BAE shareholder Invesco opposes merger October 8, 2012 BAE’s largest shareholder Invesco has issued a long list of objections to the £30bn tie-up with EADS. Invesco, which owns 13.3 per cent of BAE, has a number of reservations regarding the merger, including concerns about state involvement, merger terms and its strategic rationale. Invesco said this morning that it doesn’t “understand the strategic logic [...]
Cookson Group warns on profits October 8, 2012 Materials company Cookson Group this morning warned that a weak performance in one of it divisions would cause it to miss forecasts for the year. Third-quarter performance for its engineered ceramics division, which makes products for the global steel industry, was weaker than previous expectations thanks to a downturn in production of the metal. Its [...]
Aquarius Platinum chief executive stands down October 8, 2012 The chief executive of Aquarius Platinum has resigned with immediate effect, giving no reason for his departure. Stuart Murray has terminated his directorships with other companies in the group. A replacement is being sought. In the interim, Jean Nel will take the role of chief operating officer and Zwelakhe Mankazana has been appointed interim non-executive [...]
Cameron rules out mansion tax October 7, 2012 DAVID Cameron yesterday ruled out introducing a so-called mansion tax on large houses – or any other kind of wealth tax on assets – but insisted that the well-off would “pay their fair share” towards reducing the deficit. The decision to reject a wealth tax – which could have taken the form of new council [...]
Government caps planned rail fare rise October 7, 2012 COMMUTERS will be hit by smaller than expected fare rises in January, after the Department for Transport yesterday lowered the planned price hikes to an average of 4.2 per cent. The DfT cut the planned increases to one per cent above the retail price index (RPI) rate of inflation for the next two years, down [...]
Hammond warns French and Germans over BAE October 7, 2012 BAE Systems and EADS’s merger plans face a number of political obstacles that could cause the defence giants to ask the Takeover Panel for an extension ahead of a deadline this Wednesday. Defence secretary Philip Hammond warned yesterday that the French and German states must reduce their stakes in EADS if Britain is to approve [...]
Fiscal crisis won’t go away until taxes and benefits balance October 7, 2012 IT is good news that George Osborne and David Cameron have decided not to impose crippling tax hikes on property owners. There will be neither a mansion tax nor a wealth tax, while council tax will be frozen and – most importantly – homes won’t be revalued. This latter move would have delivered huge tax [...]
Cameron mulls visa curbs on EU migration October 7, 2012 THE GOVERNMENT yesterday indicated that it could introduce visa restrictions for some EU citizens in an attempt to net reduce immigration into the UK. Both David Cameron and home secretary Theresa May indicated their support for the plan, which has been added to a wide-ranging Whitehall review of Britain’s relationship with Europe. “I believe in [...]
What the other papers say this morning October 7, 2012 FINANCIAL TIMES Austerity squeeze to last until 2018 George Osborne is set to be told this autumn by the Office for Budget Responsibility he will have to plug another large hole in the public finances, extending austerity until 2018 and throwing the coalition’s deficit reduction strategy into doubt. Regulator warns on Big Four alumni The [...]
LVMH boss Arnault to be knighted October 7, 2012 The chief executive of French luxury group LVMH, Bernard Arnault, is set to be knighted in London for his contributions to the British luxury industry, a company spokesman said yesterday. Arnault will become a Knight Commander of the Most Excellent Order of the British Empire, the spokesman said. The distinction is to recognise Arnault’s contributions [...]
