BA turns to old staff to cover strike February 10, 2010 British Airways yesterday asked staff whose temporary contracts expired last year to cover expected upcoming strike action. Former staff have been offered six month contracts worth £1,000 a month with an additional £2.40 an hour flying allowance. The staff would have to undergo a week long refresher course that would begin on 22 February. BA’s [...]
Tax dodgers come clean February 10, 2010 German tax authorities yesterday reported a surge in the number of tax dodgers who are turning themselves in after the government decided to buy stolen Swiss bank account data from a whistleblower. Lawyers specialising in tax crimes are also noticing a brisk upturn in business as Germans, who hold an estimated €200bn in undeclared funds [...]
LISTED PRODUCT NEWS February 10, 2010 THREE ETFS TRACKING FRENCH CAC 40 Three new exchange-traded funds listed in Paris yesterday, all tracking the French blue-chip CAC 40. Comstage ETF launched the products on behalf of its parent company Commerzbank. The ComStage ETF CAC 40 aims to track the performance of the underlying index and charges an annual fee of 0.20 per [...]
Reckitt defies recession with annual profit surge February 10, 2010 RECKITT Benckiser, which makes products including Nurofen, saw profits jump by 23 per cent last year despite the recession. The company said 2009 had been a good year and predicted growth in 2010. Reckitt’s drug Suboxone – a heroin substitute – accounted for 16 per cent of the profits. “Our five per cent target is [...]
Single stain on spotless results February 10, 2010 ON the surface, these results are sparkling, as if they’ve been polished up with a can of Reckitt Benckiser’s Brasso. Full year sales are up 18 per cent, pre-tax profit is up 28 per cent and the final dividend of 57p brings the total to £1 – a 25 per cent hike. Emerging markets are [...]
Hands in call to arms against regulation February 10, 2010 GUY Hands, the chairman of private equity group Terra Firma, yesterday urged members of his industry to push back against “populist moves” to increase regulation. Hands, speaking at the Super Returns conference in Berlin, said that current moves on both sides of the atlantic to tighten regulation of the private equity industry, would “hamper and constrain [...]
Hargreaves beats 50pc tax February 10, 2010 HARGREAVES Lansdown, the investment advisory giant, is to hand its shareholders a special dividend to maximise returns before the top rate of income tax jumps in April. The Bristol-based company announced the unusual move as it revealed a nine per cent increase in pre-tax profits to £39.8m for the six months to the end of [...]
Weak economy means Belgium could be next to join the Pigs February 10, 2010 GREEK public deficit worries have been widely reported in the mainstream media. The government’s problems with its budget led to severe pressure on Greek sovereign bond yields and credit default swap spreads, which at one point were over 400 basis points over equivalent German sovereign yields. On 3 February the European Union executive announced that [...]
Temasek sets up an Asian focused investment firm February 10, 2010 SOVEREIGN wealth fund Temasek Holdings yesterday confirmed that it is setting up a new global investment firm called Seatown, which will be headed by its chief strategist Charles Ong. Seatown – the English translation of Temasek – is expected to have an investment capital of around $3bn (£1.9bn) to be invested in emerging markets with [...]
UK AT RISK | THERE’S ROOM IN THE STY February 10, 2010 CHANCELLOR Alistair Darling might have hoped that the Greek sovereign debt crisis would draw attention away from the parlous state of Britain’s own public finances. He will have been sorely disappointed – the Eurozone’s troubles have only highlighted the problems facing other highly indebted countries such as the UK and the US. The ratings agencies [...]
