That’s capitalism, says Google chair Schmidt in tax response December 12, 2012 GOOGLE’S chairman Eric Schmidt has defended his company against criticism of its tax affairs, saying: “It’s called capitalism”. “I am very proud of the structure we have set up. We pay lots of taxes; we pay them in the legally prescribed ways,” he told Bloomberg. Google has been chastised by MPs for funneling $9.8bn (£6bn) [...]
London buses go contactless cards December 12, 2012 BUS passengers will from today be able to use contactless debit or credit cards to pay for journeys, as Transport for London begins its long-awaited rollout of the new payment method. Anyone with a contactless Visa, American Express or MasterCard should be able to tap the yellow Oyster pay point on the capital’s 8,500 buses, [...]
Shazam hires lastminute.com founder amid float rumours December 12, 2012 MOBILE music-recognition service Shazam has hired the founder of the travel website lastminute.com, in a move that could pave the way for an initial public offering. Brent Hoberman, who has joined Shazam as an independent board member, started lastminute.com in 1998, together with Martha Lane Fox, who is now the government’s digital champion. Hoberman helped [...]
Tui Travel joins the blue-chips December 12, 2012 TUI TRAVEL has rejoined the FTSE 100 stock index after more than a year as a mid-cap firm, while newly-floated Direct Line clinched a FTSE 250 ranking. FTSE Group said in its quarterly reshuffle that water company Pennon, which has lost around 15 per cent of its market value in the period, will be demoted [...]
How has imagination’s investment case changed after today? December 12, 2012 JAMES GOODMAN INVESTEC We are initially encouraged by today, with a very strong royalty unit performance. However, we calculate a 15 per cent decline in average rates which suggests full year royalty revenue unlikely to move up materially. ‘Hold’. NICK JAMES NUMIS SECURITIES The investment and losses at Pure are likely to drive downgrades to [...]
UK leads global internet TV use December 12, 2012 BRITAIN has become a nation of online shoppers and internet television addicts, dedicating more time and money to those activities than any other nation. Research released today from Ofcom, the communications regulator, will reveal that UK citizens spend more than £1,000 a year online – hundreds more than other countries – and that a greater proportion [...]
British Bankers’ Association mulls merger in hunt for cash December 12, 2012 SUPERMARKET own-label ranges, package holidays and … City lobbying groups? Punters’ desire for value-for-money appears to be stretching further than ever in gloomy economic times. That’s the conundrum confronting my fellow City A.M. columnist Anthony Browne, recently installed as chief executive of the British Bankers’ Association (BBA). Relinquishing its role in supervising the Libor-setting process [...]
Poor lessons in finance costing taxpayer £3bn December 12, 2012 GOVERNMENT delays in getting financial education on the national curriculum is a massive drain on taxpayer resources, according to fresh research published today. Poor financial education costs the UK government £3.4bn a year, according to the report published today by the Centre for Economics and Business Research (CEBR) for MoneySavingExpert.com. The study finds there are [...]
Zombie firms taking a bite out of earnings at Begbies Traynor December 12, 2012 AN ARMY of “zombie companies” being kept afloat by record low interest rates have hit business recovery group Begbies Traynor’s earnings in the last six months. The firm’s revenues fell 11 per cent to £26.1m in the half-year to the end of October, while pre-tax profits dropped from £3.4m a year ago to £2m. A [...]
Hong Kong to crack down on poor share issue prospectuses December 12, 2012 BANKS will face tougher penalties if they put incorrect information in the prospectuses of firms planning to list, under new proposals from the Hong Kong authorities unveiled yesterday. Under new rules “sponsor firms have civil and criminal liability for defective prospectuses,” the Securities and Futures Commission said, concluding its consultation. But the sponsoring bank will [...]
