Corporation tax shortfall dents UK public finances August 21, 2012 Britain’s government finances showed an unexpected deficit in July – traditionally a month for strong tax receipts – after a shortfall in corporation tax, especially from the energy sector, data showed today. The Office for National Statistics said the public sector finances excluding financial sector interventions – the government’s preferred measure – showed a deficit [...]
Shell ups stake in Australia’s Browse LNG, Chevron exits August 21, 2012 Royal Dutch Shell will increase its stake in Australia’s Browse LNG project by picking up Chevron’s equity in the $30bn (£19bn) venture in an asset swap deal, opening up the possibility of new development options such as floating LNG. Browse LNG has been plagued by controversy over its proposed location at James Price Point on [...]
Virgin Atlantic to launch domestic flights August 21, 2012 Virgin Atlantic today announced plans to operate three daily return flights between London and Manchester from next year, its first foray into the short-haul domestic market. The airline, founded by billionaire entrepreneur Richard Branson, plans to fly from London’s Heathrow airport to Manchester airport in the north west of England from March 2013 – providing [...]
Apple’s market value exceeds Microsoft during 1999 bubble August 21, 2012 Apple market value has climbed past $623bn (£396bn), surpassing the record set by Microsoft during the heyday of technology stocks in 1999. Apple shares rose 2.6 per cent, bringing its gains this month to almost nine per cent as Wall Street bets on the 12 September rollout of the latest version of the iPhone, the [...]
Glencore offers no Xstrata clues as profit falls August 21, 2012 Commodities trader Glencore stuck to its guns on a $30bn (£19bn) bid for miner Xstrata today, as it reported earnings for the first half of 2012 dragged down 26 per cent by weaker commodity prices. Glencore said its first half profit net of significant items fell to $1.81bn, down from $2.44bn a year ago and [...]
Hollande’s raid on rich is the wrong kind of revolution August 21, 2012 AFTER little more than a hundred days in power, French President François Hollande’s popularity is dropping fast. Recent polls show that 54 per cent of French citizens are dissatisfied with his performance, compared with approximately 40 per cent in July. It’s little wonder – taxes on the rich, which initially attracted voters, are in danger [...]
Polly peck thief Nadir faces jail August 20, 2012 POLLY Peck International founder Asil Nadir, one of the London stock market stars of the 1980s, was yesterday found guilty of three counts of theft totaling £5.5m from the former FTSE 100-listed global conglomerate. Turkish-Cypriot born Nadir, who left the UK for northern Cyprus in 1993 and returned in August 2010 to face the charges, [...]
Soros reveals new stake in Man United August 20, 2012 BILLIONAIRE investor George Soros has splashed out on a 7.85 per cent passive stake in Manchester United, a filing with the US Securities and Exchange Commission revealed late last night. Soros Fund Management bought over three million of the new class A shares, which were created for the club’s initial public offering (IPO) in New [...]
BAA’s airport sale lures Ryanair and Manchester August 20, 2012 MANCHESTER Airport Group (MAG), which owns Manchester, Bournemouth and East Midlands airports, is understood to be the front-runner to make a £1bn bid for Stansted Airport. Aviation firm BAA revealed yesterday that it is to sell Stansted Airport after it gave up on a long legal battle. BAA had been fighting a 2009 Competition Commission [...]
Stansted considered a prize asset now it is finally being sold August 20, 2012 THERE are more than a handful of less than busy investment bankers celebrating the decision yesterday by Spanish group Ferrovial that it will sell Stansted Airport. The group is finally doing so after three years of wrangling with the competition authorities. The Spaniards have been trying long and hard to avoid a sale, even threatening [...]
