TAX CODE THREATENS UK BANKING August 4, 2009 ARABELLA SAKERPARTNER, MAURICE TURNOR GARDNER LLPHM Revenue & Customs recently published a consultation on a new code of practice on taxation for banks, setting out new rules with which banks are expected to comply “in light of the significant taxpayer support” that has been given to the industry. Although voluntary, banks which don’t sign up [...]
Observer fate will be known by autumn as losses mount August 4, 2009 The fate of The Observer, the world’s oldest Sunday newspaper, could be revealed within months, as parent company Guardian Media Group (GMG) mulls ways to control its losses. GMG chief executive Carolyn McCall has confirmed in an internal email that the closure of the 218-year old weekly is an option that a panel of senior [...]
BOTTLING IT August 4, 2009 DRINKS giant PepsiCo yesterday said it had secured a $7.8bn deal to take over its its two largest bottlers, Pepsi Bottling Group and PepsiAmericas. The group said that the takeover will save it £300m by 2012. PepsiCo is battling slumping sales as consumers are increasingly cutting out fizzy drinks. PepsiCo will pay Pepsi Bottling Group [...]
Xstrata gains bid support August 4, 2009 LARGER-than-life Xstrata boss Mick Davies yesterday said he had investor backing from the mining giant’s largest shareholder in its proposed £26bn merger with Anglo American. Glencore International is “very supportive” of the nil-premium merger, Davies said. The chief executive added that the company had no intention of altering the terms of the proposed marriage. Davies [...]
Electricity demand has hit a new low, according to Drax August 4, 2009 POWER station operator Drax said yesterday that the downturn had triggered an “unprecedented” slump in demand for electricity, as the group reported a dramatic slump in its first half earnings. Chief executive Dorothy Thompson said the fall off in power requirements had been much sharper than contraction in the broader economy. “For our sector it’s [...]
BEST OF THE BROKERS August 4, 2009 RECKITT BENCKISEREvolution Securities maintains its “Add” recommendation for household and health provider Reckitt Benckiser and raises its price target for the shares to 3,050p. Despite forecasted profit losses in the next year, the broker sees a strong new product pipeline and focus on volume growth as spelling encouraging progression. MARKS & SPENCERGoldman Sachs predicts significant [...]
Advertising insolvencies double August 4, 2009 Almost 300 companies in advertising and broadcasting went out of business in the 12 months to June 2009, according to research by accountancy firm PricewaterhouseCoopers. The figure includes 211 firms in the advertising sector, a 50 per cent increase year-on-year, as more firms went into insolvency than in other media sub-sectors. The broadcasting sector lost [...]
Britons go on holiday in Blighty August 4, 2009 Britons are increasingly opting for so-called “staycations” – taking a holiday in the UK rather than heading overseas. Trips taken by UK residents in England were up by 13 per cent in the first four months of 2008, according to figures released yesterday by Visit England. That amounts to 1.2m more holiday trips and over [...]
Phones 4U joint card venture August 4, 2009 Phones 4U and Mastercard today announce the joint launch of two new pre-paid cards. The cards mean money can be transferred across the world in 60 seconds and are usable in 28m retailers and 1.5m ATMs worldwide.
Carmakers report mixed global sales August 4, 2009 THERE was mixed news from the automotive sector yesterday, as carmakers BMW and Toyota reported massive losses for the previous quarter, but Toyota’s Lexus brand and Daimler’s Mercedes-Benz published their highest US sales so far this year. Germany’s BMW said it remained pessimistic about recent signs of a lasting economic recovery, and reported a slump [...]
