Boris Johnson risks US fine or jail over failure to pay American capital gains tax on London property Boris Johnson risks a hefty fine or even a spell in jail if he fails to pay American capital gains tax on a London property he sold in 2009, a leading US tax specialist has told City A.M.. Johnson, who was born in New York and holds an American passport, revealed last month he was [...]
Hedge funds seal £175m deal for British housebuilder Avant Homes THREE hedge funds – Alchemy Special Opportunities, Angelo Gordon and Avenue Capital – have acquired British housebuilder Avant Homes from owner Lloyds for £175m, it emerged yesterday. With the deal reportedly sealed late last week, Avant chairman Keith Hamill and chief executive Neil Fitzsimmons are set step down after the takeover. The trio will appoint [...]
Buyout firms circle for tool hire company A NUMBER of buyout firms are circling over HSS as a bid deadline looms today for the British tool hire firm, it emerged yesterday. HSS’ owner, private equity firm Exponent, is reportedly interested in floating the firm. However, the subdued IPO market of late has convinced the investment specialist to gauge buyer appetite for the [...]
Dim Sum market hits record high, with further growth expected December 14, 2014 THE MARKET for Dim Sum bonds – those denominated in renminbi but issued off the Chinese mainland – hit a record level this year, magic circle law firm Linklaters said yesterday. Total Dim Sum bonds issued in 2014 totalled $85.7bn (£54.5bn), representing a substantial 66 per cent increase on last year. According to Dealogic data, [...]
Never down and out: Thor Bjorgolfsson is the Rocky of the business world December 14, 2014 After losing a billion dollar empire and rebuilding it again, Thor Bjorgolfsson shares some of the lessons he learnt. “All of my greatest opportunities have come in the middle of a crisis,” says Icelandic billionaire Thor Bjorgolfsson. “Only the brave and bold go into chaos. International corporations can’t take such risk – I go in [...]
Chelsea FC becomes first team to pay the living wage of £9.15 an hour in London December 11, 2014 Chelsea has become the first professional football club to be accredited as a Living Wage employer by the Living Wage Foundation, the club said yesterday. The accreditation means that from January, Chelsea will pay all its directly employed staff a living wage – £9.15 an hour in London and £7.85 outside the capital. The rate [...]
Three buyers on grid for Caterham after Formula One team went into administration and made 230 staff redundant December 11, 2014 Struggling Formula One team Caterham is in negotiations with three possible buyers as it seeks a takeover that will allow it to race next season, it emerged yesterday. Joint-administrator Henry Shinners – of London firm Smith & Williamson – told City A.M.: “There are three interested parties at present. There are more who want to [...]
Cargill back in battle for Dutch nutrition company Nutreco December 11, 2014 SHARES in nutrition company Nutreco jumped 3.9 per cent yesterday after Cargill, the American commodities behemoth, announced it still wanted to buy the company, but without breaking it up. Investors in Nutreco reacted favourably to the news of a possible bidding war with rival suitor SHV Holdings, a family-owned Dutch trading company. Nutreco said last [...]
Polar Capital under target despite small profit increase in first half December 11, 2014 BRITISH investment firm Polar Capital yesterday reported a small rise in first-half profits, despite being hamstrung by a poor performing Japan. In its first-half interims, Polar recorded pre-tax profits of £11.6m – up 15 per cent year-on-year. The company also saw its assets under management increase one per cent to £13.4bn, and its earnings per [...]
Sidley Austin names 32 new partners across global network December 11, 2014 GLOBAL law firm Sidley Austin has elected 32 lawyers to its partnership, with the new partners to be spread across the law firm’s global network, it announced yesterday. Effective from 1 January, the new partner class is made up of lawyers from across the spectrum of the company practice areas. The class will be spread [...]
