Tory MPs call for £50,000 threshold for higher tax October 29, 2012 PEOPLE earning less than £50,000 a year should not pay the 40p higher rate income tax, according to a report out today by prominent backbench Conservative MPs. The proposal comes from Kwasi Kwarteng and Priti Patel, who both belong to the Free Enterprise Group of 36 MPs who seek to promote economically liberal causes. At [...]
Standing out from the crowd in a new market January 27, 2013 CROWDFUNDING started in the 1990s and aimed to bring together people with similar interests to fund a project or business. Since 2008, however, following the decline in bank lending to small businesses, it has found a new face. Large numbers of private investors are linking up through online platforms to companies – usually early stage [...]
Prudential retreats from plan to shift headquarters to Asia October 14, 2012 INSURANCE giant Prudential has abandoned plans to relocate its headquarters from London, it was suggested yesterday. Speculation has raged over the Pru’s intention ever since it was revealed that the firm was looking at redomiciling its corporate HQ to Asia to reduce the impact of the European Union’s forthcoming Solvency II regulations. Following this announcement [...]
Parliamentary bank probe to retain Welby November 8, 2012 A FORMER City oil executive widely tipped to be unveiled as the new Archbishop of Canterbury this morning is expected to keep his position on a Parliamentary commission into banking standards. Bishop of Durham Reverend Justin Welby, an Old Etonian who currently helps scrutinise banking standards as part of his role as a member of [...]
URS picks new London leader October 2, 2012 URS Corporation, the American engineer consulting on London’s Crossrail project, yesterday appointed a new executive chairman of its London-based international business. Tom Bishop, who started his career as a nuclear submarine engineer in the US Navy, will take over from engineering stalwart Hugh Blackwood, who is retiring after more than 40 years in the industry. [...]
MegaFon holds back its London market listing October 22, 2012 RUSSIAN telecoms firm MegaFon yesterday postponed its London-Moscow listing, striking another blow to hopes that a flood of firms from the country could kick-start the sluggish initial public offering market in the City. The group hopes to raise $2bn (£1.25bn) from the sale of up to 20 per cent of its stock, listing global depository [...]
City welcomes Vickers changes June 14, 2012 THE CITY last night breathed a sigh of relief after getting a first look at the government’s proposed banking reforms, which amend the Vickers plan to strengthen the sector, taking into account international competition and the needs of banks’ business customers. The main aim is to allow bad banks to fail safely without harming other [...]
UBS banker strikes deal to close fixed income units November 5, 2012 A TOP UBS banker is in with a chance of making millions from running down the group’s fixed income units, it emerged over the weekend. Plans to close much of the group’s investment banking operations were announced last week, with 10,000 jobs expected to go by the end of 2015. Those began with around 100 [...]
Sberbank shares launch on LSE in UK’s biggest listing of 2012 September 24, 2012 RUSSIAN giant Sberbank listed in the London Stock Exchange yesterday, joining the flood of firms from the country coming to the City. The Russian central bank sold a 7.6 per cent stake in the institution, raising $5.2bn (£3.2bn) on the Moscow and London markets – though 85 to 90 per cent of that was on [...]
It is shocking just how much tax most workers have to pay November 20, 2012 ONCE again, Boris Johnson is making sense on tax. He is right to be calling for a lower tax economy and to oppose increasing the tax on homeowners – while simultaneously demanding the elimination of the loopholes that mean that the current system is riddled with problems, especially when it comes to corporation tax. The [...]