Autumn statement 2013: What to watch out for December 4, 2013 WHO: GEORGE OSBORNEWHEN: 11.15AM TODAYWHERE: HOUSE OF COMMONS WHAT WE ALREADY KNOW Business rate rises cappedRate rises will be limited to 2 per cent in England and Wales in 2014, not linked to inflation State pension reformRetirement age rising to 69 by late 2040s Paper tax disc abolishedVehicle exise duty (VED) to be paid online Tax-free childcare vouchersAvailable [...]
What the other papers say this morning – 05 December 2013 December 4, 2013 FINANCIAL TIMES US business chiefs want budget deal Chief executives of big US companies are warning that the country faces another year of sluggish growth, expressing hope that a deal over the budget being discussed in Congress will kick-start the economic recovery. Jim McNerney, chief executive of Boeing and chairman of the Business Roundtable, said [...]
UK tipped for faster growth to end the year December 4, 2013 THE UK economy is on track to grow by an impressive one per cent in the final three months of the year, analysts said yesterday. A leading survey of Britain’s services sector fell below expectations but still pointed to strong expansion in the industry. Markit’s latest purchasing managers’ index (PMI) recorded a headline level of [...]
Goldman could ditch London HQ for the continent if UK leaves EU December 4, 2013 GOLDMAN Sachs yesterday said it would consider moving its European headquarters from London to Paris if the UK left the European Union in future. “If the UK leaves the EU, we would have to consider moving our London hub to another location in Europe. Two most likely places to go to would be Frankfurt and [...]
Banks fined for euro and yen rate fixing December 4, 2013 TRADERS from eight global banks colluded from 2005 to 2010 to attempt to alter euro and yen derivatives rates, the European Commission said yesterday, fining them a total of €1.7bn (£1.4bn). Deutsche Bank led the field with fines totalling €725.4m, followed by Societe Generale on €455.9m and RBS at €391m. JP Morgan was hit with [...]
Q and A: What are these fines for? December 4, 2013 Q Why have these banks had to pay €1.7bn to the European Commission? A The banks’ traders were found to have colluded to fiddle interest rates. They would contact other traders in other banks and decide where to push benchmark interest rates. They have paid up to settle the EC’s antitrust claims against them. Q [...]
StanChart shares dive as tapering fears hit profits December 4, 2013 STANDARD Chartered issued a profit warning yesterday as its 10-year long run of record profits looks set to come to a sudden finish, as chaos in emerging markets and losses in Korea hit the lender. Shares in the UK-based bank plunged 6.46 per cent as the lender said profits are expected to fall in the second [...]
Bottom Line: Banking on emerging markets is no longer such a sure-fire bet December 4, 2013 AHEAD of today’s Autumn Statement, George Osborne got an implicit rebuke over his repeated enthusiasm for raising the banking levy in Standard Chartered’s profit warning yesterday. The bank noted “a significant increase in the UK bank levy”. It anticipates a cost of $250m (£153m) this year, up from $174m in 2012. The levy has been [...]
Icahn pushes for bigger slice of Apple turnover December 4, 2013 VETERAN investor Carl Icahn has announced that he will push for Apple to increase its stock buyback programme, forcing a shareholder vote on the issue. Icahn is calling for Apple to increase its existing buyback scheme by $50bn (£30.53bn). The proposal would not force Apple to act, but could put pressure on the board to [...]
Infrastructure plan met with cautious support December 4, 2013 THE GOVERNMENT’S national infrastructure plan received mixed reactions yesterday, as proposals for over £375bn worth of projects were announced by chief secretary to the Treasury Danny Alexander. The document sets out the UK’s infrastructure needs and how to address them. It includes detail on the government’s plan to increase money raised through the sale of [...]
