores in £733m deal with British Land March 20, 2015 Tesco has sealed a £733m deal with British Land, in which the supermarket is taking back 21 of its superstores. The company says this will help it “strengthen its core UK business”. In exchange, British Land will take over Tesco's stake in three shopping centres, three retail parks and three standalone stores. These are currently [...]
TSB share price opens higher as Lloyds accepts £1.7bn takeover offer from Banco de Sabadell March 20, 2015 Shares in TSB opened 1.6 per cent higher at 332.47p this morning after its majority owner, Lloyds, have accepted a £1.7bn takeover offer from Spanish rival Banco de Sabadell. Shares in the challenger bank leapt 27 per cent last week, after TSB issued an announcement suggesting it was "willing to recommend" Sabadell's 340p-per-share offer – [...]
Government hopes to create “northern powerhouse” with transport overhaul worth billions March 20, 2015 Chancellor George Osborne is putting forward proposals to completely re-work the north of England's transport system. Called the Northern Transport Strategy report, he hopes it will lead to a “northern powerhouse”. The government worked with Transport for the North (TfN) to put the plan together. Costing billions of pounds to implement, the project would [...]
Alliance Trust tells Elliott Advisors directors: You’re male, pale & stale March 19, 2015 Alliance Trust is preparing a campaign against the three industry veterans its biggest shareholder is trying to get voted on to the board, City A.M. understands – arguing that the experienced bosses do not match the firm’s modern, creative model. Activist investor Elliott Advisors is engaged in a fierce battle of wills with the FTSE 100 [...]
Budget 2015: First-time buyer Help to Buy Isa panned by fiscal experts March 19, 2015 A prominent London think-tank has joined the chorus of criticism of the chancellor’s new policy to help aspiring first-time house buyers yesterday. The new Help to Buy Isa announced by George Osborne on Wednesday allows young savers to put a maximum of £200 a month away. The government will add 25 per cent to the [...]
Budget 2015: George Osborne urged to explain £12bn of planned cuts March 19, 2015 Pressure is mounting on chancellor George Osborne to reveal where planned welfare cuts will eventually be implemented. “It is almost two years since he [Osborne] announced his intention of cutting welfare spending by £12bn,” said Paul Johnson, head of the Institute for Fiscal Studies (IFS). “Apparently the plan is to have those £12bn of cuts [...]
Danny Alexander sparks backlash after presenting alternative Lib Dem budget March 19, 2015 Danny Alexander sparked a furious backlash from Labour and the Conservatives yesterday after presenting a so-called alternative budget just a day after being a key figure in the real thing. Appearing outside the Treasury with a yellow budget box, the chief secretary to the Treasury then laid out alternative spending plans, based on a department [...]
Ex-Moore Europe Capital employee Julian Rifat sentenced to 19 months for insider trading March 19, 2015 Former Moore Europe Capital employee Julian Rifat was sentenced to 19 months imprisonment at Southwark Crown Court yesterday for insider trading. Rifat has also been fined £100,000 for the same offences and ordered to pay costs of £159,402. He was the third individual to be sentenced for insider dealing offences since the launch of Operation [...]