FTSE 100 effective tax rate falls to 22.6 per cent – the lowest level since the recession February 29, 2016 The average effective tax rate paid by FTSE 100 companies has fallen to 22.6 per cent, the lowest level since the recession, according to research published today by accountancy group UHY Hacker Young. The effective tax rate, which is the average percentage at which overall company profits are taxed, is down a quarter from 30.1 per cent [...]
Yu Energy sets sights on £7.5m flotation on London Stock Exchange by end of March February 29, 2016 Yu Energy, an independent gas and electricity supplier that focuses on SMEs, has announced it will float on Aim, in conjunction with a placing to raise around £7.5m of new capital. The junior market listing is expected to take place before the end of March. Shore Capital is acting as the sole adviser. Yu Energy was [...]
HMRC raises an extra £3.5bn from small businesses for underpayment of VAT, says tax investigation insurance company PfP February 29, 2016 HM Revenue and Customs (HMRC) has raised an additional £3.5bn in the last year through inquiries into the under-payment of VAT by small businesses, tax investigation insurance company PfP said today. Increased VAT revenue accounted for 45% of the additional tax take in 2014/15 from investigation by HMRC’s local compliance teams, according to PfP. The [...]
IG Group offers customers commission free trading on ETFs and cuts rates on stockbroking trades February 29, 2016 Online trading firm IG Group has made a push to become more competitive and attract new business with an offer of commission free exchange traded fund (ETF) purchases on ISAs and cuts to commission rates on stockbroking trades. The group said the "changes come as IG Group continues to grow and develop its stockbroking offer, and [...]
Budget 2016: Economists warn of tough times ahead for the British consumer February 29, 2016 British households will have to rein in their spending next year as inflation creeps back up and a fresh round of austerity bites, economic forecasters are warning today. The EY Item Club, which uses Treasury models to make its forecasts, said consumers will enjoy “one last hurrah” this year while inflation remains below one per [...]
Former Bank of England governor Mervyn King says the Eurozone is doomed to fail February 28, 2016 Mervyn King, the former governor of the Bank of England, has warned that the Eurozone is doomed to fail. Bailouts and other measures employed to keep the euro area intact "will lead to not only an economic but a political crisis", according to King's new book, The End of Alchemy, which is being serialised in [...]
JP Morgan traders were sacked over allegations they ignored compliance procedures February 28, 2016 Investment bank JP Morgan Chase sacked two traders earlier this year because they allegedly circumvented the company's compliance procedures. Andrew Lombara, who was head of US Treasury trading, and Chi Lee, a junior Treasury trader, left JP Morgan in January. At the time, no reason was given for their departures. However, the Financial Times has [...]
Premier Oil brings Rothschild on board as it tries to ward off problems with its financial covenants due to oil price pressure February 28, 2016 NULL
Premier Oil brings Rothschild on board as it tries to ward off problems with its financial covenants due to oil price pressure February 28, 2016 Premier Oil has signed up Rothschild to lead negotiations with banks, as it prepares for the possibility that it may breach its financial covenants. In its annual results published last week, chairman Mike Welton said the group had successfully renegotiated its financial covenants with its banks and bondholders: “Our long-term, unsecured debt structure and supportive [...]
As City Airport is sold to consortium of Canadian and Qatari investors led by the Ontario Teachers’ Pension Plan and Borealis Infrastructure, it’s time to let it expand February 26, 2016 The debate about airport capacity in the UK has been dominated by the two giants of Heathrow and Gatwick. Vital as this decision is, it shouldn’t drown out the pressing need to make the most of existing infrastructure assets, including the popular and efficient little airport that sits in the Thames to the east of [...]
