US stocks fall at end of worst quarter since 2008 US stocks fall at end of worst quarter since 2008 June 30, 2010 US stocks staggered to the end of a dismal second quarter yesterday in another low volume session as investors found little reason to take on risk after conflicting economic data. The day ended like many during the quarter, with a late-day sell-off as buying interest waned and investors sold underperforming stocks in the worst quarter [...]
Knight Vinke builds up a stake in Kesa June 28, 2010 Activist investor Knight Vinke has bought a three per cent stake in electrical retailer Kesa. The move sent shares up nearly two per cent, amid speculation the investor may push for the group to be broken up. Knight Vinke is known for its activist tendencies, having demanded changes at firms including HSBC, Royal Dutch Shell, [...]
Alchemy sells Pierce stake June 27, 2010 ALCHEMY Partners will sell its stake in broker Seymour Pierce as it attempts to scale down its investments in the wake of the departure of founder Jon Moulton. Alchemy acquired 29.9 per cent of the City’s biggest small-cap brokerage after throwing its weight behind a management buyout in 2003. The Seymour Pierce employee benefit trust [...]
Let the travelling by boat take the stress out of commuting June 24, 2010 IN warm weather those living near the river in London have a big advantage. It’s not just the views or access to riverside beer gardens – it’s the fact that they don’t have to jam themselves into sweat-drenched Tube carriages and buses when they can drift merrily to work by boat instead. When commuting comes [...]
There’s nothing that says well done me quite like a bodacious one-man palace June 24, 2010 YOU’VE given your life to work – and you’ve made a mint in return. It’s high time you rewarded yourself with a show-stopper of a home.?Don’t beat around the property bush – buy yourself a bachelor pad with all the bells and whistles, a home you love so much you’d be happy to live in [...]
AFTER FINANCE AND FILMS, CITY VETERAN IS STILL FULL OF BEANS June 24, 2010 WILL that Stefan Allesch-Taylor ever stop adding to his already thickly-strung bow? A City veteran of some stature (quite literally: Allesch-Taylor stands a formidable 6’10” tall), he is best known as the founder of boutique Mayfair-based investment bank Fairfax. In addition to that, his CV lists top positions at any number of firms, including Clearbrook [...]
City gives lukewarm thumbs up to Osborne’s plan June 22, 2010 CITY stalwarts displayed cautious approval in the wake of the emergency Budget yesterday, as the chancellor’s plans settled some nerves over UK spending. CBI director-general Richard Lambert said the five-year route map for corporation tax “provides much-needed consistency and certainty”, which combined with proposals on foreign profits and intellectual property could reverse the tide on [...]
Lloyds misses brunt of £2bn levy on banks June 22, 2010 STATE-OWNED Lloyds Banking Group emerged as the relative winner from an annual £2bn levy on banks’ balance sheets announced yesterday. The tax will apply to British banks and building societies, such as Barclays and the Skipton, and the UK operations of foreign institutions like JPMorgan and Goldman Sachs. From January 2011, banks will be charged [...]
Holiday homes win tax break June 22, 2010 THE government has reinstated tax breaks for furnished holiday lettings, though the chancellor warned yesterday that it would consult on changing the allowances in 2011. The restored rules apply to around 120,000 landlords who run holiday homes. Osborne stressed the importance of tourism to the UK economy in his Budget speech. “There are many small [...]
Banks implore Osborne to rethink balance sheet tax June 20, 2010 SENIOR members of the banking community yesterday implored chancellor George Osborne to reconsider plans to introduce a sweeping tax on bank balance sheets, arguing that a simple levy on profits would be a fairer and more transparent option. Osborne is set to outline details of the levy in tomorrow’s emergency Budget and is widely expected [...]