No lament for the end of the family-run firm June 3, 2010 THE days of family-run firms could be numbered according to a survey carried out by Haines Watts, the accountancy firm. It found that out of the 650 small business owners it asked, a paltry 16 per cent responded that they planned to hand control of their business to another family member. So, what has led [...]
House prices up in May – but pace slows June 3, 2010 HOUSE prices rose by 0.5 per cent in last month, according to a survey by Nationwide. The lender said the increase meant prices had risen 12.2 per cent since February 2009. House prices have risen in 12 of the past 13 months on the Nationwide index, although the pace of growth appears to be slowing. [...]
Slow growth: the UK’s fate for 2010 June 2, 2010 THERE are many problems facing the UK economy – inflation is far too high, the crisis at BP, which accounts for one pound out of every seven paid out in dividends in the FTSE 100, is trashing the stock market, while the belt-tightening about to be announced at the emergency budget will include destructive measures [...]
Economist Arthur Laffer slams proposals to raise cap gains tax June 2, 2010 ARTHUR Laffer, the celebrated economist who created the Laffer curve to show how dropping tax rates could result in increased revenue, has warned hiking capital gains tax (CGT) will cause an “inordinate amount of damage” to the UK economy. “Raising capital gains tax rates will reduce total capital gains; it will lower total profits; it [...]
ICG returns to full year profit June 2, 2010 BUYOUT lender Intermediate Capital Group returned to a full-year profit on capital gains and lower provisions at its investment arm and said it expects to make further progress. The mezzanine finance specialist’s new chief executive said it will reach its ambitious target to double assets under management both through acquisitions and organic growth, adding it [...]
Banks drag FTSE down even lower June 2, 2010 BRITAIN’S top share index fell yesterday, led down by banks, but finished well off session lows on fresh hopes for economic recovery after strong US pending home sales data. The FTSE 100 closed 11.98 points or 0.2 per cent lower at 5,151.32, having dropped as low as 5,072.53. The index fell 0.5 per cent on [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 1, 2010 FINANCIAL TIMES OPTIONS TRADING REACHES RECORD VOLUMES Options trading volumes in the US soared to a record last month as market volatility and the “flash crash” added to secular growth in the industry. Nearly 406m listed options contracts were traded in May, according to figures released by the Options Clearing Corporation, up 29 per cent [...]
More protest over CGT plan June 1, 2010 CITY heavyweights rushed yesterday to add their voices to City A.M.’s campaign against the new coalition government’s damaging plans to raise capital gains tax (CGT) to levels similar to income tax rates. City veteran Brian Winterflood, the founder of the market-making firm of the same name, threw his weight behind the cause, claiming that the [...]
City A.M. panel blasts CGT rise June 1, 2010 OUR panel of City opinion-formers has slammed the government’s proposed hike in capital gains tax. More than 65 per cent of voters disagreed with the planned tax, compared with just 34 per cent in favour of it. Predictably, Tory voters were most vehemently opposed, with 71 per cent saying they “somewhat disagree” or “strongly disagree” [...]
The chances of a strong pound are still bleak June 1, 2010 SO WHAT now for the pound? Not even a Conservative-led coalition and a credible plan to cut public spending has been enough to lift the UK currency out of its malaise – it has fallen 5 per cent against the dollar in the past month and has been unable to break above the €1.18 mark [...]