Phoenix chair Sir Howard Davies asks Clive Bannister to explain himself over HSBC February 16, 2015 Former private banking boss at HSBC Clive Bannister has come under pressure from the chairman of Phoenix Group, the insurance company he now runs, to explain his role at HSBC, after revelations that the bank’s Swiss arm helped some clients evade taxes. Phoenix chairman Sir Howard Davies contacted board members last week to inform them [...]
Labour promises to keep corporation taxes low in bid to shed anti-business image February 16, 2015 Labour today promised to keep corporate taxes competitive should the party win the general election, but to shift the focus to small firms and workers. In a bid to counter the party’s anti-business image, Ed Miliband pledged to implement an industrial policy which he said would help firms of all sizes, as well as lower-paid [...]
Unite union stops advertising tax advice in avoidance battle February 16, 2015 Unite the Union has removed references to “tax efficiency” from the financial advice service offered to members, after the Labour and Conservative parties attacked each other over the tax behaviour of their donors. Unite, which is a major Labour donor, had previously offered to help members “build up a nest-egg tax-efficiently.” But now the union [...]
Ferrero Rocher creator passes away February 16, 2015 Michele Ferrero, Italy’s richest man and the owner of a global chocolate and confectionery empire, has died aged 89, the company said. His death opens the question of succession and potential tie-ups at the family-controlled group. Ferrero dreamt up the chocolate-hazelnut Nutella spread, Ferrero Rocher pralines, Kinder eggs and Tic Tac sweets.
Business group sees further UK growth in 2015 February 16, 2015 THE UK economy will grow at an even faster rate in 2015 than had previously been expected, according to a leading private sector survey published this morning. British growth slowed in the final three months of last year and had been expected to moderate further in 2015, yet low oil prices and a pick-up in [...]
Chinese fund to invest £1bn in new London financial district February 16, 2015 CHINA Minsheng Investment, the country’s largest private investment fund, said over the weekend that it would invest £1bn in a Chinese-led project to develop a new financial district in London. The project is one of the largest Chinese investments in the UK in recent years. The private equity firm said it would become the majority investor in the [...]
Pay at asset management firms to overtake investment banks February 16, 2015 Asset management firms are close to paying their employees just as much as investment banks, new research shows, reflecting the shift in balance in the capital markets since the financial crisis. Average compensation cost per employee – a constant proxy for pay – at investment banks has fallen by 25 per cent between 2006 and [...]
British dividend growth halts on strong sterling February 15, 2015 THE STRONG pound put an end to underlying growth in dividends last year, Henderson’s global dividend index (HGDI) showed today. Britain had taken the lead in improvements in dividends since the financial crisis, with only the UK and Asia Pacific achieving growth in each year since the crash. But excluding the enormous Vodafone payout, the [...]
Institute of Directors labels Google Tax a government about-face February 15, 2015 The Institute of Directors (IoD) has criticised the Diverted Profits Tax, known as the Google Tax, being introduced by the government. The law aims to gain revenue from some profits that multi-national companies register abroad. Firms will be legally obliged to notify HMRC, and pay a 25 per cent tax on identified earnings. Stephen Herring, [...]
World One Tower: Flats in world’s tallest residential skyscraper in Mumbai go on sale February 15, 2015 Homes in the world’s tallest residential tower in Mumbai have been put up for sale in London as the owners target Indian millionaires based in the capital. India’s largest residential developer Lodha has hired Mayfair estate agency Wetherell to sell flats in the £205m scheme, called World One Tower, in south Mumbai. The 117-storey-high building [...]
