Mayor warns against cuts in the capital June 13, 2010 INVESTMENT by the government into London’s infrastructure is crucial to maintaining the city’s competitiveness, according to Mayor Boris Johnson. Ahead of the emergency Budget, Johnson has urged chancellor George Osborne to avoid slashing spending in the capital on major projects like Crossrail and the tube maintenance. “I want to remind the government that growth is [...]
Business prefers VAT hike over NI rise June 13, 2010 MANUFACTURING and industrial bosses would overwhelmingly prefer a Vat rise to any other tax increase in the 22 June budget, according to accountant KPMG. A survey of 202 executives found 61 per cent saw a Vat hike as the lesser of several taxation evils, with a higher levy on national insurance viewed as the least [...]
EU leaders in an attempt to calm markets June 13, 2010 EUROPEAN Union leaders will make a new attempt this week to convince financial markets they can contain a debt crisis by agreeing how to tighten economic policy coordination and strengthen budget discipline. The 27 EU member states and the executive European Commission will also set out plans for boosting economic growth and creating jobs at [...]
Swiss bank UBS hands over 500 accounts in US probe June 13, 2010 SWISS authorities are understood to have already handed over 500 accounts of UBS clients to the United States under an agreement to end a tax dispute that has threatened the bank’s existence. The Swiss lower house rejected the agreement on Tuesday, triggering a new parliamentary debate next week and delaying a final decision on whether [...]
Mid-market firms feel the upturn strain June 13, 2010 MIDDLE market lawyers and consultants are struggling to tap into the nascent economic recovery, according to the second monthly City A.M./Begbies Traynor health monitor for the Square Mile. While bigger players are benefiting from the return of property development and corporate activity, our numbers show smaller operations are fighting to survive as clients demand more [...]
Joint effort vital for better banking access June 13, 2010 BANKS must work together with policymakers, technology providers and non-governmental organisations (NGOs) to improve global access to financial services and boost economic growth in the wake of the financial crisis, a new report has found. According to the “Banking for Billions” report, launched today by Barclays and the Economist Intelligence Unit, 2.5bn people across the [...]
Apollo weighs higher Brit bid June 13, 2010 BRIT INSURANCE, the Lloyd’s of London outfit, has its largest investors’ backing to demand an improved takeover offer from US private equity giant Apollo, City A.M. understands. The FTSE 250-listed insurer on Friday knocked back a cash approach from Apollo worth £785m, or 1,000p per share, arguing it “significantly undervalues” the company. Apollo was last [...]
London sales up after ash crisis ends… June 13, 2010 SALES in London bounced back last month as flights returned to normal after the volcanic ash cloud that left thousands of tourists stranded. Figures from the British Retail Consortium showed sales soaring by 11.6 per cent in May compared to the same month last year. That compared with a meagre 0.8 per cent increase across [...]
…as bank holiday gives shops in the West End a huge boost June 13, 2010 TWO strong bank holidays helped push up West End retail sales 5.8 per cent year-on-year in May, according to the New West End Company, which represents vendors in the area. Despite a rainy Saturday, shoppers spent £38m on Bond Street, Oxford Street and Regent Street on Monday 31 May alone. The number of people visiting [...]
Dubai private equity board is dissolved June 13, 2010 PRIVATE equity group Dubai International Capital (DIC) has confirmed its board was dissolved six months ago, allowing parent company Dubai Holdings to take over its debts of around $2.6m (£1.7bn). The group released a statement yesterday following the news of non-executive chairman and founder Sameer Al Ansari’s resignation. “DIC confirms that its board was dissolved [...]
