Australians firm on mining tax May 16, 2010 Australian Treasurer Wayne Swan vowed yesterday to stand firm on a planned new tax on mining profits, to be set at 40 per cent, despite widespread criticism from the country’s booming resources sector. Swan promised “generous transitional provisions for existing projects” but said the government would not bend on plans to legislate the tax in [...]
Peacocks ready to sell after bumper Christmas May 16, 2010 FASHION retailer Peacocks may cash in on its storming run of form with a sale that could value the business at £600m. The budget store has seen sales rocket as customers flocked to it during the recession. Now shareholders are understood to be keen on a quick sale, with the private equity arm of Goldman [...]
Liberty sale under dispute May 16, 2010 A BITTER spat has broken out over the sale of department store Liberty. The changing of hands of the iconic brand appeared to be a done deal when the Liberty board recommended shareholders accept a bid of 186p a share from private equity vehicle BlueGem. But rival bidder Pyrrho, which had a 185p a share [...]
New government, new attitude to the City May 16, 2010 After five days of painstaking negotiations involving politicians from right across the political spectrum, we finally have a new Government – a formal coalition between the Conservative Party and the Liberal Democrats. We now know the composition of the new Cabinet and have a clearer idea of the legislative agenda the Government will be pursuing [...]
RBS in talks for business bank May 16, 2010 Royal Bank of Scotland is in exclusive talks to buy Whiteaway Laidlaw, which is a tiny Manchester-based business bank. The part-nationalised lender is working on a bid through its private equity arm to buy the bank, which is a subsidiary of the Manchester Building Society. Banks such as Whiteaway Laidlaw are usually attractive to new [...]
Household wealth up fivefold May 16, 2010 Household wealth in the UK has risen five-fold over the past 50 years, according to a report from the Halifax. The total worth of households’ property, savings and investments, was £6.3 trillion at the end of last year. The average value per household of £237,000 is three times the £73,000 in 1959. The number of [...]
Discount website snapped up May 16, 2010 Buyout vehicle Groupon has acquired money-saving website MyCityDeal for an undisclosed sum. Groupon recently raised $135m through a fundraiser and has been speculatively valued at about $1.35bn. MyCityDeal offers discounts on restaurants and cinema tickets in 16 European countries and employs over 600 people. In the UK, the company offers daily deals in 17 cities.
City looks to REITs for new building sites May 16, 2010 ANALYSTS are hoping for a wave of new property developments as three of Britain’s largest listed real estate investment trusts (REITs) report their year-end numbers this week. British Land, Great Portland Estates and Land Securities will all reveal increases in the value of their portfolios, according to City consensus. The trio of positive results will [...]
Intandem Films secures new Hilary Swank project May 16, 2010 INTANDEM FILMS, the AIM-listed movie financing firm, will this morning announce a new project starring two-time Oscar winner Hilary Swank. The company will co-produce and sell “Dreams of a Dying Heart”, a harrowing story about a female soldier who survives a helicopter crash, with New York-based Killer Films and Laureate Films in Los Angeles. The [...]
Lagarde plays down sharp stock sell-off May 16, 2010 A SHARP sell-off on European stock markets on Friday took place amid thin trading volumes and was not a huge concern, French Economy Minister Christine Lagarde said in an interview with France Soir newspaper released yesterday. “What happened on Friday should not be overestimated.” she was quoted as saying, adding that the falls came partly [...]
