Legal doubts over Europe’s bond buying August 24, 2011 GERMAN president Christian Wulff blasted the European Central Bank’s mass acquisition of government debt as “legally questionable” yesterday. Wulff cited an article in the European Union’s fundamental treaty, which prohibits the ECB from buying bonds directly from governments. “This ban only makes sense if those responsible don’t circumvent it with comprehensive purchases on the secondary [...]
Sarkozy aims for €11bn in extra savings by 2012 August 24, 2011 Nicolas Sarkozy yesterday said he will tighten France’s belt to the tune of €11bn (£9bn) next year to ensure it stays on track with deficit targets. The budget savings announcement came after France was forced to scale back its economic growth forecasts for 2012 from 2.25 per cent to just 1.75 per cent. It has [...]
Treasury looks to net £5bn in Swiss tax grab August 24, 2011 THE UK and Switzerland last night unveiled a landmark deal that will see over 15,000 British holders of Swiss bank accounts pay up to £5bn in tax. Under the historic agreement, funds held by UK taxpayers in Switzerland will be subject to a one-off levy of between 19 per cent and 34 per cent, depending [...]
Sharp rise in young Neets August 24, 2011 THE number of young people without either work or training has soared to nearly a million, according to new figures which came as the low pay of many graduates was revealed. One in six people aged 16 to 24 are not in education, employment or training, an analysis of government figures found. The number of [...]
Government has lost £27.4bn in tax payments since 2006 August 24, 2011 HER MAJESTY’S Revenue and Customs has missed out on collecting £27.4bn in tax revenues thanks to reductions and write-offs over the last five years, according to research out today. Lost income tax alone accounts for a massive £4.4bn over five years, and the amount of this tax failing to make its way into the government [...]
Labour relies on unions for party donations as debt nears £10m August 24, 2011 UNIONS were responsible for 82 per cent of donations to the Labour Party’s coffers in the second quarter of this year, with the Unite union alone donating more than £750,000. Between April and June, Labour received a total of £3.2m in donations – excluding public funds – of which £2.7m came from trade unions, according [...]
STELIOS CLAIMS EASYJET SCALP August 24, 2011 Former EasyJet owner and current 38 per cent stakeholder Stelios Haji-Ioannou yesterday claimed a scalp on the company board in part of his ongoing feud with the airline. The Greek entrepreneur had called for an emergency board meeting to discuss the removal of Sir David Michels, with the deadline for EasyJet’s response looming this Friday. [...]
WPP surges but warns of a tough 2012 August 24, 2011 SIR MARTIN Sorrell’s WPP yesterday reported a 37 per cent surge in pre-tax profits but said it expects to feel the impact of the economic slowdown next year. Investors were not deterred though, with its stock soaring 7.4 per cent, recouping some of the losses suffered this year. Its first half results, which saw sales [...]
THE LUVVY RECOVERY August 24, 2011 Sir Martin Sorrell, the chief executive of WPP, yesterday said that the LuVVy-shaped recovery was still on track, but warned that it had been “battered” by recent turmoil, writes David Crow. Sir Martin’s recovery analogies have been closely-watched ever since he predicted a “bath-shaped” advertising downturn in 2002. So what does he mean by a [...]
BOOM-TIME FOR BRITISH FILM INDUSTRY August 24, 2011 MARGARET Thatcher biopic The Iron Lady, starring Meryl Streep (pictured) as the lead, helped push film studios owner Pinewood Shepperton to a 68 per cent rise in film revenue. The firm, in which Peel Holdings acquired a majority stake earlier this year, has seen such a surge in demand for movie studio space it has [...]
