MPs demand tax avoiders are named and shamed by HMRC February 18, 2013 INDIVIDUALS who take part in tax avoidance schemes should have their names made public by HM Revenue & Customs, according to the chair of an influential parliamentary select committee. Labour’s Margaret Hodge MP says the taxman “should name and shame those who sell or use tax avoidance schemes”, directing public anger at those who attempt [...]
Draghi warns currency war may hurt European growth this year February 18, 2013 THE STRENGTH of the euro risks harming economic growth and pulling down inflation too far, European Central Bank boss Mario Draghi told European parliamentarians yesterday. The bank president hit out at talk of a currency war between states vying to push down their exchange rates and improve their economies’ competitiveness, insisting the policies affecting currencies [...]
Landlord profits under threat from online growth, Axa warns February 18, 2013 ONLINE retail sales are endangering the profits of bricks and mortar stores and threatening to put commercial landlords out of business, a new report claims. The boom in web business means investors should tread carefully before investing in physical retail sales – because there is unlikely to be a return to the heyday of store [...]
Costain snags Bond St deal with Skanska February 18, 2013 A JOINT venture between engineers Costain and Skanska has bagged a construction contract worth £110m to help Bond Street station cope with the 70,000 extra passengers a day it is expected to see once the Crossrail line is completed. The project will include building two new ticket halls at the popular West End shopping hub, [...]
Shop vacancy figures expose UK retail woes February 18, 2013 BRITAIN’S battered retail sector gained no respite this week as the latest research showed vacancy rates remained stubbornly above 14 per cent last year as retailers continue to shut up shop across the country. The Local Data Company’s (LDC) latest report published today shows vacancy levels fell slightly from 14.3 per cent to 14.2 per [...]
Reader’s Digest publisher files for bankruptcy over debt pile February 18, 2013 THE PUBLISHER of Reader’s Digest US magazine has filed for bankruptcy in America in an effort to cut its $465m (£300m) debt pile. RDA Holdings, the parent company of the 91 year-old general interest magazine, applied for the measure on Sunday night in New York, the second time the company has done so in four [...]
Anti-trust body to rule on audit work this week February 18, 2013 THE Big Four accounting firms will learn this week whether the UK Competition Commission plans to shake up the industry to give smaller challengers a better shot at winning audit work. KPMG, PwC, Ernst & Young and Deloitte, which together audit all but a handful of Britain’s biggest firms, have told the commission that the [...]
ITV shares hit six-year highs as takeover speculation returns February 18, 2013 SHARES in ITV hit their highest levels in almost six years yesterday on suggestions the broadcaster would be the latest target in a wave of blockbuster acquisitions. The company has long been seen as an attractive property for overseas media giants, and with a market re-energised by recent deals for Virgin Media and NBCUniversal, ITV [...]
MEPs hit out at reduction to EU budget ceiling February 18, 2013 TOP EUROCRATS yesterday came out against the historic budget deal that would cut the limit on their spending for the first time. All 27 premiers of the EU’s constituent states came to an agreement on a package pencilling in €908.4bn (£784.3bn) of spending between 2014 and 2020, with a limit of €960bn. This is down [...]
Ferrari races to all-time record of 7,318 car sales despite crisis February 18, 2013 AUTOMOTIVE icon Ferrari shifted up a gear in 2012 despite a troubling world economic climate, boasting its best ever sales. The legendary carmaker enjoyed record sales in the US, Germany, China and the UK, selling 7,318 road cars – 4.5 per cent up on 2011 – and turning over €2.43bn (£2.1bn). And despite poor economic [...]