UK brushes aside German plan for EU-wide minimum rate of corporation tax May 26, 2015 The government has knocked back a move by German authorities to introduce a minimum rate of corporation tax across the European Union, saying that such proposals would not survive a vote involving the EU’s 28 member states. It is understood that German Chancellor Angela Merkel and French President Francois Hollande want to introduce such [...]
The Crossrail effect: Fares between Liverpool Street and Shenfield cut by up to 40pc as TfL Rail takes £5m hit May 26, 2015 Essex commuters will be the first to benefit from London’s Crossrail train service, with fare cuts of up to 40 per cent introduced this weekend. Although the east-west London line will not be travelling through the capital’s newly-dug tunnels until 2019, some services between Liverpool Street and Shenfield will be run as TfL Rail from [...]
Trader Tom Hayes accused of greed and dishonesty in Libor-rigging scandal May 26, 2015 The first trial of a trader accused of fraudulently attempting to manipulate key interest rate benchmark Libor began in Southwark yesterday. Prosecutors said Tom Hayes, a 35-year-old former UBS and Citigroup trader, was “greedy” and used his position over several years to engage in the “dishonest rigging of Libor”. Hayes, who pleaded not [...]
Keydata owner pledges to fight FCA after £75m fine May 26, 2015 The bitter wrangle between the Financial Conduct Authority (FCA) and Keydata reached boiling point yesterday as both sides promised legal action to decide the long-running dispute. The financial regulator announced it is seeking record fines against three former managers of the investment service, claiming the company mis-sold complex products known as “death bonds” to consumers. [...]
Aer Lingus is cleared for BA boss’ takeover as Ireland agrees to sell May 26, 2015 The Irish government last night agreed to sell its 25 per cent in Aer Lingus to British Airways owner International Consolidated Airlines (IAG) after many setbacks. The Irish airline’s board recommended IAG’s proposed €1.36bn (£961bn) offer in February, but it still needs support from the other main shareholder, Ryanair, which has previously voiced its support [...]
£6m loan for London startup notonthehighstreet.com from Silicon Valley Bank May 26, 2015 The London-based tech startup notonthehighstreet.com has won a £6m loan from the Silicon Valley Bank. The website, which was founded by Holly Tucker and Sophie Cornish, brings together lifestyle products from over 5,000 small businesses and makes them easy to buy. It will use the money from the new loan to expand the business further. [...]
Greece slams IMF: Yanis Varoufakis hits out at creditors for deal stalemate May 26, 2015 Greece's firebrand finance minister yesterday blasted the International Monetary Fund (IMF) for playing hardball in negotiations, as fears the country will default on its debt sent up the interest rate on its government bonds. “It’s about time the institutions, in particular the IMF, get their act together, and come to an agreement with us,” [...]
The World’s 100 Most Powerful Women: Brits Minouche Shafik, Katharine Viner and Donna Langley join Queen on Forbes list May 26, 2015 Three new British entrants last night made it onto Forbes’ list of the world’s 100 most powerful women. Bank of England deputy governor Minouche Shafik, Guardian editor Katharine Viner and Universal Pictures chair Donna Langley made it onto a list at 66th, 80th, 58th places respectively. They joined Queen Elizabeth II who was 41st [...]
ING cuts stake in investment firm NN in line with 2008 bailout deal May 26, 2015 Dutch banking giant ING last night cut its stake in NN, an insurance and investment management company. ING has agreed to sell 45m shares at €24.46 per share, making the sale worth €1.1bn (£780m). The deal slashes ING’s stake in NN from 54.8 per cent to 42.4 per cent. NN said it would purchase 5.9m shares, valued at [...]
New government sets its agenda May 26, 2015 Lauren Fedor previews what we can expect from today’s Queen’s Speech PRIME Minister David Cameron has said that today’s Queen’s Speech will set out his government’s vision for a “one nation” country “of security and opportunity for everyone, at every life stage”. But what exactly does that mean? What legislative proposals can we expect the speech [...]
