City warns on dangers of a fiscal squeeze June 16, 2010 BUSINESS leaders have sent a stark warning to chancellor George Osborne ahead of the Budget next week, arguing that substantial tax increases would threaten to derail the fragile economic recovery. The Institute of Directors yesterday called on the government to set out credible, hard-hitting plans to cut the deficit quicker and further than the financial [...]
Summer quaffing June 16, 2010 AH, summer. Despite a frosty few days, the sun is shining and it’s the season for lovely uplifting wines. We’ve got two of our favourite City wine experts to tell us their top summer wine picks. Neleen Strauss is the co-owner and sommelier at Thames-side restaurant High Timber (the cellar has 40,000 bottles in it) [...]
PwC unveils £7.3bn Lehman pay out plan June 16, 2010 THE ADMINISTRATORS of Lehman Brothers’ European business could start to divvy up roughly £7.3bn in cash from the fallen bank if creditors give a new claims plan the green light. PricewaterhouseCoopers (PwC), which was appointed as joint administrator of Lehmans in 2008, unveiled the plan referred to as the “Consensual Approach” that could see the [...]
Private equity industry will fight CGT hike June 16, 2010 CONCERNS are mounting in the business world over the scope of the government’s proposed hikes to capital gains tax (CGT), as lobbying intensified ahead of the emergency Budget next week. The latest form of income to come under the spotlight is the so-called “carried interest”, or share of profits, that private equity bosses receive as [...]
Where to eat out this Father’s Day June 16, 2010 PROMISED you’d see Dad on Sunday but not sure what to do with the old man? Fear not: many of London’s best dining establishments have Father’s Day deals on offer so the two of you can have a good catch up over a great meal. Michelin-starred favourite Arbutus (63 Frith Street) will be offering an [...]
TheCityUK picks its man to rejuvenate financial services June 16, 2010 PROMOTIONAL body TheCityUK has moved into gear in its quest to transform the perception of the UK financial services industry at home and abroad, appointing Association of Independent Financial Advisers (AIFA) director general Chris Cummings as its first permanent chief executive. Cummings, 42, will take up the post in August. He joins a raft of [...]
Feds charge former US mortgage boss with multi-billion fraud case June 16, 2010 THE former head of the now bankrupt mortgage lender Taylor, Bean & Whitaker Mortgage Corp (TBW) has been charged in a fraud scheme that led to multi-billion-dollar losses and targeted the 2008 federal bank bailout programme, US prosecutors said yesterday. Lee Farkas, 57, served as chairman of TBW, one of the largest privately held US [...]
High class: where to go for the best views in town June 16, 2010 WITH roof-top bars and outside space in London hard to come by (or just plain wet), top floor views and cityscapes have become the next best thing and a desirable year-round alternative. This week, as one high and mighty new members’ club opens its shiny elevator doors for the first time, another is scrapping its [...]
Hong Kong flat sale fails June 16, 2010 THE world’s most expensive apartment is to remain empty for now, as developer Henderson Land revealed its £38.3m sale had fallen through. The duplex in the 39 Conduit Road luxury development in Hong Kong’s Mid-Levels district was snapped up last October for the record sum. Its sale, and 19 other deals for plush apartments in [...]
Bonuses are back for top boardrooms June 16, 2010 THE average FTSE 100 boardroom bonus topped half a million pounds in the first half of this year, with an average pay rise for top directors of 23 per cent, research out today reveals. Bonus payments rose to an average of £558,918, a dramatic bounce from last year when payouts fell 30 per cent, according [...]
