Deficits prompt governments to hike VAT rates June 1, 2011 DEFICIT problems in the West have prompted governments to boost indirect taxes such as VAT, a study from PricewaterhouseCoopers revealed yesterday. The move from direct taxes, such as income tax, to indirect taxes has been accelerated by the effects of global recession, according to the report’s findings. VAT systems, including general sales taxes, have now [...]
Companies cut pension deficits June 1, 2011 RISING equity markets and a renewed focus on deficit funding have slashed the UK private sector’s pension deficits from £148bn last year to £79bn this year, research published yesterday revealed. “Despite the recent turmoil in markets, the last 12 months have been quite good for companies weighed down by pension liabilities and deficits,” commented Charles [...]
A SNAPSHOT OF THE NEW BRITISH BUSINESS LANDSCAPE June 1, 2011 BRISTOL and Glasgow are set to be the newest ‘super-cities’ to emerge in the UK in the next decade and will be catalysts for growth in their regions, a HSBC report said today. The financial crisis may have been bad for business but it has set the stage for a new economic dynamism and the [...]
Schneider to spend €1.4bn on Telvent June 1, 2011 FRENCH power network equipment specialist Schneider Electric is to buy energy software provider Telvent for €1.36bn (£1.2bn) as part of its push into energy efficient grids and emerging markets. The takeover bid is backed by US-listed Telvent’s main shareholder and would give Schneider Electric a stronger presence in software to complement its equipment sales. Telvent’s [...]
Russian tax freeze set to hit Gazprom June 1, 2011 RUSSIA will not increase its mineral extraction tax for independent gas producers, finance minister Alexei Kudrin said yesterday, leaving state export monopoly Gazprom to bear the brunt of tax increases. Gazprom deputy chief executive Alexander Ananenkov warned that if the ministry carries through with proposed output levies, production would decline. “More gas will end up [...]
UN REPORT HIGHLIGHTS JAPAN NUCLEAR FAILURES June 1, 2011 JAPAN underestimated the risk of tsunamis and needs to closely monitor public health after the crisis at the Fukushima Daiichi nuclear plant, a team of international safety inspectors said in a preliminary review of the disaster. The report from the International Atomic Energy Agency highlighted some of the well-documented weaknesses that contributed to the crisis [...]
Rockhopper up on Falkland oil June 1, 2011 ROCKHOPPER Exploration yesterday reported “enormously encouraging” results at a Falkland Islands oil well and said it would conduct further tests over the next month to help establish its commercial viability. “The well has been highly successful, proving a very thick, high quality reservoir package and a substantial oil column,” the company said yesterday. “The geological [...]
Aquarius halts Blue Ridge mine June 1, 2011 AQUARIUS Platinum’s wholly-owned subsidiary Ridge Mining has decided to suspended the funding of the jointly-owned Blue Ridge Platinum mine. The suspension follows a review of its economic viability in the current group metals rand price environment, pending a decision by the board of Blue Ridge to place the mine on care and maintenance. Aquarius Platinum’s [...]
CITY MOVES | WHO’S SWITCHING JOBS June 1, 2011 Religare Capital Markets Richard Thompson has joined Religare Capital Markets as head of investment banking for the London listings and broking business. Thompson joins from Fox-Davies Capital, where he was head of investment banking. Three other members of the Fox-Davies Capital team have also joined RCML: Philip Davies, who will focus on equity capital markets [...]
BEST OF THE BROKERS June 1, 2011 FRANCE TELECOM Nomura rates the company a “buy” and has a target price of €19.20 (£16.84). The broker has raised its earnings forecasts ahead of consensus following an investor day. The broker also thinks that the company is well placed to step up its investment phase in the near term, and sees an opportunity for [...]
