Stay focused, urges BSkyB boss Darroch June 20, 2010 BSKYB’S staff have been told by chief executive Jeremy Darroch that they should not be distracted by the near £8bn takeover bid launched last week by the group’s largest shareholder News Corporation. Darroch, who sits side by side on the Sky board with directors who have rejected the bid claiming it does not fully value [...]
CVC looks to invest in London Eye group June 20, 2010 PRIVATE equity group CVC Capital is close to purchasing a stake in theme park operator Merlin Entertainments, which owns Legoland, Madame Tussauds and the London Eye. Reports suggests that CVC would buy a minority stake from Merlin’s existing shareholders, which include rival private equity firm Blackstone, sovereign wealth fund Dubai International Capital and the Lego [...]
Unite union threatens round of fresh industrial action at BA June 20, 2010 THE Unite union is expected to notify British Airways of another strike ballot today, which if successful could mean widespread disruption during the peak of the holiday season. Unite has completed preparations for a ballot and voting could commence seven days after the union puts BA on notice. If BA flight attendants vote in favour [...]
G20 wary on China move to de-peg yuan June 20, 2010 GLOBAL politicians at the weekend cautiously welcomed China’s move to de-peg its currency from the US dollar for the first time in almost two years, bowing to international pressure a week before the G20 meets in Toronto. US President Barack Obama labelled the new policy a “constructive step”, although the response from Washington was muted [...]
AgBank picks banks for $23bn Hong Kong-Shanghai flotation June 20, 2010 THE Agricultural Bank of China has chosen the banks to lead its more than $23bn (£15.5bn) initial public offering (IPO), sources involved with the process said yesterday, a move that finally sorts out the key roles for the deal. AgBank’s selection of its top banks came as key investors swooped in on the offering while [...]
City expects budget cuts June 20, 2010 CITY economists have broadly backed the chancellor’s plans to launch what could be the sharpest fiscal tightening in Britain’s post-war history but warned that the squeeze could harm still-feeble growth. Despite the improving fiscal trend, George Osborne is expected to introduce additional tightening measures in his first Budget tomorrow to put the public finances onto [...]
Banks implore Osborne to rethink balance sheet tax June 20, 2010 SENIOR members of the banking community yesterday implored chancellor George Osborne to reconsider plans to introduce a sweeping tax on bank balance sheets, arguing that a simple levy on profits would be a fairer and more transparent option. Osborne is set to outline details of the levy in tomorrow’s emergency Budget and is widely expected [...]
Airlines warn over air levy and tax hikes June 20, 2010 AIRLINES have warned that the government’s plans to increase the departure levy could see passengers avoid the UK’s airports. It is thought that the rise in the levy, which is set for November, will cost a family of four travelling abroad up to £300 extra in taxes a year. The government is also planning to [...]
WHAT WILL THE EFFECTS BE OF LIKELY BUDGET MEASURES? June 20, 2010 SIMON HAYES | BARCLAYS CAPITAL “Higher taxes, large cuts in public services and reduced welfare payments all seem likely. We would expect it to be viewed positively by financial markets.” MICHAEL SAUNDERS | CITIGROUP “A tightening of £25bn, split between a £10bn tax hike and eventual spending cuts of £15bn. This should mean a drop [...]
Austerity hits house prices June 20, 2010 SEVERE austerity measures and an uncertain economic climate will kill off the recovery in house prices, property website Rightmove will warn today. Revealing in its monthly survey that home asking prices only rose 0.3 per cent in June on the previous month, Rightmove said that the pace is slackening and the market is beginning to [...]
