CMC Markets founder to become Tory co-treasurer June 6, 2011 PETER Cruddas, the billionaire entrepreneur behind trading giant CMC Markets, has been appointed as co-treasurer of the Conservative party. He will work alongside existing treasurer Stanley Fink, the former chief executive of hedge fund manager Man Group. Tory sources said Cruddas had proven his fundraising abilities as co-treasurer of the No2AV campaign, which secured a [...]
HMV set to reveal deal with banks June 6, 2011 SHARES of HMV, the embattled music retail chain, shot up yesterday on speculation that it was on the verge of a restructuring deal with its creditors. Led by Lloyds Banking Group and Royal Bank of Scotland, the state-owned lenders, are expected to have agreed to provide the retailer with a two-year refinancing of between £210m [...]
…as directors take a swipe at high taxes June 6, 2011 TAX burdens on businesses are barely any lighter under the coalition government than under Labour, the Institute of Directors (IoD) will claim today. Despite cuts to corporation tax, a wave of other taxes are continuing to weigh down growth in the economy, the IoD, led by Miles Templeman (pictured) will say. National insurance, business rates [...]
CBI rallies behind Plan A but calls for pro-growth agenda… June 6, 2011 NEW Confederation of British Industry president Sir Roger Carr praised the “rigour and transparency” of chancellor George Osborne’s deficit reduction plans yesterday, yet warned that the government must do more to boost growth. The Centrica chairman urged the coalition to cut personal taxes and avoid any repeat of the “counter-productive” hike in North Sea oil [...]
Small businesses say government must cut NI to encourage hiring June 6, 2011 A REDUCTION in National Insurance payments would help small business take on more new staff, according to the latest figures from the Federation of Small Businesses (FSB). The industry body is calling for the government to change its policy on National Insurance, after a survey of more than 1,700 small business owners showed that almost [...]
Government’s plan A given IMF approval June 6, 2011 THE INTERNATIONAL Monetary Fund (IMF) has said there is no need for chancellor George Osborne to slow his deficit reduction plans, or for Britain to draw up a “plan B” for the economy. “The weakness in economic growth and rise in inflation over the last several months was unexpected. This raises the question whether it [...]
Prada prices HK listing June 6, 2011 ITALIAN fashion house Prada is pricing its initial public offering (IPO) in Hong Kong to raise up to $2.6bn (£1.6bn) and give the maker of luxury bags and Miu Miu dresses a higher valuation than its European peers. Prada set an indicative price range of HK$36.5 to HK$48 (£2.90 to £3.80) a share for the [...]
Beware the excess baggage of Samsonite June 6, 2011 PRADA and Samsonite will go cap in hand to Hong Kong investors for a combined $4bn (£2.4bn) when they launch their IPOs this month. Both will claim membership of the luxury goods sector, which is booming in Asia. One is a century-old Italian doyen of haute couture, a byword for sophistication and class. The other [...]
Moncler abandons float plans after selling a 45 per cent stake June 6, 2011 MONCLER has sold a stake to investment company Eurazeo, allowing the upscale clothing maker to sidestep a rocky market for European listings which would have likely demanded it be sold at a big discount. The French company, which had been due to begin roadshows for its Milan listing this week, agreed to sell a 45 [...]
Architects oppose listing of Broadgate June 6, 2011 A POLL of architects suggests that most in the industry are against protecting buildings on the Broadgate estate from redevelopment. An online survey by the Architects’ Journal yesterday showed that 68 per cent think that Broadgate Square near Liverpool Street should not be the second-ever postwar City building to be given listed status, as recommended [...]
