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 [...]
Britain’s new Swiss deal chimes with tax avoidance clamp-down March 20, 2012 BRITAIN yesterday signed an agreement with Switzerland to begin taxing funds held by wealthy British clients of Swiss banks from next January, after slightly altering the terms of a withholding tax deal to appease Brussels. The deal coincides with George Osborne’s Budget, which is expected to include measures to clamp down on tax avoidance of [...]
What to look out for in the Budget March 20, 2012 ● PERSONAL TAXES The tax-free personal allowance was originally due to go up £630 to £8,105 as part of a long-term plan to take everyone earning below £10,000 out of income tax. That increase will be accelerated – almost doubled, in fact – as part of a plan to help low-earners more. But the scheme is [...]
SVG shake-up as rebels fail to win vote March 20, 2012 PRIVATE equity investor SVG Capital has faced down a shareholder revolt and will continue with plans to diversify beyond Permira, the buyout firm in which it has traditionally invested. SVG won 66 per cent backing for the change yesterday although nearly 34 per cent of the votes went against it. It also won virtually unanimous support to [...]
Direct Line Group set to name Biggs as chairman March 20, 2012 ROYAL Bank of Scotland (RBS) has offered the role of chairman at Direct Line Group, its insurance unit, to Mike Biggs, a former finance director at Aviva. It is understood that Biggs has not yet formally accepted the job but he will be tempted by the chance to lead a firm that is set to [...]
Jefferies books better results March 20, 2012 US BANK Jefferies reported stronger fixed-income trading and underwriting revenue yesterday, a signal that Wall Street’s most lucrative businesses could be staging a comeback. The bank reported a profit for its fiscal first quarter of this year of $77m, down from $87m a earlier, due in part to higher costs and weak equity trading volumes. But [...]
Apax first close pulls in €4.3bn March 20, 2012 PRIVATE equity house Apax Partners has joined the rush of successful fundraisings by pulling in €4.3bn (£3.6bn) in 10 months. The first close on Apax’s eighth fund is the largest since the collapse of Lehman Brothers in September 2008. London-based Apax, which declined to comment, hopes to ultimately raise €9bn, about a fifth below the total [...]
PwC snaps up Cole as new legal counsel March 20, 2012 THE FINANCIAL Services Authority’s outgoing head of enforcement Margaret Cole will join PwC later this year, becoming a member of the executive board of the accountancy firm. The former corporate lawyer will be PwC’s new general counsel, the firm said yesterday, returning to practice eight years after joining the City regulator. Cole will replace current [...]