Chancellor George Osborne says he will continue with reforms to tax credits while “lessening the impact on families” October 27, 2015 After the government was slammed by the House of Lords twice last night, chancellor George Osborne has said he will "lessen" the impact of tax credits on families. Osborne promised "transitional help" for those affected, but pledged that the government would continue with reforms that will save billions for the Treasury in welfare payments. Read [...]
There is an alternative to the tax credit cuts saga and it’s a negative income tax October 26, 2015 Chancellor George Osborne's tax credits cuts have seen him come under a lot of fire from surprising quarters. So far, every welfare cut, no matter the extent, has brought him approval from centre-right think tanks, his backbenchers, The Sun newspaper, and the public via polling. But there seems to be rising opposition to this new [...]
Megabrew: AB InBev says SABMiller’s latest offer rejection “lacks credibility” October 8, 2015 The Megabrew saga continues: after brewing giant SABMiller rejected an offer from rival AB InBev worth £42.15 per share yesterday, AB InBev has now hit back, saying the refusal "lacks credibility". Yesterday afternoon SABMiller said the deal "substantially undervalues [the company], its unique and unmatched footprint, and its standalone prospects". But today, in tug-of-war-fashion, AB InBev replied that it's "surprised" the board of SABMiller – excluding directors nominated by Altria, who [...]
Mike Lynch launches $150m lawsuit against Hewlett-Packard in UK High Court October 1, 2015 Another chapter in the never-ending saga that is Hewlett-Packard's fight with former Autonomy boss Mike Lynch, after Lynch announced today he was launching a $150m lawsuit against the US printer manufacturer in Britain's High Court. In a statement today, Lynch accused HP of making "many statements that were highly damaging to me and misleading to [...]
Saga profits jump after motor unit drives ahead October 1, 2015 Insurer Saga posted a 140 per cent jump in pre-tax profit for the six months to 31 July, up to £101.3m from £42.2m, and announced its first interim dividend of 2.2p. The company, which specialises in products for the over-50s, highlighted its motor business, which saw a 9.7 per cent increase in policies. Trading Ebitda [...]
Volkswagen emissions scandal: Are VW shares untouchable? September 30, 2015 Shares in car companies have plunged since Volkswagen admitted cheating in emissions tests on its diesel cars. One expert says the situation has parallels with BP in 2010, when the worst oil disaster in US history left the company’s shares virtually untouchable. Will this storm blow over, or has the death knell been sounded for [...]
Oil prices: Has black gold lost its shine? As Royal Dutch Shell takes a $4bn hit from a failed venture, are oil companies still investable? September 29, 2015 Royal Dutch Shell has halted oil exploration in the Arctic, after a $7bn (£4.6bn) quest failed to yield enough crude to justify continued spending. The venture has been a “very costly error” and will damage the company both financially and reputationally, according to Deutsche Bank analyst Lucas Herrman. Shell said it is likely [...]
Few reports but Sainsbury’s and Tesco to update – London Report September 27, 2015 EQUITY reports are light again this week, ahead of earnings season which begins in earnest in the second half of October. Sainsbury’s first-half numbers, released on Wednesday, will be interesting, as the sector prepares to reveal how trading has fared over the past six months. Few people are expecting an upbeat statement. However, according to [...]
Michael Moritz: Billionaire venture capitalist on leadership and his new book with Sir Alex Ferguson September 27, 2015 If you meet Michael Moritz, you’re speaking to a venture capitalist whose investments include Google, PayPal, Yahoo and LinkedIn. He was the man Steve Jobs described as Apple’s “historian”, and went on to write the first history of the company, The Little Kingdom. His firm, Sequoia Capital, forms close relationships with young founders, whose companies [...]
AA share price falls as company reports pre-tax loss and warns of future bumps in the road September 22, 2015 AA's share price tumbled this morning after the car group revealed a £63.6m loss following its refinancing. The figures The so-called fourth emergency service, which in March raised £935m to cut down its debt mountain, has had a difficult first half, with revenues down 1.4 per cent to £484.6m in the six months to the end [...]