London’s safe haven status at risk as election uncertainty and mansion tax threat deter super-rich March 4, 2015 Political uncertainty and the threat of a potential mansion tax on £2m-plus homes is threatening London’s status as the top destination for the world’s super-rich, property consultancy Knight Frank warned. The firm’s annual Wealth Report released today shows London was home to 4,364 ultra high net worth individuals (UHNWIs) – those with $30m (£19.65m) in [...]
Equipment hire firm upgrades profit forecast March 3, 2015 EQUIPMENT rental firm Ashtead, upgraded its full year profit forecasts yesterday following strong results for the nine months ending 31 January. The British company saw strong growth in its Sunbelt division which benefited from the improved US housing market, an area where the subsidiary gained market share. The company has committed to £783m in capital [...]
The North Sea is drowning in tax: Only radical action will salvage UK oil now March 2, 2015 Following his comments at the recent opening of the OECD’s Economic Survey, it is to be hoped that the chancellor gives North Sea oil companies, their shareholders, and their employees enough reason to cheer when he announces the Budget on 18 March. He recognised that the oil and gas industry is a vital national asset [...]
India primes economy as Narendra Modi’s government lays out pro-growth budget March 1, 2015 Business gave a cautious welcome to the Indian government’s landmark budget yesterday, highlighting its bid to unify the country’s fragmented markets and boost growth through tax cuts and infrastructure investment. “It delivered on all counts. The Prime Minister set out a vision and the budget lays it out as a roadmap,” Karan Chanana told City [...]
Warren Buffett annual letter for golden anniversary: Spin offs, successor CEOs and selling Berkshire Hathaway’s Tesco stake March 1, 2015 Warren Buffett has ruled out spinning off Berkshire Hathaway into separate businesses, revealed a successor has been chosen to fill his shoes and addressed the firm’s stake in Tesco which he previously called a “huge mistake”, in his annual letter to investors. This year celebrating the firm’s golden anniversary, Buffett's highly anticipated 14-page letter reminisced [...]
How politicians can support Britain’s fast-growth businesses February 26, 2015 Politicians of all stripes talk a good sound bite when claiming to support British businesses – but talk, unlike running a company, is cheap. As the election approaches and manifestos are released, we will soon be able to assess which party truly backs Britain’s growing band of entrepreneurs. The UK is undoubtedly a great place [...]
HSBC cuts target for profitability on rising costs February 23, 2015 HSBC’S annual profits dropped by 17 per cent in 2014, and the bank’s bosses cut its targets for profitability. Much of the damage came from a $3.7bn (£2.4bn) provision covering fines and settlements, redress for customers and lower gains from disposals. Those factors contributed to the $3.9bn fall in pre-tax profits to $18.7bn for the [...]
Capital Markets Union: Europe’s bid to reboot lending to businesses February 18, 2015 Creating large-scale, US-style capital markets in the EU could boost lending to businesses by hundreds of billions of euros, providing a vital boost to its struggling economies, European Commissioner Lord Hill said yesterday. The vast majority of small firms in the EU rely on bank lending for finance, a dependency which became a serious weakness [...]
UK house prices: A return to optimism? – CNBC Comment February 16, 2015 The UK housing market is a favourite topic of conversation – a national pastime, even. But an abundance of different data types mean that statistics can swamp and confuse anyone looking to gauge the current climate. Property website Rightmove just announced its busiest ever month for house hunters, while Halifax saw its biggest January monthly [...]
Tax fractures in the Labour party: Balls refuses to back Miliband’s “deed of variation” February 15, 2015 Shadow chancellor Ed Balls has refused to condone Ed Miliband's use of a tax loophole to avoid paying full inheritance tax. The Labour leader and his family reportedly adopted the “deed of variation” when posthumously changing the will of Ralph Miliband, Ed's father. This allowed them to not pay full inheritance tax on [...]