WHAT THE OTHER PAPERS SAY THIS MORNING June 15, 2011 FINANCIAL TIMES CQS SHUTS FUND BUILT ON SUBPRIME TO NEWCOMERS CQS, the London-based credit hedge fund that is one of the biggest of its kind globally, is preparing to shut to new investors its asset-backed securities fund – known for its successful bets in the US subprime mortgage market. The move marks a further step [...]
Prada’s HK IPO retail demand off to slow start on tax concerns June 15, 2011 Milan-based fashion house Prada has got off to a slow start for the retail portion of its up to $2.6bn (£1.6bn) Hong Kong IPO, with some investors put off by having to pay Italian capital gains tax, brokers said on Wednesday. Retail investors are lively players in Hong Kong initial public offerings, especially for popular [...]
Polar Capital triples its profits June 14, 2011 Fund manager Polar Capital beat forecasts for full-year profit yesterday and said assets surged over the past two months as client inflows helped it through May’s choppy markets. Assets jumped 11 per cent to $4.3bn between the end of March and the end of May, as clients invested in its technology, Japan, insurance and healthcare [...]
Betfred’s bid boosted by cash strength June 3, 2011 BETFRED agreed to pay £265m to buy government-owned betting pool the Tote yesterday, a substantial step up from previous estimates of £230m. The sweetened offer gave the UK’s fourth-largest bookmaker victory in the race to own the 82-year-old Tote and exclusively operate the pool betting operations at all UK racecourses for the next seven years. [...]
Top tips for keeping the taxman out of your pocket May 25, 2011 BASED upon the latest government forecasts, the Adam Smith Institute is predicting Tax Freedom Day – the notional day when you stop working for the taxman and start filling your own coffers – will fall on Monday, making it three days later than last year. Fidelity International has translated this into the fact that basic [...]
THE TIPSTER May 24, 2011 A SURPRISE shortfall in tax receipts and news that the Chinese downgraded UK sovereign debt took the shine off sterling in yesterday’s trade, but there’s little reason to be cheering the euro now, either. Eurozone debt concerns remain high and even the release of some marginally better than expected economic readings from Germany isn’t going [...]
Landlords reap rewards as rents hit a record high May 19, 2011 LONDON rental prices have shot up by almost eight per cent over the last year, hitting their second-highest level on record and boosting landlords’ total annual returns above five per cent. The average monthly rent in London is now £988 – just £4 below its all-time high of £992 in November last year. Prices have [...]
BofA sells stake in BlackRock back for $2.5bn May 19, 2011 BANK of America (BofA) is selling its remaining BlackRock stake back to BlackRock for $2.5bn (£1.54bn), its latest step to prepare for new industry capital requirements. The sale further chips away at the relationship between the world’s largest asset manager and the biggest US bank by assets, but a senior Bank of America official will [...]
Vodafone sees profits surge May 17, 2011 VODAFONE saw its full-year profits surge despite taking a £6bn impairment charge on its businesses in Spain, Greece, Portugal, Italy and Ireland. It was buoyed by fast-growing markets in India, South Africa and Turkey, and the rapid uptake of higher-margin smartphones. Pre-tax profits grew 9.5 per cent to £9.5bn, on revenues up 3.2 per cent [...]
Osborne caught in a tangle over tax May 17, 2011 HEAD OF TAX, ACCA A YEAR on and coalition relations are distinctly less rosy than they were in the rose garden last May. But despite recent tensions the coalition has already made plenty of progress in reshaping Britain: radical reforms to welfare, education, and healthcare have all been initiated. From an accountant’s perspective though, one [...]