Aberdeen Asset management sees clients pull £800m September 26, 2011 UK fund manager Aberdeen Asset Management said clients pulled £800m from its funds in the two months to the end of August as market volatility hit demand for its fixed income and alternative products. Assets under management fell to £176.9bn at the end of August, 4.8 per cent lower than at 30 June, as slumping [...]
Trillions needed to shore up Euro September 25, 2011 EUROZONE leaders are close to accepting the market’s view that they will need to throw trillions of euros at the region’s debt crisis to have an impact. Following an IMF summit in Washington led by Christine Lagarde, the region’s leaders have admitted that Europe’s bailout fund needs to be beefed up and leveraged to have [...]
Retailers: Shop floor beats uni September 25, 2011 SHELF-STACKING in a supermarket from 16 can be a better career move than studying for A-levels and a degree, the British Retail Consortium (BRC) will claim today. On-the-job training and good career prospects can be preferable to a longer formal education with higher debts, the industry body will say. Retailers invest an average of £1,275 [...]
$625m Russia payout for BP September 25, 2011 THE BOARD of Russia’s third-largest oil producer, TNK-BP, has approved an additional $1.25bn (£806m) dividend payout to shareholders, a spokesman said last night. A source familiar with the situation said the additional payout for the first half of 2011 was approved at a board meeting in Cyprus on Friday. “On top of $4.2bn already paid [...]
Crisis exposes the rot at euro’s heart September 25, 2011 EVER since it was created, the Eurozone’s mission has been to defy economic constraints in the name of politics. Whenever they were told by economists that the euro wasn’t an optimal currency zone, the Euro-establishment would simply shrug, rejecting technical economic arguments out of hand. Anything is possible with enough political will, they would say, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 25, 2011 FINANCIAL TIMES US TAX AUTHORITIES TARGET BANK DEALS US tax authorities are targeting cross-border finance deals worth billions of dollars between leading US and UK banks as they step up efforts to clamp down on abusive tax avoidance, a joint investigation by the Financial Times and ProPublica has found. Four US banks – BB&T, Bank [...]
Investors to get £100m tax boost September 25, 2011 Chancellor George Osborne is today set to offer £100m of new income and capital gains tax breaks to those investing in fast growing technology and manufacturing firms. The government plans to expand the Enterprise Investment Scheme (EIS) by increasing the rate of tax relief available from 20 per cent to 30 per cent and doubling [...]
Dozens arrested in Wall St protest September 25, 2011 At least 80 people were arrested in New York during anti-banking protests over the weekend, police said last night. The “Occupy Wall Street” campaigners have been protesting in and around the financial district for a second week, culminating in a march through Manhattan yesterday and on Saturday. Most of the arrests were for disorderly conduct [...]
Balls: we will use bank sale to plug debt September 25, 2011 ED Balls, the shadow chancellor, will today try to rebuild Labour’s shattered economic credibility by pledging to use any windfall from the sale of the taxpayer’s stake in the banks to repay the national debt. Balls – who has been labelled a “deficit denier” by his opponents in the coalition – is also expected to [...]
AIB asks Ireland to raise pay cap September 25, 2011 IRELAND’S finance minister Michael Noonan is considering a request from state-controlled Allied Irish Banks (AIB) to appoint a new chief executive with a salary above the current cap of €500,000 (£436,626), a government spokesman said yesterday. Michael McGrath, the finance spokesman for the opposition Fianna Fail’s party, said: “News that the government is even considering [...]
