Iceland agrees deal with UK over Icesave October 18, 2009 ICELAND has reached a deal with the British and Dutch governments to reimburse them for compensating savers who lost money in the collapse of Icesave bank, the Icelandic government said yesterday. “An understanding has been reached with the UK and the Netherlands,” a statement from Prime Minister Johanna Sigurdardottir’s office said. Iceland’s parliament approved in [...]
Iceland agrees deal with UK over Icesave October 18, 2009 ICELAND has reached a deal with the British and Dutch governments to reimburse them for compensating savers who lost money in the collapse of Icesave bank, the Icelandic government said yesterday. “An understanding has been reached with the UK and the Netherlands,” a statement from Prime Minister Johanna Sigurdardottir’s office said. Iceland’s parliament approved in [...]
EasyJet hit by £75m ash cloud losses May 11, 2010 EASYJET swallowed up to £75m in losses during the six-day volcanic ash crisis, forcing the budget airline to revise its yearly profit forecasts. The Luton-based carrier said that pre-tax profits for the year are likely to come in between £100m and £150m as a result of the Icelandic volcano, marking a drop from the groups [...]
Sack unethical bankers, says commission June 13, 2010 BANKERS that have behaved “unethically” should be struck off by a new professional standards board, according to an influential commission into the banking industry. The Future of Banking Commission released its long-awaited report yesterday, with a radical blueprint for the industry in the wake of the financial crisis. It recommends that a new body should [...]
Repatriation costs deemed a benefit in kind April 21, 2010 LAWYERS warned yesterday that tax bills for both employees and employers associated with the disruptions caused by the Icelandic volcano are to sky rocket as the HM Revenue & Customs (HMRC) takes a hardline on repatriation costs. Commercial law firm EMW Picton Howell said yesterday that the HMRC will demand tax payments on any expenses [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 14, 2010 FINANCIAL TIMES BP TO PRESS ON WITH CANADA OIL SANDS PLAN BP will press ahead with its plan to invest in Canada’s controversial oil sands, the company will signal at Thursday’s annual general meeting, in spite of protests from environmentalists and concerns among some shareholders. More than 140 investors have backed a resolution calling for [...]
Boss eats his words as DFS agrees a sale April 22, 2010 LORD Kirkham, the founder of the DFS sofa chain, is set for a big payday after agreeing a deal to sell the retailer to private equity firm Advent International for an estimated £500m. The move is a stark U-turn for Kirkham, who only last month said he was “categorically not interested in selling the business” [...]
Cisco snaps up Tandberg in £2.2bn swoop April 19, 2010 Cisco became the biggest maker of videoconferencing equipment yesterday as its $3.3bn (£2.2bn) acquisition of Tandberg, announced last October, closed. It is already the world’s biggest network equipment maker. The IT networking giant confirmed it has completed a voluntary offer for Tandberg, giving it control of 91 per cent of the company. It began a [...]
An intriguing plan to reform banking June 7, 2010 IF you leave your suit at a dry-cleaner, you retain ownership of the garment, even though possession has passed (temporarily) to the shop. But if you deposit £1,000 in a bank account, who owns the money? It’s still yours, held in trust by the bank, just as with the dry cleaner, right? Wrong. Ever since [...]
An intriguing plan to reform banking June 7, 2010 IF you leave your suit at a dry-cleaner, you retain ownership of the garment, even though possession has passed (temporarily) to the shop. But if you deposit £1,000 in a bank account, who owns the money? It’s still yours, held in trust by the bank, just as with the dry cleaner, right? Wrong. Ever since [...]