E&Y: Risk of recession is one in five October 9, 2011 THERE is a one in five chance that the Eurozone will go back into recession for the next two years, according to an analysis by Ernst & Young released this morning. The looming threat of a credit crunch coupled with political indecision means that the region could well see its economy shrink two per cent [...]
French banks deny capital raising plan October 9, 2011 TOP French banks BNP Paribas and Société Générale have denied that they could seek to raise a combined €11bn (£9.47bn) as part of a broader European bank recapitalisation plan. A French newspaper had reported that the country’s first and second largest banks by market cap would seek about €7bn and €3-4bn respectively. A BNP spokeswoman [...]
Panel says City would back UK membership of the EU October 9, 2011 THOUGH members of the CityA.M. / PoliticsHome Voice of the City panel were split on their personal feelings towards the UK’s future in the EU, a majority felt the business community as a whole would push for Britain to remain a member. Sixty-five per cent said they expected City institutions and business organisations to support [...]
Backbenchers bite back over fat tax October 9, 2011 DAVID Cameron could face stern opposition from backbench MPs if the government attempts to launch a “fat tax” on foods that are high in fat. The Prime Minister has said that the government “should look at” following in the footsteps of Danish authorities, who recently imposed a tax on foods with more the 2.3 per [...]
Dunstone backs online lender Funding Circle October 9, 2011 THE FOUNDERS of Carphone Warehouse, Betfair and social gaming firm Playfish have backed an online lending marketplace, which allows small businesses to borrow directly from consumers, sidestepping the banks. Charles Dunstone, Edward Wray (top) and Sami Lababidi (bottom) invested an undisclosed amount into Funding Circle, which has offered £28.5m to small businesses since it began [...]
Chinese shoppers splash out after fashion week October 9, 2011 THE West End was boosted last month by record sales to Chinese shoppers in a wave of spending triggered by London Fashion Week. There was a 59 per cent increase in tax free shopping sales to tourists from the country in September compared with the previous month. The figures from Global Blue, which analyses shopping [...]
Footfall down on UK high streets October 9, 2011 The number of shoppers hitting UK high streets in September was down 1.2 per cent compared with the same month last year, according to retail analysts Springboard. Cities fared worse than towns overall as the latter were given a boost by a move towards more local shopping. Excluding cities, footfall was up 1.3 per cent. [...]
Hedge fund at war with tax man over £35m bill October 9, 2011 LONDON hedge fund Cheyne Capital is locked in dispute with HM Revenue & Customs over allegations it has failed to pay £35.3m in tax. The government agency is demanding £29.8m in pay-as-you-earn tax and has lodged a county court claim for £5.5m in national insurance contributions, according to statements in Cheyne’s accounts for the year [...]
LOVE ME DO October 9, 2011 Sir Paul McCartney married Nancy Shevell yesterday at the same London registry office where the former Beatle wed his first wife Linda in 1969. The marriage, at Old Marylebone Town Hall, is the third for McCartney, who is now 69. Ringo Starr, the only other surviving member of the Beatles, was among the guests.
Key week for Burberry amid China worries October 9, 2011 INVESTORS will be eagerly awaiting first half figures from Burberry this Wednesday, as the luxury fashion house seeks to reassure that its expansion remains on track despite uncertainty in key Asian markets. Amid general market turmoil and fears over a slowdown in the Chinese economy, which accounts for 15 per cent of the company’s retail [...]
