Reflections on the Philip Green saga August 16, 2010 MY first contact with Sir Philip Green came around two decades ago when he was running a small public company called Amber Day. I had written a two paragraph story for the Independent newspaper which provoked the retailing tycoon to scream down the phone at me the following day. “I cut out your article out [...]
Bankers warn of brain drain as rules loom August 15, 2010 BANKERS have renewed warnings of a talent exodus from the UK as the financial watchdog begins consulting the City on a tough set of bonus and pay rules drafted in Europe. The Financial Services Authority (FSA) is engaging with institutions and shareholders over plans to cap the upfront cash portion of large rewards at 20 [...]
Cable snubbed over Green role August 12, 2010 BUSINESS secretary Vince Cable, a vociferous opponent of tax avoidance, was not consulted over the appointment of Sir Philip Green to lead a review into government efficiency, City A.M. has learned. In the past, Sir Philip has been associated with sophisticated tax planning arrangements in the UK and offshore locations to produce tax savings on [...]
Forget yachts, try tweeds and guns August 12, 2010 AMONG the UK’s high-earners, some race cars, others sail yachts and others engage in the age-old tradition of country sports. And with the grouse shooting season kicking off yesterday, keen field sportsmen might be tempted to invest in a shoot of their own. Shooting estates don’t often come on the market and usually come with [...]
PROPERTY NEWS August 12, 2010 SOLD! THE UK’S MOST EXPENSIVE HOME A penthouse in One Hyde Park, the lavish development in Knightsbridge, has entered the record books as the most expensive residential property in Britain – and, according to some estimates, the world – having been sold for £140m. The six bedroom apartment is spread over two floors with bullet [...]
EU plans to levy direct tax on UK August 9, 2010 EUROPEAN bureaucrats are preparing plans for an EU-wide levy on financial transactions, domestic aviation and carbon dioxide emissions, putting them on a collision course with the British government. The European Commission wants to impose a series of pan-European taxes to fund its €140bn (£116bn) annual budget, allowing cash-strapped member states to reduce the amount of [...]
BANKS TO FIGHT LENDING CRITICS August 8, 2010 BANKS are clubbing together in a bid to end claims they are starving small businesses of credit. The banking taskforce comprises chief executives from the major UK financial institutions and the British Bankers’ Association (BBA). The BBA has drafted a letter to chancellor George Osborne setting out a raft of proposals it says will ensure [...]
Bankers: further pay curbs will cripple the City August 8, 2010 BANKERS are warning politicians and regulators they risk an exodus of talent from London if they put further curbs on pay in response to rising bonus levels. New ONS figures show financial sector bonuses in the five-month period between December and April in the last financial year were £10bn, up from £8bn in 2008. The [...]
PROPERTY NEWS August 5, 2010 £50M TO FUND AFFORDABLE HOUSING The Mayor of London and London Homes and Communities Agency (HCA) have approved the funding for 16 schemes aimed at providing 518 affordable homes. The schemes’ future was uncertain after the election but have now received a guarantee of a £50m cash injection. Nine new-build projects that will receive some [...]
The star power of Cruise and Diaz can’t save this action flop August 5, 2010 Film review Knight and Day Cert: 12A Rhys Griffiths THIS action-comedy proves that no amount of star power can make up for a lazy script, lazier direction, a total lack of depth and a seriously bad pun of a title. Centered around the whereabouts of the enigmatic “Zephyr”, a top-secret battery gizmo with perpetual power, [...]