Jet Republic is grounded August 20, 2009 JET REPUBLIC, the private-jet charter company, has ceased trading and become technically insolvent, it said yesterday. “It is with great regret that I announce that Jet Republic appears to be technically insolvent,” chief executive Jonathan Breeze said to staff in an email. “The business expected to receive funds today that have not arrived, nor do [...]
Top earners face tax squeeze August 20, 2009 High earners in the UK will face one of the toughest fiscal regimes in Europe when new income tax hikes come into effect next year, according to accountancy giant KPMG. Currently, the UK has a top tax rate of 40 per cent on earnings above £43,435, making it the twelfth most onerous country for high [...]
Mandy and Merkel clash over GM August 20, 2009 Business secretary Lord Mandelson said General Motors should take an “objective, commercial decision” when choosing a buyer for its European arm Opel, which should not be “distorted by political considerations”. The comments were seen as a thinly-veiled criticism of German chancellor Angela Merkel, who is offering state subsidies to Magna – the Canadian car parts [...]
Darling issues bonus threat in FSA battle August 20, 2009 CHANCELLOR Alistair Darling yesterday raised the pressure on Financial Services Authority (FSA) boss Hector Sants over bank bonuses, as he pledged to discuss the issue at next month’s G20 meeting in London. Darling said banker pay must be controlled and that the FSA is the obvious body to implement such controls. The remarks bring the [...]
OBAMA SLAMS LOCKERBIE RELEASE August 20, 2009 US President Barack Obama yesterday hit out at Scotland’s decision to release convicted Libyan Lockerbie bomber Abdelbaset Ali Mohmed al-Megrahi, calling the move “a mistake”. Obama added that the US had already opened talks with Libya, urging the regime to keep al-Megrahi, who has prostate cancer and just three months to live, under house arrest [...]
Buses to face competition probe August 20, 2009 The Office of Fair Trading said yesterday it will to refer the local bus market, excluding London, to the Competition Commission for further investigation. The OFT says it has found evidence to suggest that limited competition in the local bus market may lead to higher prices and has identified a number of local bus markets [...]
Business insurance take up poor August 20, 2009 The government yesterday cut the price of its £5bn credit insurance guarantee scheme to help protect suppliers from the collapse of their customers after the programme has so far provided only £7m of assistance to 52 companies. The government also said it is prepared to double the amount it underwrites in the third revision since [...]
Cash-for-clunkers ends in US August 20, 2009 The US cash-for-clunkers scheme, an incentive for drivers to buy brand new cars in exchange for trading in their old bangers, will end on Monday, the Obama administration said yesterday, just one month after it was introduced. The incentive was called to an abrupt halt to make sure Congress does not exceed the allocated $3bn [...]
‘Staycationers’, swine flu and recession dent Kuoni’s results August 20, 2009 LUXURY holiday and tour operator Kuoni yesterday provided fresh evidence on how economic turmoil and the swine flu pandemic have damaged the leisure sector. The Zurich-based firm said it swung to a first-half loss of SFr51m (£29m) compared with SFr26.5m profit in the same period a year ago due to adverse currency movements and rising [...]
CITY VIEWS: HAVE YOU OPTED FOR A “STAYCATION” TO WEATHER THE DOWNTURN? August 20, 2009 CLIFF CUNNINGHAM POLAR LAKE“No, I went to Portugal. I’m not particularly fazed by the credit crunch – I got a good deal and it was just a little break. Going on a holiday abroad is an expense, but travel is cheaper than it has ever been thanks to good old Ryanair and the like.” NEVILLE [...]
