BP could still face US trial despite Gulf deal March 4, 2012 BP is still set to face the US government in court over the Gulf of Mexico spill, despite its $7.8bn (£6.5bn) settlement with victims over the weekend. Though the deal with more than 100,000 victims was largely welcomed by those affected and by analysts, the US Department of Justice and five American states are pursuing [...]
Oil firm sorts a big part of its sprawling courtroom drama March 4, 2012 IT almost came down to the wire. Just as well it didn’t, given BP’s settlement involves more than 100,000 victims, along with their 340 lawyers from about 90 law firms. Imagine the risk assessment for a deal struck on the courthouse steps. Friday’s long-awaited settlement, tabled after the enormous trial in New Orleans was delayed [...]
Firms call for long-run GDP growth goals March 4, 2012 NEW economic targets focusing on growth as well as government spending would help the government boost the UK economy in the long run, a leading business group said today. The Institute of Directors (IoD) called on George Osborne to target sustainable economic growth of three per cent per year, and a 35 per cent ratio [...]
Osborne faces revolt over top earners’ loss of child benefit March 4, 2012 SHADOW chancellor Ed Balls has called on the government to ditch its plan to cut child tax benefit for higher rate taxpayers. Chancellor George Osborne’s controversial cuts – scheduled for January 2013 – would affect around 1.2m families where one household member earns more than £42,475 a year. However couples earning a joint income of [...]
Savills: Mansion tax inefficient March 4, 2012 A MANSION tax would be “complex and inefficient” and could undermine London’s position as a leading business location, according to research director of Savills, Lucian Cook. Cook says that a mansion tax of one per cent of value over £2m would yield just £1bn, but would unfairly target the income poor, equity rich: “It would [...]
More calls for fuel duty cuts March 4, 2012 THE government is facing growing pressure to cut fuel duty in the Budget as petrol and diesel prices hit record highs last week. Campaign group FairFuelUK, which is holding a mass lobby of MPs on Wednesday, has called for a cut in fuel duty rather than the planned 3p increase in August. It said cutting [...]
Tchenguiz business Vincos narrows losses during 2011 March 4, 2012 THE MANAGEMENT company for the Tchenguiz family businesses narrowed its losses last year as it continues with its restructuring. Vincos, which “provides finance and support services” to a group of firms and looks into investment opportunities for the Tchenguiz Family Trust, said turnover fell 40 per cent to £13.8m in the year to May 2011 [...]
City panel would support UK intervention in Syria – but only with United Nations backing March 4, 2012 MORE than half of our City panel would support UK military intervention in Syria provided it had United Nations backing, according to the results of our latest Voice of the City/PoliticsHome.com poll. Fifty-one per cent of the panel, drawn exclusively from the City’s business and finance professionals, would either be “very” or “somewhat likely” to [...]
Deutsche shuffles top US bankers March 4, 2012 Deutsche Bank has shuffled some of its senior US investment bankers, appointing Jim Ratigan as co-head of Americas M&A, an internal memo has showed. Ratigan takes over from Bruce Evans, who will become chairman of Americas M&A. Tony Whittemore will remain co-head of Americas M&A alongside Ratigan.
Think-tank says no to Trident March 4, 2012 The government’s money would be better spent on Britain’s under-resourced traditional military forces than the renewal of Trident, urges think-tank CentreForum. “Britain is sleepwalking into replacing its Trident missiles at a capital cost of over £25bn,” the report says, putting this in the context of deep cuts to the UK’s conventional forces and the two [...]