Sainsbury’s sales and market share rise March 21, 2012 J Sainsbury, Britain’s third-biggest supermarket group, beat forecasts for fourth quarter sales growth as it won market share from rivals. “We continue to outperform the market and gain market share,” said chief executive Justin King. He said although the economic climate was likely to remain challenging Britain’s roster of summer events, including celebrations to mark [...]
Stamp duty hike to 7pc for £2m homes March 20, 2012 GEORGE Osborne will today launch a new tax raid on Britain’s wealthiest property owners by raising the level of stamp duty on the priciest homes. He will use his third Budget to increase the stamp duty payable on property transactions worth more than £2m, in a move that stops short of an annual “mansion tax” [...]
Bank: low rates keep dud firms on life support March 20, 2012 HISTORICALLY low interest rates have delayed the rebalancing of the economy by keeping troubled firms afloat, the Bank of England’s chief economist warned last night. In an unusual warning of the downside risks of ultra-loose monetary policy by a Bank official, Spencer Dale said Threadneedle Street’s stance could have “slowed the reallocation of capital and labour [...]
China worry rocks market March 20, 2012 FRESH concerns about a slowdown in China’s economy yesterday sent a shudder through global markets, including the oil trade, which saw the price of crude drop at its sharpest level in two weeks. China yesterday hiked its retail fuel prices for the second time in six weeks, sparking fears of lower demand from the world’s [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 20, 2012 FINANCIAL TIMES CANACCORD AND COLLINS STEWART TO AXE 100 JOBS Nearly 100 staff will be made redundant tomorrow when Canaccord Financial completes its acquisition of Collins Stewart Hawkpoint, as London’s stockbroking industry continues to shed capacity. The Vancouver Group agreed to buy Collins Stewart for £253.5m in December EU DEFIES CARBON TRADE WAR THREAT The [...]
Glencore buys up Viterra March 20, 2012 COMMODITIES giant Glencore yesterday sealed a £3.9bn deal to buy Canadian grain handler Viterra. Glencore, which is also in the throes of a $36bn (£22bn) takeover of FTSE 100 miner Xstrata, has previously said it would like to expand its operations in agriculture. Shareholders accounting for 16.5 per cent of Viterra’s stock, including the company’s [...]
Vodafone wins India tax appeal March 20, 2012 Vodafone yesterday won a fresh review in the Indian courts over its tax dealings in the country, helping send its shares up two per cent to top the FTSE 100 leaderboard. The Supreme Court dismissed an appeal brought by the government, which argued against a decision in January clearing Vodafone of liability for tax on [...]
Romney set for easy Illinois win March 20, 2012 US television networks were last night projecting that Mitt Romney had stormed to victory in the key Illinois primary vote. According to exit polls and early vote counts last night, moderate candidate Romney had nearly twice as many votes as nearest rival for the Republican presidential candidacy, Rick Santorum. Romney yesterday had 521 delegates to [...]
Inflation still above target March 20, 2012 INFLATION remained well above target in February, despite falling for the fifth consecutive month, official figures showed yesterday. However, there may be some good news for the government today as the Office for Budget Responsibility is expected to upgrade its GDP growth forecasts on recent strong data. Consumer prices (CPI) rose by 3.4 per cent [...]
HMRC cost cutting scheme loses taxman over £800m March 20, 2012 A REVENUE and Customs (HMRC) programme designed to increase revenues and cut costs ended up costing the taxman over £800m as cash-generating compliance officers were sacked. The programme, which ran from 2006 to 2011, found the tax-raising body reduced its headcount by 3,387 by 2008-9, saving £116m per year. However, those staff cuts meant HMRC [...]