Osborne plans crackdown on tax avoidance March 20, 2011 GEORGE Osborne is set to step up his attempts to tackle tax avoidance in the Budget on Wednesday, City A.M. understands, as part of a raft of measures designed to prove he is tough on the wealthy. A Treasury source yesterday said there would be “all sorts of anti avoidance” measures in the Budget including [...]
A BUDGET FOR GROWTH | WHAT MEASURES COULD THE CHANCELLOR INTRODUCE THIS WEEK? March 20, 2011 ● National insurance to be merged with income tax The chancellor is expected to signal his intention to allow employers to pay national insurance and income tax in a single combined payment. ● Apprenticeships In a bid to tackle the high number of young “NEETS” (not in employment, education or training) 50,000 apprenticeships could be [...]
Vickers not convinced by bank lobbying March 20, 2011 THE Independent Commission on Banking (ICB) has dismissed an industry estimate that breaking up wholesale and retail business activities would cost the UK’s main banks £12bn-£15bn, City A.M. has learned. A report produced by Oliver Wyman as part of a bank lobbying effort and submitted to the ICB as evidence has said that the cost [...]
Fed ruling sees US banks rush to increase dividends March 20, 2011 US BANK investors are set to benefit from a wave of dividends and share buybacks after the Federal Reserve finally lifted its blanket ban on “increased capital distributions” by financial institutions. American banking stocks were up across the board on Friday after the Fed concluded its review of their capital plans and gave permission for [...]
Net borrower banks targeted in Libor probe March 20, 2011 INVESTIGATIONS into the possible “manipulation” of data relating to the London Interbank Offered Rate (Libor) are likely to focus on banks that were net borrowers during the financial crisis rather than lenders, an industry source told City A.M. yesterday. UBS has said that it was subpoenaed by US and Japanese regulators regarding Libor investigations. Barclays, [...]
Arcus aims to bid for Forth March 20, 2011 ARCUS Infrastructure Partners aims to announce a formal £744m takeover offer for FTSE 250-listed Forth Ports tomorrow, alongside the target’s full-year results, a source familiar with the company confirmed yesterday. Arcus, which already owns a 22.8 per cent stake in Forth, is likely to keep its offer in line with the £16.30 per share indicative [...]
Japanese disasters shook markets too much March 20, 2011 The ongoing sequence of tragedies in Japan has understandably shaken investor sentiment heavily. In two days last week the Nikkei lost 17 per cent and markets around the world fell accordingly, with the FTSE 100 dropping over six per cent in six sessions before showing some composure at the tail end of the week. The [...]
AssetCo expected to get green light for another cash injection March 20, 2011 INVESTORS in fire engine owner AssetCo are expected to rally round the firm today as it puts the finishing touches on its £26m share sale. The company held a board meeting yesterday to work out the details of the fund-raising, which is needed to pay creditors and top up capital. Shareholders are due to meet [...]
EDF chief says no delay to UK nuclear plans March 20, 2011 EDF’s chief executive insisted yesterday that the firm’s plans for nuclear power in the UK would not be delayed after the crisis at the earthquake-hit Fukushima plant in Japan. “[O]ur plans, to be clear, are undimmed because UK needs nuclear. And the question for me is not to make a pause.” Vincent de Rivaz told [...]
Quake could cost Japan’s top car firms £600m in lost production March 20, 2011 DISRUPTION from the Japanese earthquake and tsunami could cost the country’s top four carmakers up to £600m, according to Goldman Sachs estimates. Toyota, Honda, Nissan and Suzuki are unlikely to suffer any major opportunity loss, said GS analyst Kota Yuzawa in a note, but production stoppages are set to dent profits by £45m, or 6bn [...]
