Aberdeen reports slowdown in new inflows July 23, 2012 Fund manager Aberdeen Asset Management reported a slowdown in new client inflows in its third quarter as global economic uncertainties dampened demand for its fund products. Aberdeen said it attracted £300m of new client cash in the three months to end-June, bringing its assets under management to £182.7bn, down slightly on three months earlier. The [...]
Domino’s Pizza profits boosted by rain and Euro 2012 July 23, 2012 Britain’s biggest pizza delivery company Domino’s Pizza said pretax profit rose by 13.2 per cent in the first half, as the economic downturn, Euro 2012 and rainy weather led more Britons to stay home and order in pizza. Domino’s, which operates the British and Irish franchises of the global delivery brand, said on Monday pretax [...]
Crackdown on tax avoidance firms proposed by government July 23, 2012 The government could force finance companies to hand over the client lists in an initiative to curb aggressive tax avoidance schemes. The proposal is part of a consultation on curbing tax avoidance. According to the BBC, Treasury minister David Gauke will tell the Policy Exchange think tank that scheme operators will be “named and shamed” [...]
Shares and euro fall as Spain bailout fears grow July 23, 2012 Asian shares slid and the euro hovered near multi-year lows hit earlier on Monday, as Spain sparked concerns about its ability to stave off a sovereign bailout after two indebted regions sought financial assistance from the central government. Fears the euro zone’s fourth largest economy will be forced to follow Greece, Portugal and Ireland – [...]
Osborne under fire for lack of reforms July 22, 2012 CHANCELLOR George Osborne yesterday came under renewed pressure to define his economic vision as critics from all sides rounded on the government’s record on promoting growth. Statistics due out on Wednesday are expected to show that the UK economy has shrunk for the third successive quarter, raising questions about the stalling financial recovery. To make [...]
Loans plan won’t work July 22, 2012 BORROWING by British business is set to fall again this year, casting doubt on the government’s latest efforts to boost credit for companies, according to figures out today. Economists at the Ernst & Young Item Club expect corporate borrowing to slump 6.2 per cent, as the uncertain economic outlook wipes out any incentive to lend [...]
Green under pressure to speak out on laundering July 22, 2012 FORMER HSBC boss Lord Green could at last make a statement this week on his time at HSBC and his knowledge of the money laundering scandal, it emerged yesterday. Business secretary Vince Cable yesterday said “I’m sure he will say what has to be said about his own oversight of this,” and a departmental source [...]
Coalition’s lack of courage threatens a triple-dip recession July 22, 2012 SOMETHING quite astonishing happened yesterday – and no, I’m not referring to the gorgeous weather, or to Bradley Wiggins’ Tour de Force. The real miracle was that supermarkets opened for much longer than they are normally allowed to on a Sunday, with shops describing these as “summer opening hours” (out of fear of being prosecuted [...]
Prosecutors close to making Libor arrests July 22, 2012 US PROSECUTORS and European regulators are close to arresting individual traders over the Libor scandal and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with the investigation. Federal prosecutors in Washington DC have recently contacted lawyers representing some of the individuals under suspicion to notify them that criminal charges [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 22, 2012 FINANCIAL TIMES Electricity market reforms unworkable The Treasury’s refusal to back the energy department’s low-carbon agenda has made flagship electricity market reforms “unworkable”, “vacuous” and counterproductive, the government has been told. A draft bill designed to spur billions of pounds of spending on power sources such as wind farms and nuclear plants is so flawed [...]
