RBS competition fine will solve nothing April 27, 2010 THE ROYAL Bank of Scotland was recently fined £28.6m by the Office of Fair Trading for breaking competition law after the bank shared information with Barclays. But the case raises a number of questions, not least about the regulator’s intentions in imposing the fine, and its efficacy in deterring such behaviour in future. Firstly there [...]
UK tax exiles under threat February 17, 2010 Thousands of UK tax exiles may face large tax demands after an entrepreneur lost a bid to overturn a decision by the taxman to hit him with a £30m bill. Millionaire Robert Gaines-Cooper lost an appeal against a ruling by HM Revenue & Customs (HMRC) that he was liable to pay UK tax despite his [...]
BSkyB loses appeal over ITV stake January 20, 2010 BSkyB has been ordered by a court to sell offload some of its 17.9 per cent stake in ITV. The broadcaster lost its appeal and was told to reduce its stake to below 7.5 per cent. BSkyB bought into the company for £940m in 2006 – effectively blocking cable group NTL from buying ITV. However, [...]
OFT to announce on bank charges December 21, 2009 The Office of Fair Trading (OFT) will say later today if it is going to continue its test case against banks over the fairness of their overdraft charges. It follows the banks’ successful appeal on the issue to the Supreme Court. It ruled last month that the OFT could not use a part of the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 7, 2010 FINANCIAL TIMES INEOS PUTS IPO ON BACK BURNER Ineos, the world’s third-largest chemicals producer, has put on ice exploratory work for an initial public offering, according to people close to the situation. A listing, which would have been among the largest by a UK company, was one of a range of options that had been [...]
End is nigh for free banking as OFT ruling looms November 22, 2009 THE UK faces an end to free banking this week, as the Supreme Court makes its final ruling over whether customers have been unfairly charged on their overdrafts. The government has piled the pressure on banks to settle the matter quickly rather than appeal, and millions of customers could be eligible for a payout after [...]
Sky was right to buy ITV stake despite losses January 21, 2010 WHEN BSkyB bought a 17.9 per cent stake in ITV for £940m in 2006, Rupert Murdoch was hailed a genius. For it was Rupert – not son James – who masterminded the move, even if the latter took public credit for it. In one foul swoop, the mogul blocked the newly merged NTL / Telewest [...]
The ascent of prime London’s new hotspot July 15, 2010 FITZROVIA, the area around the BT Tower, bordered by Oxford Street, Tottenham Court Road, Great Portland Street and Euston Road, should be Londoners’ idea of property heaven. The West End is on your doorstep, as is Regent’s Park. The ever-more exciting restaurant and bar scene of Goodge and Charlotte Streets, and the more established prettiness [...]
Goldman to fight bonus fury in court December 15, 2009 INVESTMENT bank Goldman Sachs is being sued for billions of dollars in compensation after an institutional shareholder accused it of blindly “looting” the firm’s coffers by paying out rich rewards to its employees. The lawsuit, which has been filed with the New York Supreme Court by the Security Police and Fire Professionals of America Retirement [...]
Bank charges ruling a blow for consumer November 25, 2009 MILLIONS of customers hoping to reclaim more than £1bn in overdraft charges suffered a blow yesterday following a landmark ruling in favour of the banks. The Supreme Court sided with eight major lenders who had challenged decisions made by the lower courts that the unauthorised bank charges come under “unfair contract” rules. The ruling means [...]