G20 wary on China move to de-peg yuan June 20, 2010 GLOBAL politicians at the weekend cautiously welcomed China’s move to de-peg its currency from the US dollar for the first time in almost two years, bowing to international pressure a week before the G20 meets in Toronto. US President Barack Obama labelled the new policy a “constructive step”, although the response from Washington was muted [...]
AgBank picks banks for $23bn Hong Kong-Shanghai flotation June 20, 2010 THE Agricultural Bank of China has chosen the banks to lead its more than $23bn (£15.5bn) initial public offering (IPO), sources involved with the process said yesterday, a move that finally sorts out the key roles for the deal. AgBank’s selection of its top banks came as key investors swooped in on the offering while [...]
City expects budget cuts June 20, 2010 CITY economists have broadly backed the chancellor’s plans to launch what could be the sharpest fiscal tightening in Britain’s post-war history but warned that the squeeze could harm still-feeble growth. Despite the improving fiscal trend, George Osborne is expected to introduce additional tightening measures in his first Budget tomorrow to put the public finances onto [...]
Banks implore Osborne to rethink balance sheet tax June 20, 2010 SENIOR members of the banking community yesterday implored chancellor George Osborne to reconsider plans to introduce a sweeping tax on bank balance sheets, arguing that a simple levy on profits would be a fairer and more transparent option. Osborne is set to outline details of the levy in tomorrow’s emergency Budget and is widely expected [...]
Airlines warn over air levy and tax hikes June 20, 2010 AIRLINES have warned that the government’s plans to increase the departure levy could see passengers avoid the UK’s airports. It is thought that the rise in the levy, which is set for November, will cost a family of four travelling abroad up to £300 extra in taxes a year. The government is also planning to [...]
WHAT WILL THE EFFECTS BE OF LIKELY BUDGET MEASURES? June 20, 2010 SIMON HAYES | BARCLAYS CAPITAL “Higher taxes, large cuts in public services and reduced welfare payments all seem likely. We would expect it to be viewed positively by financial markets.” MICHAEL SAUNDERS | CITIGROUP “A tightening of £25bn, split between a £10bn tax hike and eventual spending cuts of £15bn. This should mean a drop [...]
Austerity hits house prices June 20, 2010 SEVERE austerity measures and an uncertain economic climate will kill off the recovery in house prices, property website Rightmove will warn today. Revealing in its monthly survey that home asking prices only rose 0.3 per cent in June on the previous month, Rightmove said that the pace is slackening and the market is beginning to [...]
CBI: Britain needs tougher strike laws and flexi working June 20, 2010 TOUGHER INDUSTRIAL relations and flexible working are among some of the measures proposed today by the CBI to maintain Britain’s job market. A report by the business advocacy group unveiled a number of measures the government should adopt, including blocking regulations that will cost jobs, taking a tougher stance on industrial action and enforcing flexible [...]
Job fears hit new high in June June 20, 2010 CONFIDENCE in job security fell at the fastest level since September 2009 in the last four weeks, with households also reporting dwindling savings and concerns over debt, according to a survey out today. More than a quarter said their finances had deteriorated in the last month, compared to seven per cent who felt their financial [...]
Hutton to lead public sector pension probe June 20, 2010 FORMER Labour cabinet minister John Hutton has been appointed by the coalition government to lead a commission into public sector pensions. Announcing the appointment, chancellor George Osborne said it was “unsustainable” to expect taxpayers to cough up for public sector pensions. Hutton, a former secretary of state for work and pensions, will be asked to [...]
