City hoping for tax cuts and loophole crackdown in Osborne’s March budget March 18, 2012 THE CITY overwhelmingly supports a package of budget measures to cut taxes while cracking down on tax loopholes. Over 80 per cent of those asked in City A.M./PoliticsHome.com’s Voice of the City poll said they support cutting corporation tax and scrapping the 50p rate for the top income tax bracket. But even more of those [...]
US Republicans to roll out new spending plans March 18, 2012 REPUBLICANS in the US House of Representatives will try this week to seize control of the election-year spending debate by rolling out a plan to slash trillion-dollar deficits and revive reforms to the Medicare healthcare program for the elderly. House Budget Committee Chairman Paul Ryan will unveil the sequel to his “Path to Prosperity” budget [...]
Myerson back in bid to oust Sapro board March 18, 2012 CONTROVERSIAL investor Brian Myerson, who was banned from City takeover work for three years in 2010, is waging war against the board of a London-listed property fund. Myerson, the shareholder who shook up Liberty, Blacks Leisure and Scholl before getting the “cold shoulder” from UK regulators, is now putting pressure on fellow investors in South [...]
Boris Johnson names Chelsfield as developer in £1.2bn London project March 18, 2012 LONDON MAYOR Boris Johnson has revealed that Chelsfield, the property firm run by Sir Stuart Lipton, has been picked for the fiercely contested £1.2bn regeneration of Silvertown Quays in London’s East End. The 50-acre site owned by the London Development Agency is one of the largest derelict sites within the proposed Royal Docks Enterprise Zone. [...]
Tube workers to reject Games offer March 18, 2012 TUBE workers are set to reject yet another Olympics bonus offer this week, leaving transport bosses scrambling to avoid strikes during the Games, which are now just over four months away. Almost 150 reps for the RMT will today call on the union to turn down the latest £850 overtime and bonus package. The reps [...]
Olympic Media Buzz LONDON 2012 PARTNERS March 18, 2012 IN ASSOCIATION with Repskan.com, City A.M. is measuring the relative Olympic media buzz around the London 2012 Olympic and Paralympic Games partners, week by week. The leaderboard, right, reflects their ranking over the past week, in this case from Wednesday 7 March to Wednesday 14 March. News that Coca-Cola is considering acquiring the post-Games naming [...]
Chevron and Transocean execs held in Brazil pending spill case March 18, 2012 A Brazilian court has barred 17 executives from Chevron and Transocean from leaving Brazil, pending criminal charges related to a high-profile oil spill last November. Over the weekend a federal judge in Rio de Janeiro state granted a request from prosecutors who are pressing for charges against both firms. George Buck, who heads Chevron’s Brazil [...]
Vodafone in line for CWW tax loss boost March 18, 2012 VODAFONE’S tax dealings have been brought back into focus after it emerged that the firm could benefit from tax benefits worth as much as £1bn if it makes a successful takeover bid for Cable & Wireless Worldwide (CWW). Analysts at Espirito Santo said in a note last month that CWW has tax assets worth up [...]
Cables, not tax, would justify a deal March 18, 2012 AS THE Greek government has discovered in recent weeks, a 50 per cent haircut is a tricky thing to foist upon investors. Vodafone’s tax boffins will by now have been through CWW’s assets with a fine tooth comb to figure out how many of its benefits will remain useable following a takeover. If Espirito Santo’s [...]
CMC Markets to close Irish office in rethink March 18, 2012 CMC Markets, the spread betting group, has decided to close its Dublin office, bringing the operation of its Irish business into its London headquarters. The group, which is expected to swing back into profit in its financial year to the end of the month after two successive annual losses, says the move is largely tactical. [...]
