Pay boom over for UK bosses September 20, 2012 SALARIES for Britain’s top bosses are rising at below the rate of inflation and bonuses shrank in the last year, hit by the economic slump and tougher scrutiny of executive pay, according to research out today. The figures from Deloitte show that even FTSE 100 chief executives are feeling the pinch this year, with the [...]
Publicis in deal to snap up Dutch ad firm September 20, 2012 FRENCH advertising agency Publicis has agreed to buy Dutch agency LBi International in a deal valuing the company at €416m (£332m), the group’s latest move to boost its exposure to digital advertising. The €2.85 per share offer in cash, which LBi’s board has accepted, is at a 7.5 per cent premium to the ad agency’s [...]
Only smarter policy can improve these monstrous numbers August 30, 2012 THE confirmation by Sir Martin Sorrell that WPP will bring its headquarters back to the UK is a cheering signal that the right policy really can bring rapid returns. Royal assent to the Finance Act 2012 was granted on 17 July, so changes to the controlled foreign companies regime, which governs the taxation of overseas [...]
WPP is coming home as Sorrell lauds tax rules August 30, 2012 WPP endorsed the coalition’s changes to overseas tax rules yesterday by moving its base back to Britain – but the advertising giant’s chief executive Sir Martin Sorrell voiced concerns about other parts of the tax regime. Sorrell told City A.M. the delays to WPP’s return after four years based in Ireland were because “it’s taken [...]
FTSE edges lower with investors still cautious ahead of key EU meetings August 30, 2012 FRESH concerns over demand from China weighed on mining stocks and dragged Britain’s top share index lower yesterday, with investors bracing for a series of meetings that could pave the way for further central bank stimulus. The FTSE 100 closed down 24.08 points, or 0.4 per cent, at 5,719.45, in volumes just 58 per cent [...]
FTSE 100 lower as Barclays steals headlines August 30, 2012 The leading share index opened modestly down this morning, but the real focus was on Barclays, as it appointed head of the retail bank Antony Jenkins as its new chief executive. Miner Ferrexpo led the fallers, losing 10.2 per cent in early trading, as the company went ex-dividend yesterday. Recruitment firm Hays fell 8.48 per [...]
WPP revises down full-year outlook August 30, 2012 WPP nudged down its full-year outlook today after cautious customers demanded better value for money from the world’s largest advertising group in the second quarter of the year. The slight change in tone from WPP’s large client base meant the group posted revenues up 3.6 per cent on the all-important metric of a like-for-like basis, [...]
Best of the Brokers August 27, 2012 TULLOW OIL Morgan Stanley reiterates its “overweight” rating on Tullow Oil. It believes the shares are undervalued given Tullow has opened three new oil regions in the past year. Development concerns are “overdone”, it says. RESTAURANT GROUP Panmure Gordon increases its target price to 375p from 327p and reiterates its “buy” rating ahead of Friday’s [...]
London report August 27, 2012 MARKET watchers will be looking to tomorrow’s Nationwide house prices report and mortgage approvals on Thursday to gauge whether the UK’s economy is pulling out of its double dip. Recent data put the number of mortgage approvals at a 15-year low and last month house prices had fallen by 0.7 per cent and 2.6 per [...]
Government stands firm on tax reforms August 23, 2012 THE TREASURY yesterday refused to back down on plans to reform corporation tax for multinational companies, despite accusations from backbench MPs and charities that it will severely harm developing countries. In March George Osborne said that UK firms would no longer pay “top-up” tax on income earned in countries with low-tax regimes. The aim was [...]