Zuckerberg faces whopping tax bill February 5, 2012 FACEBOOK founder Mark Zuckerberg could fork out more than $1.5bn (£950m) in taxes when the Menlo Park-based company goes public in May. The S1 form, filed with the SEC last Wednesday, outlined that Zuckerberg intends to exercise his outstanding stock options on shares he was given in 2005 for his role as chief executive, selling [...]
AutoTrader website takes first steps to file for public offering February 5, 2012 ONLINE car sales network AutoTrader.com is making preparations to list as a public company, according to Bloomberg, following in the footsteps of Facebook which last week filed for a staggering $5bn IPO. The website, which is owned by Cox Enterprises (75 per cent) and Providence Equity Partners (25 per cent), is said to be currently [...]
All3Media sets hunt for new chief in motion February 5, 2012 PRIVATE equity firm Permira is on the lookout for a new chief executive for All3Media, in which it owns a majority stake, as current head Steve Morrison, 64, prepares to step down. A headhunter has been brought in as it is thought likely that the new chief executive will be an external candidate. All3Media, the [...]
Some lessons from the US university system February 5, 2012 BEWARE, those who follow our lead. Those who defend the UK’s university fee hikes say that there’s no need to worry, because the educational loan system ensures that students still are able to pay for an education. Well, let me tell you about loan systems. We have a loan system in the US, where I’m [...]
Middle east deal values down February 5, 2012 Mergers and acquisitions in the Middle East and North Africa rose slightly in 2011, but the combined value of deals fell by more than a quarter as slower economic growth weighed on prices, Ernst & Young said yesterday. Deal values fell to $31.7bn in 2011 compared to $44.1bn a year earlier, but the number of [...]
Households are £8,000 in debt February 5, 2012 Despite three years of paying off credit cards the average household still faces £8,000 in unsecured debts, a PwC report warned today. “UK consumers are among the most indebted in the world,” said PwC’s Simon Westcott. “With households paying off an average of £355 worth of debts in 2011, three years of austerity have only [...]
Hopeful house buyers put off by low supply February 5, 2012 A SHORTAGE of suitable housing is preventing potential first-time buyers from stepping onto the property ladder, according to data released this morning. Asked to name their biggest concern about buying a home, the second most common response among potential buyers was the difficulty of finding a property. “In the final quarter of 2011, the numbers [...]
Smaller finance firms on hunt for City talent February 5, 2012 NIMBLE-FOOTED small and niche financial firms are taking advantage of a surplus of City talent by upping their recruitment, it emerged this morning. With many larger banks cutting their headcounts, smaller aspirational groups are looking to snap up highly qualified bankers. “Some employees who would normally only move from one top flight bank to another [...]
Recession risk on low morale February 5, 2012 BUSINESSES are slashing investment, slowing hiring and freezing pay thanks to worries over the economic outlook, according to the Institute of Chartered Accountants in England and Wales’s (ICAEW) business confidence monitor, published today. Sentiment among small manufacturers declined for the third quarter running according to the Confederation of British Industry (CBI). However, services output expanded [...]
SMEs to bear brunt of new credit crunch February 5, 2012 BANK lending will contract through 2012 for the first time since 2009, with small and medium-sized enterprises (SMEs) particularly badly hit, the Ernst and Young Item Club predicted today. Total bank loans will contract by 2.2 per cent in 2012, the report forecast, followed by growth of just 0.9 per cent in 2013. The fall [...]
