Vodafone in line for CWW tax loss boost March 18, 2012 VODAFONE’S tax dealings have been brought back into focus after it emerged that the firm could benefit from tax benefits worth as much as £1bn if it makes a successful takeover bid for Cable & Wireless Worldwide (CWW). Analysts at Espirito Santo said in a note last month that CWW has tax assets worth up [...]
Cables, not tax, would justify a deal March 18, 2012 AS THE Greek government has discovered in recent weeks, a 50 per cent haircut is a tricky thing to foist upon investors. Vodafone’s tax boffins will by now have been through CWW’s assets with a fine tooth comb to figure out how many of its benefits will remain useable following a takeover. If Espirito Santo’s [...]
CMC Markets to close Irish office in rethink March 18, 2012 CMC Markets, the spread betting group, has decided to close its Dublin office, bringing the operation of its Irish business into its London headquarters. The group, which is expected to swing back into profit in its financial year to the end of the month after two successive annual losses, says the move is largely tactical. [...]
Whisky group says minimum pricing illegal March 18, 2012 WHISKY producers have warned the government that plans to place a minimum price on units of alcohol would be illegal under European trade rules. The Scotch Whisky Association (SWA), whose members include Diageo, the Edrington Group and Chivas Brothers, has written a letter to Downing Street stating that the policy would amount to a domestic [...]
UK tops G20 for internet contribution to its GDP March 18, 2012 THE INTERNET industry contributed more to GDP in the UK than in any other G20 nation, accounting for 8.3 per cent – or £121bn – of its gross domestic product in 2010, compared to a G20 average of 4.1 per cent. And a Boston Consulting Group (BCG) report predicts this will rise by almost half [...]
Nigeria tops oil expat pay table March 18, 2012 A typical oil and gas executive in Nigeria earns nearly half a million dollars a year, chalking up the biggest premium for working abroad over salary levels in Britain, research released today showed. A typical senior oil and gas employee in Nigeria will receive a supplementary country premium worth 45 per cent of base pay, [...]
IMF urges fast reforms March 18, 2012 EUROPE’S economies must seize the moment to push through vital economic reforms, and not wait until a renewed crisis forces them to make changes, IMF boss Christine Lagarde said yesterday. She spoke as Greek socialist party PASOK voted for finance minister Evangelos Venizelos as party leader, as it heads towards a general election with a [...]
Euro jobs at risk if crude hits $150 March 18, 2012 SURGING OIL PRICES have the potential to knock the Eurozone further into recession and cost hundreds of thousands of jobs, according to analysis by Ernst & Young. If the price of crude hits $150 (£95) a barrel this year, the consultancy expects to see contraction of one per cent in the Eurozone’s GDP, compared to [...]
Argentina gets support on Falklands March 18, 2012 SOUTH American nations backed Argentina’s claim to oil near the Falkland Islands at the weekend, arguing that British firms are hunting for fuel in the region “unilaterally”. Argentina said last week it would take civil and criminal action against any companies involved in oil exploration off the islands, known as the Malvinas in South America. [...]
Investors call for improved stewardship March 18, 2012 A GROUP of major asset managers including Aviva and BlackRock are calling today for reforms to improve the stewardship of UK companies. The group’s report argues for the development of a framework for equity investors to identify the level of stewardship they plan to undertake, helping asset owners to make better decisions. It also calls [...]