SABMiller faces India tax fee April 12, 2011 Indian regulators have demanded London-listed firm SABMiller pays out $39.5m (£24m) in tax for its 2006 acquisition of assets in the country from Australian brewer Fosters. The firm argues it is not eligible for tax as the deal was struck between two non-resident firms. Yet New Delhi is seeking retrospective tax on deals completed outside [...]
Lloyds puts switching cost at £2bn April 12, 2011 DESIGNING a system to make switching accounts easier would cost the banking industry £2bn and take two years, according to a confidential report given by Lloyds to the Independent Commission on Banking (ICB). The eight-page document and 21-page appendix, seen by City A.M., lays out several options for introducing a new account switching service, with [...]
EU pension scheme rules could hit UK April 12, 2011 NEW pension rules being considered by the European Union could force UK employers to pay off deficits more quickly, according to City law firm Towers Watson. The European Commission wants to revise rules on the funding of pension schemes, making them equal across member states. Towers Watson warned that the future of some UK companies [...]
Private sector hire rate jumps April 12, 2011 THE RATE at which the private sector in London took on staff hit its quickest pace for almost three years in March. A survey by Lloyds TSB and Markit, which indicates growth with a score above 50, shot up to 57.7 last month. The last time the private sector in the capital hired at a [...]
High bank pay reforms needed April 12, 2011 BANKS need to do more to shift away from a culture of risk and the excessive pay structures that prevailed before the financial crisis, an industry report has said. Banks have made progress since 2008 as top management and boards have become more involved in setting risk policy, according to the survey of 62 firms [...]
Inflation dips on food prices April 12, 2011 INFLATION surprisingly slowed to four per cent in March, down from February’s 28-month high of 4.4 per cent, the Office for National Statistics (ONS) said yesterday. Consumer prices rose 0.3 per cent from February to March, yet compared to the same months last year inflation slowed by 0.4 per cent. Food discounts by the UK’s [...]
WHY DID INFLATION FALL, AND WILL THE DECLINE CONTINUE? April 12, 2011 THE EASTER EFFECT This year we will have the latest Easter since 1996. Bank holiday Easter Monday falls on 25 April, while last year it was on 5 April. Prices in the run up to Easter tend to increase. “As is well known retailers tend to push up prices in the two weeks ahead of [...]
CITY VIEWS: HOW WORRIED ARE YOU ABOUT INFLATION? April 12, 2011 GAVIN SUMMERS | XL INSURANCE “I’m quite worried because the cost of living is going up. My pay increase was below inflation so it was essentially a pay decrease.” ANDY PEACOCK | AXA INSURANCE “I’m not worried. I have a mortgage and credit card but it is not that bad if you consider the cost [...]
Goldman calls top of rally in commodities April 12, 2011 COMMODITY prices dipped yesterday after long-term bull Goldman Sachs advised clients to close their long positions on a basket of commodities including copper, platinum, soy beans and crude oil. Goldman’s “CCCP basket” has made a 25 per cent gain over the last four months, but the bank warned clients to take profits before an expected [...]
Have your say on Portugal’s bailout – join our London business panel April 12, 2011 THE latest Voice of the City survey, in association with PoliticsHome.com, would like to know what you think about the Portuguese bailout, and the role you think the UK should play. To participate, simply go to www.cityam.com/panel and answer the questions below. Results will be published in Monday’s paper. All of the data provided is [...]
