National Express back on track December 21, 2009 BELEAGUERED bus and rail operator National Express has claimed to be back on track – reporting a stable fourth quarter with profits set to be in line with forecasts. The company said underlying revenues at its UK bus division had been boosted by 4 per cent thanks to a shake-up in fares and new marketing [...]
CITY FIRMS SET TO ESCAPE SUPER TAX December 21, 2009 INDEPENDENT insurers, asset managers and stockbrokers in the City can breathe a sigh of relief today after the government ended almost a fortnight of tense speculation by confirming they will not be subject to its super-tax on bank bonuses. Under the new rules, which will still see banks charged at a rate of 50 per [...]
BA set for fresh spat on pensions December 21, 2009 BRITISH Airways is on a fresh collision course with union leaders over plans to address the gaping deficit in its retirement scheme, experts warn. The troubled airline has until June to agree a solution with its trustees to the £3.7bn shortfall in its two defined benefit funds, which together cover around 100,000 retired and working [...]
Shoppers defy cold to set Christmas record December 21, 2009 SHOPPERS are coming out in force in the run up to Christmas, setting records in the capital and throughout the country. The New West End Company, representing more than 600 traders in central London, declared sales have been even higher than expected. Jace Tyrrell, head of communications, said: “We have had a good weekend. We [...]
Q&A: UPDATED BANK BONUS TAX RULES December 21, 2009 Q.WHAT CHANGES HAVE BEEN MADE TO THE ORIGINAL BANK BONUS TAX RULES? A.The main clarification put out by HM Revenue & Customs surrounds independent financial services firms such as asset managers, insurers and stockbrokers, which had all expressed concern about being potentially caught by the bonus levy. The government has now confirmed that such firms [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 21, 2009 THE SUNDAY The Sunday Telegraph TEST FOR DEFENCE SPENDING PLEDGE The government’s pledge to direct £900m of defence spending into better equipment for Afghanistan will be tested next month when it announces the replacement for the controversial Snatch Land Rover. The Ministry of Defence (MoD) is understood to be choosing between four vehicles, and industry experts say the [...]
SOLVENCY II FEARS December 21, 2009 Amid fears that new European regulation will lead to an exodus of UK insurers, the Association of British Insurers has pledged to ensure that the European Union’s Solvency II directive is “acceptable to UK insurers so they can continue to be competitive”. An ABI spokesman said the directive was the “subject of ongoing discussions and [...]
Rusal IPO ignores retail investors December 21, 2009 The Hong Kong regulator has imposed unusual restrictions on private investor participation in the $2bn (£1.2bn) flotation of UC Rusal on the Hong Kong stock market, the first IPO by a Russian company in the city. The Securities and Futures Commission has insisted on a minimum entry level of HK$1m for those wishing to take [...]
Borders to close all 45 UK shops December 21, 2009 The Borders bookshop chain will close all its UK branches tomorrow after administrators failed to find a white knight to produce a rescue package. Borders, which struggled in the face of rising competition from online retailers and supermarkets, will make 1,150 people from 45 outlets redundant. MCR, which is unwinding the business, said: “The joint [...]
Sports Direct reported to FSA December 21, 2009 Mike Ashley’s Sports Direct is understood to have been reported to the Financial Services Authority for allegedly breaking the regulator’s rules in its attempt to buy rival Blacks Leisure. The sports billionaire, who also owns the Premier League’s Newcastle United Football Club, already faces separate investigations by the Office of Fair Trading and the Serious [...]
