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 [...]
Vodafone in $2bn Indian tax setback June 1, 2010 VODAFONE’s long-running battle over an acquisition it made three years ago continued yesterday when India’s tax department served a new notice on it, which could see the pair battle it out in court afresh. The case relates to Vodafone’s $11bn (£7.5bn) acquisition of Hutchison Essar in 2007. Indian authorities believe Vodafone should have paid a [...]
Campaign on capital gains wins support May 31, 2010 A FLOOD of support poured in from readers over the weekend after the launch of City A.M.’s campaign against the coalition government’s plans to hike capital gains tax (CGT). Keith Harris, the boss of stockbroker Seymour Pierce, added his name to the list of supporters, which also includes Tullett Prebon chief Terry Smith, entrepreneur Luke [...]
Treasury says deficit is still main priority May 31, 2010 THE Treasury yesterday insisted it would not be distracted from reducing the deficit, despite the shock resignation of its second most-important minister just seventeen days after his appointment. Liberal Democrat David Laws resigned on Saturday night after it was revealed he had claimed £40,000 in parliamentary expenses to rent a room from his partner. Commons [...]
What do you think about a hike in CGT? May 31, 2010 Let us know what you think about the trouble at the?Treasury by joining our unique panel at www.cityam.com/panel before 12pm and answering these questions: 1) The government is planning an increase in capital gains tax, bringing in rates similar or near to income tax. How far do you agree or disagree with this policy? 2) [...]
House prices dampened by the election May 31, 2010 UNCERTAINTY over the outcome of the general election put a dampener on house prices in May. May’s monthly house price growth held steady at April’s three-month low of 0.2 per cent, property data company Hometrack said yesterday. Increases in sales, new buyers and new properties were all the weakest since January, when unusually icy weather [...]