Labour calls for £2bn tax on bonuses March 14, 2011 LABOUR shadow chancellor Ed Balls yesterday claimed the government could create 110,000 jobs and build 25,000 new homes by clobbering the banks with a £2bn tax on bonuses. Balls, who is seeking to flesh out Labour’s economic policy ahead of the Budget on 23 March, said the tax would “boost jobs and growth”. He urged [...]
FACT CHECKER | WITH DAVID CROW March 14, 2011 SHADOW chancellor Ed Balls will tomorrow force a House of Commons vote on fuel VAT, in a bid to earn political capital from soaring petrol prices. But George Osborne’s allies claim that cutting VAT on fuel is illegal under EU law. Rubbish, say Labour spinners: all Osborne needs to do is apply for an exemption. [...]
Fitch says UK’s AAA rating safe due to spending cuts March 14, 2011 BRITAIN’S top-notch credit rating looks increasingly secure thanks to the government’s spending cuts and a recovering banking sector, ratings agency Fitch said yesterday, in a significant boost for the chancellor. However, Fitch said there was a risk that inflationary pressures could spur a sharper-than-expected rise in interest rates which might hurt the economy. “The strong [...]
Hutton: Public sector pay hike is unjustified March 14, 2011 THE public sector has failed to justify a rapid rise in salaries for top executives, according to an influential new report. Will Hutton, the executive vice-chairman of the Work Foundation, has recommended senior public servants’ pay should be directly linked to their performance and should be subject to far greater public scrutiny. Under his proposals [...]
CITYVIEWS: IS LABOUR RIGHT TO CALL FOR THE BANK BONUS TAX TO BE REINTRODUCED? March 14, 2011 PETER SYMES | JLT “No. People who would otherwise come to work in banks in the UK, paying other taxes, would be driven away to work elsewhere. It wouldn’t help the government.” DAVID JONES | QBE “No. If we end up with a bonus tax on banks it would cascade to everyone else. Everyone has [...]
ROBERT THE LIONHEART SERENADES SELFRIDGES March 14, 2011 ROBERT Tchenguiz will henceforth be known as Robert the Lionheart, after the billionaire property developer was spotted singing The Lion Sleeps Tonight from the film The Lion King in Selfridges. The sighting took place at 5.30pm on the evening of the now infamous yacht party at MIPIM in Cannes last Thursday, when a social contemporary [...]
Rio moves closer to Riversdale takeover March 14, 2011 RIO TINTO, the mining giant, moved closer in its bid to gain control of rival Riversdale Mining yesterday, after a $3.9bn (£2.4bn) improved offer spurred more shareholders to accept the bid. In a notice to the Australian Securities Exchange, Rio said the number of shares it either owned or had received acceptances in respect of [...]
AssetCo to raise shareholder cash despite bid support March 14, 2011 TOP shareholders in AssetCo, the largest fire-engine supplier to the London Fire Brigade, have criticised its board for not considering a takeover approach more carefully. The Aim-listed company yesterday said it had rebuffed months of bid talks and taken out an emergency loan of £1.45m as it prepares to raise more cash from its shareholders. [...]
Buffett on acquisition trail with $9bn Lubrizol deal March 14, 2011 BERKSHIRE Hathaway’s purchase of Ohio chemical maker Lubrizol for $9bn (£5.6bn) is one of the biggest deals ever for Berkshire chairman Warren Buffett, who is quickly making good on the promise of “major acquisitions” that he made in his annual shareholder letter last month. The price tag for Lubrizol is at a premium of 28 [...]
Asian share offerings hit pre-recession highs March 14, 2011 THE TOTAL level of cash raised through initial public offerings (IPOs) in Asia so far this year has hit its highest level since before the recession. Companies from the region have generated a total of $20.8bn (£12.9bn) from stock market offerings since January, according to data provider Dealogic. The figure comes after a boom year [...]
