UK borrowing hits new record April 22, 2010 GOVERNMENT borrowing hit a record £163.4bn this year, official figures have shown. The figure for the 2009-10 financial year is under the £166.5bn predicted by Chancellor Alistair Darling in April’s Budget. However, It is the biggest annual borrowing figure for a UK government in peacetime, the Office for National Statistics (ONS) showed. A further £23.5bn [...]
WH Smith raises dividend after profits boost April 22, 2010 WH Smith has raised its dividend after a jump in first-half profits. The newspaper, books and stationery retailer reported a pre-tax profit of £62m for the six months to 28 February. It hiked its dividend by 13 per cent to 6.1p. The company which has shops on in stations airports and hospitals as well as [...]
Deutsche Bahn seals £1.59bn deal for Arriva April 22, 2010 UK train and bus operator Arriva has agreed to be taken over by Germany’ rail operator Deutsche Bahn in a £1.59bn deal. Deutsche Bahn runs Germany’s national rail services and the move will create one of the biggest transport groups in Europe. Arriva runs rail and bus services in 12 European countries. Deutsche Bahn’s chief [...]
Credit Suisse sees earnings jump April 22, 2010 CREDIT Suisse has posted a first quarter net profit of CHF 2.1bn (£1.3bn). The Swiss bank has seen a turnaround since the global financial crisis, boosted by its high number of wealthy clients. Chief executive Brady Dougan said in a statement: “Market conditions in the second quarter to date have remained similar to those in [...]
All City firms to be hit by IMF tax April 21, 2010 NON-BANK financial firms were left reeling yesterday as it emerged the International Monetary Fund (IMF) proposes to levy new taxes on all financial institutions, crippling insurers, hedge funds, private equity firms and asset managers as well as banks. Analysts at Credit Suisse estimated that the taxes could cost the European banking industry as much as [...]
Clegg in row over donations April 21, 2010 NICK Clegg last night denied any wrongdoing after it was revealed that party donations were paid directly into his personal bank account. Three donors paid up to £250 a month into the Liberal Democrat leader’s bank account in 2006, when he was the party’s home affairs spokesman. The arrangement came to an end after he [...]
IMF plan: the wrong kind of reform April 21, 2010 IT is a quote that sums up the new cross-party consensus on London’s financial services industry. Reacting to proposals from the International Monetary Fund, which would hit all financial firms – including hedge funds and insurance companies, not just banks – with two very large new taxes, Alistair Darling had this to say: “The recognition [...]
Prudential to list in Singapore April 21, 2010 British insurer Prudential is seeking a secondary listing in Singapore to run alongside its dual primary listing in Hong Kong. The group, which is preparing a $35.5bn (£23bn) takeover of AIA in Asia, wants to garner as much investor attention as possible in the region before the deal goes through. But another listing in the Far [...]
McDonald’s and Starbucks profit April 21, 2010 US-headquartered chains McDonald’s and Starbucks indicated the consumer recovery is gathering pace yesterday, both saying sales at established outlets were accelerating. McDonald’s reported a 4.2 per cent rise in sales in the month of March, beating analysts’ expectations. The burger manufacturer also announced net income of $1.1bn (£714m) for the quarter. Starbucks said sales were [...]
AT A GLANCE: HOW THE INTERNATIONAL MONETARY FUND’S TAXES WOULD AFFECT THE CITY April 21, 2010 FINANCIAL ACTIVITIES TAX ● The FAT consists of a levy on the value added of ALL financial institutions, including insurers, hedge funds, private equity firms and so on. ● It comprises two elements: a tax on profits and a tax on remuneration. ● This could be justified as an alternative to charging VAT. However, the [...]
