FTSE 100 Live: City stocks rally after tech sell-off; Iran threatens ‘forceful response’ over Strait of Hormuz
Profits at Rusal plunged by 92pc in 2011 March 18, 2012 RUSSIA’S United Company RUSAL, the world’s top aluminium maker, reported a 92 per cent drop in yearly net profit today due to a supply glut and slower demand weighing on the price of the metal, as well as a reduction in the value of its stake Russian miner Norilsk Nickel. RUSAL, also listed in Paris, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 18, 2012 FINANCIAL TIMES BANKING QUINTET UNITE FOR HEDGING TOOL Five banks have joined forces to create a hedging tool designed to improve the health of their balance sheets and protect them against market sell-offs as international regulations force institutions to increase the quality of their assets. Barclays Capital, HSBC, Lloyds, Nomura and UBS are to launch [...]
Co-op fails to lure Hoffman from NBNK March 18, 2012 THE Co-operative Group is set to continue its search for a chief executive to run the 630 branches put up for sale by Lloyds after an audacious approach to the head of a rival bidder came to nothing. The mutual held talks with Gary Hoffman, chief executive of new British bank venture NBNK, earlier this [...]
Apple set to divulge how it will bite into huge cash pile March 18, 2012 APPLE will today finally reveal what it plans to do with its enormous cash stockpile. The consumer favourite, which had $97.6bn (£61.6bn) in cash and securities as of the end of last year, is likely to offer a dividend to shareholders. Apple chief executive Tim Cook and chief financial officer Peter Oppenheimer will announce the [...]
London retains its ranking as the world’s best place to do business March 18, 2012 LONDON has retained its standing as the world’s top financial centre, despite economic uncertainty, the threat of regulatory upheaval and the Eurozone debt crisis. In the Global Financial Centres Index, the UK capital scored a rating of 781, compared to 772 for New York, 754 for Hong Kong, 729 for Singapore and 693 for Tokyo. [...]
Sunday trading rules set to be scrapped for Games March 18, 2012 SHOPS will be allowed to open for more hours on Sundays during the Olympics, George Osborne said yesterday, boosting sales in London by hundreds of millions of pounds. Current rules limit large stores’ opening times to six hours on Sunday, which means Olympic visitors will miss out on evening shopping – sending out a signal [...]
ECONOMISTS’ VIEWS: WILL LONGER SUNDAY TRADING HOURS BOOST GDP? March 18, 2012 ANDREW GOODWIN | ERNST AND YOUNG ITEM CLUB “People have an amount to spend, and although this will allow greater flexibility it is unlikely to change overall spending. Nonetheless, giving consumers greater choice and availability is good thing, and it could create a few extra jobs covering hours that are not covered at the moment.” [...]
Calls for end to 50p tax as Osborne mulls faster allowance hike March 18, 2012 THE TAX-FREE allowance could be raised faster than previously planned in Wednesday’s budget, City A.M. understands, as part of a major deal to reduce taxes on workers at both ends of the income distribution. Chancellor George Osborne yesterday promised that “the bulk” of new measures announced will benefit people on low and middle incomes, as [...]
Warning against giveaways March 18, 2012 THE GOVERNMENT cannot afford to make big Budget giveaways this week and must focus on reducing its huge annual deficit, two leading business and economic groups have said. “I don’t think the country can afford significant tax cuts if it really wants growth,” Confederation of British Industry (CBI) chief John Cridland told the BBC yesterday. [...]
Government called on to protect UK tech industry March 18, 2012 FULL tax relief should be offered to business angels and high net worth individuals who already pay the 50p tax rate to encourage them to reinvest money in technology start-ups, a team of lawyers has urged. A group of partners at leading media and technology law firm Reed Smith has called for more governmental initiatives [...]
