BCC: keep spending to help businesses October 10, 2010 THE government should protect spending on transport and press ahead with a superfast broadband network even as it makes swingeing cuts, the British Chambers of Commerce (BCC) has said. In a submission to the Treasury ahead of the comprehensive spending review (CSR) next week, the BCC said the government should prioritise public spending that supports growth [...]
London named as best European city for real estate investment October 10, 2010 LONDON has been named the most attractive European city for real estate investment, knocking Munich out of pole position. In the annual European regional economic growth index, compiled by LaSalle Investment Management, the capital emerged victorious, while all other UK cities were close to, or in, the bottom half of the table of 104 European [...]
Kerviel says his losses cut SocGen’s tax October 10, 2010 SOCIETE Generale omitted to tell the courts it used Jerome Kerviel’s €4.9 bn (£4.3bn) trading loss to reduce the French bank’s tax bill by €1.7bn, Kerviel’s lawyer alleged yesterday. The French bank rejected the claim, arguing the tax treatment of Kerviel’s loss was made public and met fiscal rules. The bank’s former trader Jerome Kerviel [...]
Senior bankers work together in talks with government over bank bonuses October 10, 2010 SENIOR bankers have been lobbying the government and regulators not to disadvantage the UK on the international stage over the issue of bank bonuses. The group led by Barclays chairman Marcus Agius, Sir Philip Hammond, chairman of Royal Bank of Scotland (RBS) and Barclay’s outgoing chief executive, John Varley, are believed to be lobbying global [...]
Savoy Hotel reopens doors after revamp October 10, 2010 LONDON’S most iconic hotel, The Savoy, reopened its doors yesterday after being closed for three years and receiving a £220m refurbishment. In its heyday, the Strand-based Savoy was considered a hot spot by City folk, who flocked to the hotel’s famous Grill to close deals and entertain clients. The hotel was also known for its [...]
No graduate tax, says Vince Cable October 10, 2010 VINCE CABLE has performed a remarkable volte-face over plans to replace university tuition fees with a graduate tax. The business secretary – a long-time proponent of such a scheme – has written to Liberal Democrat members insisting “an additional tax on graduates” is not the way forward. Cable said the tax would unfairly see some high [...]
Alan Johnson will be a tough political rival October 10, 2010 THE knives are already out for Alan Johnson, Labour’s new shadow chancellor, who was welcomed by his opposite number with a thinly-veiled jibe. “I haven’t come across him directly because he’s never held any economic portfolio before,” George Osborne said on learning of his appointment. Tory MPs, along with a few Labour ones, are queuing [...]
Britain has more workless homes than rest of EU October 10, 2010 BRITAIN has the highest rate of workless households out of the major EU economies, according to a new report. The Centre for Policy Studies says that 11.5 per cent of UK households are workless, compared to 10.8 in France, which is the second worst. Dr Peter Warburton, author of the report, said that the boom decade between [...]
Burberry is set for strong sales growth October 10, 2010 LUXURY goods business Burberry is expected to report double-digit sales growth in its first-half trading update on Wednesday. The performance follows a strong first-quarter trading update and comes after a flurry of takeover speculation has boosted Burberry’s share price 17 per cent in the past month. The consensus forecast for the six months to September [...]
Eat takes its third bite at the market as it is put up for sale October 10, 2010 SANDWICH shop chain Eat has been put on the market for the third time by its owners. The company, which has 100 stores and is planning to double that in the next two to four years, is expected to fetch more than £100m as interest from private equity groups mounts. The firm is being advised [...]
