Tory peer tells coalition to scrap capital gains tax September 13, 2012 THE GOVERNMENT should abolish capital gains tax (CGT), Tory peer Howard Flight claimed in a research paper released by the Centre for Policy Studies yesterday. However, the government must first cut the rate to 25 per cent or less, the report, prepared by Flight and Cambridge post-graduate economist Oliver Latham, says. If it can summon [...]
What the other papers say this morning September 13, 2012 FINANCIAL TIMES Deutsche Bank urges rivals to share Deutsche Bank is seeking to convince rival investment banks to share markets and trading software in an effort collectively to lower costs for the financial industry. Law firms queue up for FSA panel City law and accountancy firms are jostling for the opportunity to earn bumper fees [...]
Government to make it easier to sack workers September 13, 2012 THE GOVERNMENT will today launch its employment law reforms, with changes designed to make it simpler and less costly for employers to dismiss workers. Measures are expected to include an extension of settlement agreements, where an employee accepts a payment for leaving the company, in an attempt to reduce the number of costly employment tribunals. Time [...]
US embassy unrest spreads in Middle East September 13, 2012 VIOLENT demonstrators protesting against a low budget film depicting the Prophet Mohammed launched attacks on American consulates in Yemen and Egypt yesterday as chaos spread across the Middle East. Over a dozen people were injured in Yemen’s capital Sanaa as crowds attacked the US embassy to protest against a movie clip posted on YouTube mocking [...]
Fears deal may fall apart rocks defence firms September 13, 2012 SHARES in both BAE and EADS tumbled yesterday, amid fears the £29bn mega-merger could still fall apart because of competing demands. Among the biggest sticking points are whether the proposed aerospace giant can operate without political interference, as BAE demands, and what the cost savings of the tie-up would be. BAE Systems closed 7.29 per [...]
What are your thoughts on the bae/eads merger? September 13, 2012 ROGER JOHNSTON | EDISON INVESTMENT RESEARCH The advanced merger talks clearly have good industrial logic with BAE now feeling over-exposed to defence and EADS clearly looking to gain a foothold in the US. The key question is whether this deal could kick off a wave of consolidation in Europe. BENJAMIN FIDLER | DEUTSCHE BANK Whilst [...]
Advisers BNP Paribas September 13, 2012 THERE are a handful of advisers working on the deal, many of whom have enjoyed long relationships with both BAE Systems and EADS. On this particular deal, BAE is being advised by Morgan Stanley, Gleacher Shacklock and Goldman Sachs, with UBS acting as corporate broker. Evercore, Pirella, Lazard and BNP Paribas are working for EADS. [...]
Fitch says EU banking union gives stability September 13, 2012 RATING agency Fitch yesterday came out in favour of plans to hand supervision of all Eurozone banks to the European Central Bank (ECB), arguing it would ensure long-term stability in the region. The plans, which would enable the ECB to shut down failing banks or grant licences to new entrants, would reduce bank default risk [...]
World Bank urges countries to reduce role of state in finance September 13, 2012 FEWER regulations will result in a healthier financial sector, according to a report from the World Bank. The report, released yesterday to coincide with the anniversary of the September 2008 collapse of Lehman Brothers, urges countries to keep regulations simple because this will make them easier to enforce and monitor. It notes this is especially [...]
ECB could buy Greek and Irish bonds as well September 13, 2012 THE NEW plan to prop up struggling governments could be extended to Greece, Ireland and Portugal, the European Central Bank (ECB) revealed yesterday, and not just Spain and Italy which are closest to needing help currently. The ECB also warned Spanish state debt could hit 125 per cent of GDP next year if it fails [...]
