Coalition losing its way on tax wars February 20, 2011 IT is starting to look as if the British government has completely lost the ability to fight back against its critics, especially when it comes to tax. Instead, it keeps trying to appease them, attempting to move to the left of Labour on the issue and failing to understand that such a strategy is doomed [...]
Renren owner plans IPO February 20, 2011 ONE of China’s largest social networking companies, Oak Pacific Interactive, is planning to raise around $500m (£308m) this year in a initial public offering (IPO) in the US. Oak Pacific, the owner of Chinese social networking site Renren, hired Credit Suisse Group and Deutsche Bank in December to underwrite an IPO, planned for the first [...]
What the other papers say this morning February 20, 2011 FINANCIAL TIMES BUSINESS JET TRAVEL REBOUNDS AS RICH SPLASH OUT FOR PRIVACY Private jet travel, shunned in the recession as a sign of ostentation, is recovering in a further sign that the world’s richest people are spending more freely again. The number of business flights – which includes celebrity, state and business hire – grew [...]
RBS in £1.6bn legacy loans sale February 20, 2011 Royal Bank of Scotland is set to sell £1.6bn of unwanted legacy loans as the bank focuses on making disposals from its remaining £150bn of non-core banking business. The bank, which is set to report its full-year results on Thursday, is expected to report a pre-tax loss of around £600m for 2010. According to a [...]
Daewoo wins shipbuilding order February 20, 2011 Daewoo Shipbuilding & Marine Engineering has said this morning it expects to win a 2 trillion won (£1.1bn) order from AP Moeller-Maersk to build 10 of the world’s biggest type of container ships. The deal for the container ships, which will also include options for further vessels, will be signed later today in London, Seoul-based [...]
Moody’s plans downgrades for big banks February 20, 2011 REGULATION aimed at removing taxpayer support for banks that are “too big to fail” could lead to ratings downgrades for 177 major global banks this year, ratings agency Moody’s has warned. The reforms will allow even big firms to fail and impose costs on bondholders. Regulators’ determination to tackle the problem of taxpayer bail-outs with [...]
Diageo eyes $2.5bn bid for Turkish Mey February 20, 2011 DIAGEO is set to announce the acquisition of Turkish spirits firm Mey Içki Sanayi ve Ticaret for a staggering $2.5bn (£1.54bn). Diageo could finalise the deal as soon as this morning, according to the Wall Street Journal. Mey, owned by US firm TPG, is among the largest alcohol producers in Turkey and controls 80 per [...]
Obama’s lost fiscal control, regrets Soros February 20, 2011 PRESIDENT Obama has “lost control of the agenda” to determine America’s fiscal future, hedge fund billionaire George Soros said yesterday. Obama faces an uphill struggle to implement his spending plans, released last week. “The agenda is now in the hands of the Republican Party,” Soros said. Republicans, who control the House of Representatives, will “pursue [...]
Q&A: AMERICA’S BIG DEFICIT February 20, 2011 Q. HOW BIG IS THE US GOVERNMENT’S ANNUAL DEFICIT? A. Around $1.6 trillion (£984bn), for the current fiscal year – roughly 11 per cent of America’s GDP. Q. WILL IT BE CUT? A. For fiscal year 2011, government spending is expected to edge down on slightly, from $3.8 trillion to $3.7 trillion. Government receipts of [...]
Hedgie makes big Ocado loss February 20, 2011 ONLINE grocer Ocado’s recent growth has stung a US hedge fund, which has reportedly lost up to £40m by shorting Ocado stock after the firm’s rocky flotation in July. Elinor Carter Brooks from New York-based Blue Ridge Capital is thought to have bet against the shares when they had already dropped to near all-time lows [...]
