Taxpayers could get bank shares May 15, 2011 THE Treasury is considering plans to privatise its holdings in RBS and Lloyds by distributing their shares among all of the UK’s 45m taxpayers, City A.M. has learned. Under the scheme, put together by Portman Capital for the Centre for Policy Studies (CPS) and led by CPS chair Lord Saatchi, the government’s 41 per cent [...]
HSBC too risky for Hong Kong May 10, 2011 HONG Kong gave a stern warning that it might not welcome HSBC if it tries to move its headquarters from the UK after one of its leading regulators told City A.M. that the city state would be worried about the bank’s size. Speaking in one of his first UK interviews since being appointed to lead [...]
Micro Focus gains on update May 9, 2011 Micro Focus International gained 3.7 per cent to head Britain’s FTSE 250 risers yesterday after the IT firm issued a reassuring trading update. Micro Focus said its revenues and adjusted pre-tax profits for the 12 months ended 30 April were in line with market consensus. Micro Focus said on 26 April that it had received [...]
Oz entrepreneur sells start-up to WorldPay May 3, 2011 LONDON-based entrepreneur Phil McGriskin (pictured) is set to sell his internet payment business Envoy Services to WorldPay, the global payments provider, in a deal believed to be worth £70m, just five years after launching it. Australian Phil McGriskin, 37, a surfing fanatic who moved to London in 1996, set up Envoy Services in 2006 with [...]
A Conservative win is good for Canada’s dollar May 3, 2011 THE Canadian dollar climbed yesterday as Canada’s Conservative party won an outright majority in the general election. Since 2006, Prime Minister Stephen Harper has led two minority Conservative governments, but yesterday’s victory brings him a majority mandate. Michael Gregory, senior economist for the Bank of Montreal, is buoyant about the result: “This is certainly a [...]
Heritage Oil in buyback worth $100m April 26, 2011 UK OIL explorer Heritage Oil is planning a share buyback worth $100m (£60m), following a difficult few months for the company, which has seen its share price plummet and rival Tullow Oil launch a £313m lawsuit. Explorers rarely engage in buybacks because their business model usually involves spending their cash on finding new fields. “The [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 20, 2011 FINANCIAL TIMES CHINA TO ALTER TAXES IN ATTEMPT TO CUT WEALTH GAP China is to lift the exemption threshold for personal income tax payments in an effort to redistribute the spoils of rapid growth and reduce a widening wealth gap. The level at which Chinese citizens must pay income tax will be raised from Rmb2,000 [...]
AIG’s Chartis sells $3.5bn asbestos risk April 20, 2011 WARREN Buffett’s Berkshire Hathaway struck a deal with US insurer American International Group (AIG) yesterday to take a package of high-risk asbestos insurance policies held by AIG subsidiary Chartis off its books. AIG has paid Berkshire-owned National Indemnity, the US’s largest reinsurer, $1.65bn (£1bn) for a retroactive insurance policy that will cover up to $3.5bn [...]
Tullow to sue Heritage in UK April 18, 2011 EXPLORER Tullow Oil is suing its former partner in Uganda, Heritage Oil, to recover $313m (£192.7m) that Tullow paid to cover tax on fields it bought from Heritage. Uganda said Heritage was liable for capital gains taxes on the sale, which the Jersey-based company, led by former mercenary boss Tony Buckingham, denies. Tullow paid the [...]
FTSE rallies after banks and retailers deliver good news April 13, 2011 THE UK’s top share index closed higher yesterday, boosted by retailers and banks after a sell-off on Tuesday described as “overblown”. At the close, the FTSE 100 was up 45.97 points, or 0.8 per cent at 6,010.44, recouping half of Tuesday’s 1.5 per cent drop and recapturing the 6,000 level. Banks gained after better-than-expected results [...]