Treasury to close VAT loophole November 8, 2011 HM Treasury announced yesterday that a loophole which allows retailers based in the Channel Islands to avoid paying VAT on good worth £15 or less. From 1 April next year, retailers sending goods from Guernsey and Jersey will no longer be exempted from the levy, after the government said the loophole was costing £140m a year. [...]
US budget boss positive on debt November 8, 2011 US President Barack Obama’s budget chief said yesterday he saw some signs that US lawmakers could strike a deficit reduction deal by a 23 November deadline despite no visible indications of progress in talks. White House budget director Jack Lew said that Republicans had begun to show some flexibility on taxes, an issue that has [...]
Osborne fury over plans for EU Tobin tax November 8, 2011 GEORGE Osborne yesterday slammed plans for a Europe-wide Tobin tax as a “big tax on pensioners”, even as the British government continues to support a global version of the levy. The chancellor told a stormy meeting of finance ministers in Brussels that a transaction tax applied only in Europe would cost the region 995,000 jobs. [...]
CBI: Eurozone may cause UK recession November 8, 2011 BRITAIN will avoid a recession – as long as Eurozone leaders resolve their crisis by the spring, leading business organisation the Confederation of British Industry (CBI) claimed today. The Eurozone will experience a mild recession over the winter while Britain’s economy stagnates, according to the CBI’s forecasts. Economic growth is expected to come in at [...]
FSB may police shadow banking November 8, 2011 DIRECT regulation of shadow banking may be introduced to tackle the risks that could shift there from a more heavily supervised mainstream banking sector, a global watchdog chief said yesterday. Mark Carney, appointed last week by world leaders to head the Financial Stability Board, said regulating the shadow banking industry will be one of the [...]
Germany stays ahead on trade November 8, 2011 GERMANY’S trade surplus shot up in September as imports fell and exports increased. The surplus widened from €11.8bn (£10.1bn) to €17.4bn in the month from August. Meanwhile, France’s trade deficit increased to €6.3bn in September, from €4.31bn in August. The customs department said falling aviation sales were the main factor in cutting export by €2.26bn [...]
SocGen sacrifices dividend to cut down capital-raising needs November 8, 2011 SOCIÉTÉ Générale has scrapped its 2011 dividend to bring its capital hole down by €1.2bn (£1.03bn), it announced in its third-quarter results yesterday. The French lender brought its capital-raising requirement down to €2.1bn, in part by ditching the pay-out. It must find the cash by the middle of next year under Europe’s bank recapitalisation scheme. [...]
FTSE holds gains as Italy nears crisis November 8, 2011 BRITAIN’S top share index rose yesterday, as earnings from UK corporates such as Lloyds Banking Group and Vodafone were received positively by investors, although Eurozone worries meant gains were vulnerable to profit taking. Miners and integrated oils, rising with commodity prices, also helped the UK’s benchmark index close up 56.52 points, or one per cent [...]
Banks lead stocks higher November 8, 2011 US STOCKS closed higher yesterday for a second day in a row as late-day news about Europe sparked an afternoon rally that erased early weakness. Italy’s president said Silvio Berlusconi, the country’s prime minister, would resign after a new budget law was approved. Equities had hoped for a resignation, which is seen as clearing the [...]
Get the skills by signing up to trading school November 8, 2011 WITH the current volatility in the forex markets, many who have been relying on fundamental analysis for their FX trading may find themselves struggling. But fear not. There are trading seminars like this morning’s on binaries from GFT (www.gftuk.com) that can really improve your skills. Here we have a non-exhaustive round up of the offerings [...]
