Tax bosses say Starbucks has not been abusing the system February 4, 2013 STARBUCKS’ tax arrangements are perfectly legitimate under international tax rules and do not represent abuses of the system, tax heads from HM Revenue and Customs (HMRC) and the Treasury said yesterday. The coffee chain had come in for criticism for recording no UK profits and so not paying corporation tax in Britain, despite large sales [...]
US stocks drop on fears over euro’s outlook February 7, 2013 US stocks declined yesterday, taking a step back from their recent advance, prompted by comments by the ECB president on the euro and Europe’s outlook. The euro currency dropped against the safe-haven dollar and yen, spurring a retreat from risky assets such as stocks, after European Central Bank president Mario Draghi said the exchange rate [...]
US earnings likely to push stocks higher January 20, 2013 WITH earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power forward, its all-time high a not-so-distant goal. The US equity benchmark closed last week at a new five-year high on strong housing and labour market data and a string of earnings that beat lowered expectations. [...]
Goldsmiths’ Hall is minted for the annual Trial of the Pyx February 5, 2013 THE TRIAL of the Pyx is (yet another) ancient ceremony that takes place in the Square Mile. Yesterday 17 jurors and 19 Royal Mint staff congregated at the Hall of the Worshipful Company of Goldsmiths in order to check that the coins produced at the Royal Mint were the right weight, size and metallic composition. [...]
Ashley offloads a £100m stake in Sports Direct February 26, 2013 SHARES in Sports Direct fell six per cent yesterday after founder Mike Ashley sold £100m of his majority stake in the sports retailer, taking the market by surprise. Ashley sold 25m shares at 400p, a seven per cent discount to Monday’s closing price, in an accelerated bookbuilding run by Goldman Sachs. The book was two [...]
UK consumer price index is forecast higher January 13, 2013 UTILITY prices are expected to have lifted the UK’s consumer price index (CPI), the household spending index due out tomorrow along with a swathe of housing and retail data. “We expect CPI inflation to have edged up to 2.8 per cent year on year in December from 2.7 per cent, and retail price index (RPI) [...]
What the other papers say this morning February 22, 2013 FINANCIAL TIMES Brussels turns up pressure on Libor Banks and broker-dealers ensnared in the Libor-rigging scandal are facing fresh pressure to settle with Europe’s top competition authority as it expands the scope of its probes. In a speech on Friday in Paris, the EU’s competition commissioner will stress his determination to pursue the cases and [...]
Dulux maker AkzoNobel says it plans to slash its costs quicker February 21, 2013 THE NEW chief executive of Dutch paints and chemicals group AkzoNobel said yesterday it plans to speed up cost-cutting and focus on improving returns and cash generation over the next three years. The firm, best known for its Dulux brand, is aiming for a return on sales of nine per cent, return on investment of [...]
White Company founder earns £6m after 14 per cent profit rise January 20, 2013 CHRISSIE RUCKER, founder of the White Company took home close to £6m last year after the home furnishings and fashion retailer reported a jump in profits. According to accounts filed this month on Companies House, the retailer’s highest paid shareholder, assumed to be Rucker, earned £5.65m. The company saw profits rise to £11m in the [...]
Flailing high street has worse to come in the year ahead January 6, 2013 AFTER holding their breath for the last few weeks, some retailers can at last allow themselves a cautious sigh of relief. Positive sales numbers from the likes of John Lewis and Next have given the sector a much-needed dose of optimism, resulting in a slight hike in share prices for some of the larger players. [...]