HM Revenue & Customs corporate asset seizures spike by 145 per cent September 12, 2016 The taxman has cracked down on collecting outstanding tax from UK businesses. The number of businesses whose assets were seized by HM Revenue & Customs (HMRC) in 2015/16 was 1,592, up a staggering 145 per cent on the prior year of 649 seizures. The increase reflects the fact that amount of tax overdue hiked from £15m to [...]
Britons are scared to commit to investment strategies when planning for retirement September 12, 2016 Too much choice is seriously undermining the nation’s confidence when it comes to planning for retirement, according to a new study. Nearly half of people do not have courage in their own convictions to make a final decision on their pension, researchers found, while 43 per cent continue to have doubts after they have choose a strategy. The research [...]
Steve Holliday to receive a bumper pension after 10 years leading National Grid September 11, 2016 The former chief exec of National Grid will be celebrating the start of his retirement next month by drawing down on a £11,000 a week pension that kicks-in on his 60th birthday. “We need to retain and recruit high quality management and for that we need a competitive and fair remuneration policy. Board-level remuneration is market-based and [...]
Sumo Digital bought by small and medium-sized business investment specialist September 11, 2016 A private equity fund focussed on investing in the north of England made a healthy return by selling the video game developer behind Sonic and Sega All Star Racing. NorthEdge sold Sumo Digital to London-based private equity house Perwyn. Read more: Struggling retailer Game Digital's stock dips after new chairman appointed The sale sees NorthEdge realise a return that [...]
Former EMI owner puts more money into up-market chain Hand Picked Hotels September 11, 2016 Private equity magnate Guy Hands propped-up the loss-making hotel chain run by his wife by shelling out a further £4.6m so that it can keep its head above water. The Terra Firma founder put his hand into his pocket to help Hand Picked Hotels. The move replicated that of previous years and was executed through the [...]
Monitise shares up over five per cent after cutting annual losses and generating positive earnings in the second half of the year September 8, 2016 Shares in financial services technology firm Monitise rose sharply despite posting another year of loss-making operations. Revenue fell from £89.7m to £67.6m but this translated into an Ebitda loss of £19.6m – half of the £41.8m of losses generated in 2015. Critically, the company generated a positive Ebitda of £0.6m in the second six months of [...]
Glencore’s share price is flat after reports that it is putting another one of its Chilean assets up for sale September 8, 2016 Glencore has put another one of its assets up for sale as part of a strategy to lighten its heavy debt burden. The reported asset in question is Chilean-based Energia Austral hydropower, which it owns through a joint venture partnership with Australian firm Origin Energy. Energia Austral comprises three hydropower projects currently under development that will have a capacity of 1,000 megawatts (MW). [...]
Steinhoff buys South African shoe shop Tekkie Town and increases annual profits September 8, 2016 The new owner of Poundland has bought a South African shoe shop chain and reported a 32 per cent rise in annual operating profit. Steinhoff announced on Wednesday that it had agreed to buy Tekkie Town, a retailer with 302 stores across South Africa, but it did not disclose how much it paid for the business. The deal is expected to complete by [...]
Shares in British Airways’ owner up 10 per cent over the last week September 8, 2016 Shares in International Consolidated Airlines (IAG) were up over 3.5 per cent this morning following a positive broker note and its chief exec saying that other airlines were keen to join the group. Deutsche Bank's issued a note this morning indicating a target price of 570p for the group, that owns British Airways, Iberia and Aer Lingus – a 40 [...]
Qantas, Jetstar and Virgin Australia ban use of Samsung Galaxy Note 7s September 8, 2016 Three Australian airlines have banned the use of Samsung's Galaxy Note 7 on board over fears that they could set fire on board. In a move that could be mirrored by other airlines, Qantas, Jetstar and Virgin Australia said that passengers would not be able to operate the phones during flights. The carriers said that [...]
