Bank: asset bubbles may have skewed GDP figures September 18, 2011 THE HOUSING boom and other changes in asset prices could have led statisticians to overestimate the contribution of financial services to GDP, according to the Bank of England’s quarterly bulletin, out today. As the sector grew twice as fast as the economy as a whole, its position as a driver of growth is not in [...]
New takeover rules set to test the City September 18, 2011 ALMOST two years after Kraft’s unsolicited bid for Cadbury, changes are being introduced today designed to strengthen the hand of companies that find themselves the subject of unwanted advances. But critics fear the changes will further damage the UK’s stalled M&A market, proving onerous for bidders and diverting investment away from the UK economy. Shortly [...]
Strauss-Kahn says sorry for moral error September 18, 2011 FORMER head of the IMF Dominique Strauss-Kahn apologised to his country last night for a sexual encounter with a hotel maid he said was a “moral error” he would regret all his life, and vowed to stay out of the Socialist Party’s 2012 election campaign in France. In his first interview since a New York [...]
Jaguar picks Midlands for engine plant September 18, 2011 LUXURY carmaker Jaguar Land Rover (JLR) is today set to confirm a newly-formed enterprise zone in Wolverhampton as the site of its new engine plant. Jaguar Land Rover, owned by Indian conglomerate Tata, is expected to confirm the development at an event today with business secretary Vince Cable. It is estimated that the plant will [...]
For how long can JLR commit? September 18, 2011 JAGUAR Land Rover’s commitment to the Midlands has appeared wavering at best recently – something the carmaker hopes to improve by spending up to £400m on a new engine plant, aided by government investment via its enterprise zone scheme. JLR’s parent company Tata has a complicated relationship with UK industry – as ongoing job cuts [...]
Cinven mulls sale of insurer Partnership September 18, 2011 PRIVATE equity house Cinven could sell Partnership Assurance for around £750m – but a deal is unlikely to be struck soon. Sources have indicated a deal is possible in 2013, but not certain, after Cinven received a number of approaches for the insurer. The buyout group acquired Partnership, which provides pension plans, long-term care plans [...]
Obama looks to raise cash from the rich September 18, 2011 US President Barack Obama is expected to unveil plans for a new tax on millionaires today – but political rivals are already calling the proposal “class warfare”. Obama is preparing to set out an extra levy on those earning more than $1m a year, dubbed the Buffett Tax following billionaire investor Warren Buffett’s recent call [...]
You can still be a millionaire despite volatility September 18, 2011 THIS column starts with market volatility and ends up with me accompanying you on a free holiday. Bear with me. Markets around the world have been incredibly volatile recently. Risk seems to come on and off on a whim, with markets reacting wildly to rumours of financial salvation and Armageddon. Sovereign debt has dominated the [...]
BP says it will stay the course in Iraq as US asset disposals stall September 18, 2011 OIL giant BP remains committed to reaching its oil production targets at Iraq’s huge Rumaila field and is not renegotiating contract terms, the company’s chief executive Bob Dudley said at a conference yesterday. BP – one of the biggest players in the push to increase Iraqi oil production – hopes Rumaila will reach its production [...]
Alexander: zero tax for low earners September 18, 2011 THE LIBERAL Democrats should fight to cut out income tax for anyone earning less than £12,500, said Danny Alexander. Speaking at the Birmingham party conference, the chief secretary to the Treasury said the tax issue should be top of the party’s manifesto. “An income tax threshold of £10,000 was the first priority in our manifesto. [...]
