German chemicals giant BASF to snap up Cognis in a €3.1bn deal June 23, 2010 Chemical industry giant BASF has agreed to buy Cognis in a long-touted €3.1bn (£2.6bn) deal, including debt, betting on the cosmetic additives maker to protect it from economic turbulence. In the largest European chemical industry takeover this year, BASF will pay Cognis’ private equity owners Permira and Goldman Sachs Capital Partners an equity price of [...]
The Scrooge of Wall Street who says we should blame Americans June 23, 2010 EVEN though it is over 20 years since Michael Lewis worked for Salomon Brothers in London and New York – an experience that he recorded in his classic book of the excesses and greed of the 80s, Liar’s Poker – and even though he has spent much of the intervening time as a keen Wall [...]
THE BIG SQUEEZE June 22, 2010 Chancellor says steep hike in VAT to 20pc is unavoidable Banks relieved as £2bn levy is more lenient than expected Public sector braced for massive job losses as spending slashed Higher rate of CGT increased to 28pc – lower than feared Income tax break worth £200 for low and middle earners Headline rate of corporation [...]
At a glance: All the crucial points from Osborne’s emergency Budget June 22, 2010 THE ECONOMY/PUBLIC FINANCES • The Office for Budget Responsibility (OBR) published fresh forecasts in light of the measures announced yesterday by chancellor George Osborne. • GDP growth will be 1.2 per cent in 2010, accelerating to 2.3 per cent in 2011, 2.8 per cent in 2012 and 2.9 per cent in 2013. The pace of [...]
Great progress on the deficit – but far too many unnecessary tax hikes June 22, 2010 WE?were told to expect a tough Budget, with lots of pain, and that was exactly what we got. Many of the policies announced were necessary; others, however, are clearly misguided. On balance, however, this Budget will leave Britain in a stronger position –?not something that could usually be said of the previous government’s efforts. George [...]
Labour goads Lib Dem MPs over VAT hike June 22, 2010 HARRIET Harman launched a scathing attack on the Liberal Democrats yesterday, claiming they had “sacrificed everything they ever stood for to ride in ministerial cars”. The acting Labour leader said George Osborne’s Budget would “throw people out of work” and hurt economic growth, as she sought to paint the Lib Dems as spineless coalition partners [...]
Coalition avoids capital gains revolt but tensions remain June 22, 2010 A COMPROMISE over higher capital gains tax has stopped a Tory rebellion in its tracks – but there is growing tension in the Liberal Democrat party over higher VAT. The coalition government yesterday increased the top rate of capital gains tax from 18 per cent to 28 per cent, a much lower rate than the [...]
Darling: Budget cuts could send Britain into a Japan-style slump June 22, 2010 SHADOW chancellor Alistair Darling yesterday warned massive spending cuts could push Britain into a long-term Japanese-style slump. He claimed massive spending cuts and a sharp hike in VAT – both announced by George Osborne in his inaugural Budget yesterday – would depress demand and send the economy into a period of stagnation. “You have a situation [...]
BP shares fall to 13-year low June 22, 2010 BP’S SHARES continued their fall yesterday hitting a 13-year low as the embattled oil major admitted that the “financial consequences of the spill will be severe”. The group’s share price plummeted to 328.50p at its lowest point yesterday but regained some ground near the end of the day to close at 334.20p. The fall marks [...]
Diamond: Lehman creditors gained from Barclays bid June 22, 2010 Barclays president Bob Diamond said yesterday Lehman creditors fared better under his bank’s purchase of Lehman Brothers core US brokerage business than they would have if the assets had been sold on the open market. The testimony came on the second day of a trial over whether the British bank received an unfair $11bn windfall [...]
