Monti reveals Italian tax cut October 10, 2012 PRIME Minister Mario Monti announced an income tax cut to help low earners yesterday, giving a rare lift to struggling Italian households ahead of parliamentary elections next year but leaving unions dissatisfied and threatening a strike. The unexpected measure was presented along with a rise in value added tax and a raft of spending cuts [...]
Megafon hopes to clarify deal details in days October 10, 2012 ADVISERS to Megafon, the Russian mobile phone operator intending to float in London and Moscow, said it would clarify the intentions of its controlling shareholder Alisher Usmanov in the next few days after concerns there might be corporate governance issues. The group, which published its intention to float statement earlier this week, was rocked by [...]
Toyota will recall 7.4m vehicles over glitch with power window October 10, 2012 TOYOTA Motors said yesterday it would recall more than 7.4m vehicles worldwide as a faulty power window switch was a potential fire hazard, the latest in a series of setbacks that have dented the reputation of Japan’s biggest carmaker. The voluntary move is the biggest single recall since Ford pulled 8m vehicles off the road [...]
City Views | Do think Cameron’s coalition is on the right track to recovery? October 10, 2012 BILL BLYTHE GRESHAM COMPUTING No, because I think that they should be looking at investing in entrepreneurs, start-ups and young people – like apprenticeship schemes. Lots has been taken out of welfare but I think they need to be severe and take out more. NILESH HINDOCHA AVIVA INVESTORS We’re in a mess at the moment [...]
Bank’s Jenkins tells investors to speak up October 10, 2012 BANK of England policy maker Robert Jenkins has urged institutional investors to weigh in with their opinions on banking rule changes, or risk being left with unsatisfactory reform. The Financial Policy Committee member said asset managers are the “missing piece” in making banks more robust. “What stakeholder group other than the investment management industry has [...]
UK car insurers enjoy £300m legal victory October 10, 2012 BRITISH motor insurers yesterday celebrated a legal victory relating to a rise in personal injury awards, saying the decision will save them £300m. The Court of Appeal ruled that the forthcoming 10 per cent rise in personal injury payouts will only apply to claims made after 1 April 2013 – and not older claims that are [...]
Aviva ends its sponsorship deal with UK athletics after 13 years October 10, 2012 AVIVA will not renew its 13-year sponsorship of British athletics despite the sport’s increased profile following the Olympic successes of Mo Farah and Jessica Ennis, the insurer said yesterday. The deal expires at the end of the year. UK Athletics has not named a replacement, but recent reports suggested the sport was looking to increase [...]
Dimon bought Bear as a favour October 10, 2012 JP Morgan boss Jamie Dimon said his company has lost up to $10bn as a result of the government asking him to buy teetering Wall Street firm Bear Stearns during the financial crisis. “And yes, I put it in the unfair category,” Dimon said, speaking at a Council on Foreign Relations event yesterday, adding that [...]
Cambridge Uni to raise £350m in a bond issue October 10, 2012 CAMBRIDGE University plans to make the most of the buoyant bond market to raise £350m to pay for upgrades to facilities. The 803-year-old establishment joins a growing number of universities tapping the capital markets for cash in recent years. Cambridge will issue 40-year notes with a 3.75 per cent coupon to fund investment in research [...]
VisitBritain targets 10m more international tourists a year October 10, 2012 TOURISM leaders hope to capitalise on the Olympic buzz to attract 10m more visitors a year to the UK by 2020. VisitBritain said yesterday it is aiming for 40m inbound tourists annually, which will contribute £8.7bn extra earnings and help create 200,000 new jobs. The group will consult with businesses and the government to try [...]
