Ed Balls calls for wealth tax September 5, 2012 SHADOW chancellor Ed Balls has backed proposals for a permanent wealth tax on homes worth more than £2m in order to safeguard key public services and offered to discuss the idea with business secretary Vince Cable. “The likes of a mansion tax need to be on the table to be looked at,” the Labour MP told the [...]
Fourth London Whale trader September 5, 2012 A fourth London-based JP Morgan Chase trader is under scrutiny in the investigation by US authorities into the bank’s nearly $6bn (£3.7bn) trading loss. Julien Grout, a trader who joined JPMorgan Chase in 2009, is drawing attention because he worked in the bank’s Chief Investment Office and reported to Bruno Iksil, the French credit trader nicknamed [...]
What the other papers say this morning September 5, 2012 FINANCIAL TIMES Citigroup targets European banks Citigroup is launching a commodity trade finance business to capitalise on the pullback from the market by European lenders such as BNP Paribas. European banks including BNP and Crédit Agricole are scaling back their presence to limit their need for scarce dollars and comply with tougher regulatory capital requirements. [...]
Boris threatens election over third runway… September 5, 2012 BORIS Johnson yesterday refused to rule out standing in a parliamentary by-election if the government backs a third runway at Heathrow. Asked whether he was willing to campaign on the issue within the House of Commons, the Mayor told the BBC: “My job is to follow the interests of the people of London.” His comments came [...]
OFT launches investigation into the price of petrol at UK pumps September 5, 2012 THE Office of Fair Trading (OFT) yesterday caved in to pressure from MPs and said it would investigate the UK petrol and diesel sector. The review will look at whether reductions in the crude oil price are being reflected in the price at the pumps and lack of competition in the sector. MPs and consumer [...]
…while his younger brother is appointed to the government September 5, 2012 DAVID Cameron yesterday concluded his first cabinet reshuffle as the government announced a new committee of top-level ministers who will help drive through growth measures across Whitehall. The confirmed list of new ministers contains many new appointments at junior ministerial level, with 29 MPs leaving the government. One surprise inclusion was Jo Johnson, younger brother of Mayor [...]
Britvic and AG Barr gear up for £1.4bn deal September 5, 2012 TANGO soft drink maker Britvic yesterday revealed it had been approached by AG Barr, maker of Scottish staple Irn-Bru, in a plucky bid to merge the two beverage firms. AG Barr, which is much smaller than Britvic with revenues of £237m versus £1.3bn, said yesterday there was a “compelling industrial logic” for the plan. The [...]
Choosing the right person to mix the drinks September 5, 2012 OTHERS may be busy discussing plans for a referendum on Scottish independence, but there are signs of a fresh cross-border union between Hemel Hempstead-headquartered Britvic and AG Barr, maker of Scotland’s other national drink, Irn-Bru. If this new act of union goes ahead, it looks good for AG Barr – its revenues are almost five [...]
Man United’s stock dives again September 5, 2012 MANCHESTER United’s share price tumbled further in New York yesterday, after investors took in a range of analysts’ research notes. The stock fell out of bed as soon as the Nasdaq opened, plummeting around three and a half per cent. Despite recovering slightly, the price was down 2.2 per cent at the close of play [...]
Bonuses cut at News Corp but Rupert still gets $30m packet September 5, 2012 NEWS Corp executives, including Rupert and James Murdoch, had millions cut from their annual bonuses last year because of the phone-hacking scandal. But the two Murdochs were still paid a combined $47m (£29.6m). Rupert Murdoch was paid just over $30m, down nearly $3m on the previous year, while James was paid $16.8m, more than $1m [...]
