Ireland finally collects Apple’s €13.1bn disputed tax bill September 18, 2018 Ireland has fully collected the €13.1bn (£11.7bn) owed to it by Apple in unpaid taxes, plus €1.2bn in interest, its finance minister confirmed today. Apple paid the sum into an escrow fund awaiting the outcome of two appeals launched by the tech giant and the Irish government. Read more: Brexit Britain could be new sweetheart [...]
DEBATE: Is it fair to judge entrepreneurs like Amazon’s Jeff Bezos for their philanthropic efforts? September 18, 2018 Is it fair to judge entrepreneurs like Amazon’s Jeff Bezos for their philanthropic efforts? Sarah Turner, managing director of Carter Wong, says YES. We live in a world where the “haves” and “have nots” grow ever further apart. It’s also a world where big brands are waking up to the power of investing in social good [...]
Blistering summer puts the heat on Zalando September 18, 2018 Online shopping giant Zalando suffered a 17 per cent drop in its share price this morning, as the firm cut its 2018 outlook for the second time in as many months. The German-based retailer now expects adjusted earnings before interest and tax (EBIT) between €150m and €190m (£133m-£197m), compared with the previous guidance at the low [...]
Social care funding crisis could be solved by new pensions-style payments, says health secretary September 17, 2018 A social care insurance scheme is being considered by the Conservatives to help tackle the crisis in elderly health provision. The scheme, first revealed by City A.M. in July, would see workers paying in to a dedicated national care fund to help cover the growing cost of social care. Read more: The government has a [...]
Unilever shareholder in ‘revolt’ over tax risks associated with Amsterdam move September 15, 2018 A shareholder in Unilever has hinted it could vote against the consumer giant's plan to move its headquarters to Amsterdam to simplify its corporate structure. The Times reported that Lindsell Train, Unilever's third largest shareholder, could vote against the move on the grounds that it would result in the forced sale of Unilever shares and mean [...]
Archbishop of Canterbury to lead effort to tackle £400m Wonga bill September 15, 2018 The archbishop of Canterbury Justin Welby is to lead an effort to pay for the £400m loan bill left by Wonga after the payday loan provider collapsed last month. The Guardian reported that Welby will meet investors and charitable foundations at Lambeth Palace next week to co-ordinate an effort to rescue around 200,000 customers who are faced [...]
Church of England will keep Amazon shares despite Archbishop criticism September 14, 2018 The Church of England will hold onto its Amazon stock even after the Archbishop of Canterbury accused the online retail behemoth of “leeching off the taxpayer”. Church commissioners disclosed that Amazon was one of the CoE’s 20 most valuable equity holdings in their annual 2017 report. But they will keep hold of their shares despite [...]
Editor’s notes: A Cornish hero on 9/11, vegans up the creek with no Padella, and policy is for the many, not the pew September 14, 2018 Everyone remembers where they were when they heard about the 9/11 attacks. For many City workers, the event remains a trauma. Michael Spencer, who had hundreds of staff in the World Trade Center, still turns pale when recalling how he sat in London, watching the news footage, trying to get through on the phones. Remarkably, [...]
Bank of England boss Mark Carney warns house prices could fall by a third in a no-deal Brexit September 13, 2018 The governor of the Bank of England Mark Carney said house prices could crash 35 per cent over three years in the event of a no-deal Brexit in a briefing to cabinet today. Carney said if the UK crashed out of the European Union without a deal, a sharp rise in mortgage rates could torpedo [...]
Princesses, stamp duty and the rising tide of indoor swimming pools: The Billionaires’ Row estate agent talks to City A.M. about the changing times on London’s priciest street September 13, 2018 If anywhere is on the front line in the current struggle to sell London’s high-end property, it is The Bishops Avenue, the fabled Billionaires’ Row just north of Hampstead Heath; and if anyone is leading the fight, it is Trevor Abrahmsohn, the area’s legendary estate agent. Through his Glentree agency, Abrahmsohn has over the years [...]