The so-called flat white economy has overtaken finance and retail March 21, 2016 The UK's digital economy, which has made a home for itself in East London is driving the country’s economic growth, according to new research published today by a think tank. The so-called flat white economy of media, internet and creative businesses is now the second largest business sector in the UK. It accounts for 8.7 per [...]
HMRC in £1.6bn cigarette and alcohol duty crackdown March 21, 2016 HMRC raked in £1.63bn over the past 12 months from investigations into underpaid cigarette and alcohol taxes, new data shows today. Revenues from investigations into so-called sin taxes are up six per cent on the year ending March 2015, according to figures retrieved by accountants UHY Hacker Young. The UK’s black market in cigarettes and alcohol [...]
City financier Edi Truell to step down from board of Tungsten March 20, 2016 Venture capitalist Edi Truell is due to step down from the board of e-invoicing group Tungsten Corporation, after offering to buy its assets. Truell will relinquish his role as vice-chairman, having informed the Aim-listed group's board that he wants to take the company private, City PM understands. It's expected to be announced in a statement to the London Stock Exchange tomorrow, as was first reported [...]
Non-Opec member Oman yet to be invited to Doha meeting March 20, 2016 Oman has said it’s yet to receive an invite to a historic meeting of oil producers, where they’re expected to discuss freezing output to support prices. This is despite Oman being the largest non-opec oil producer in the Middle East, pumping out around 1m barrels per day. "We have been exchanging some views with other oil [...]
Sandwich chain Eat foots £3.6m VAT bill after toasties get grilled in pasty tax battle March 20, 2016 High street sandwich chain Eat found itself picking up a rather expensive VAT bill last year after toasties lost out in the long-running pasty tax row. In 2014, franchisees of rival chain Subway lost a Court of Appeal battle with the Treasury to force it to drop the 20 per cent VAT rate on toasted [...]
Navinder Singh Sarao, who has been accused of contributing to the Flash Crash, to discover whether he has been successful in avoiding extradition to the US on Wednesday March 20, 2016 Navinder Singh Sarao, the British trader accused of contributing to 2010's flash crash, will find out on Wednesday whether or not he has won his battle to avoid being extradited to the US. Sarao appeared in Westminster Magistrates' Court last month for the extradition hearing, where lawyers representing the US government argued that he was allegedly heavily engaged in [...]
Euribor trials: European arrest warrants secured for the five former traders who declined to appear at court hearing in January March 20, 2016 The Serious Fraud Office (SFO) has secured European arrest warrants for five former traders who declined to attend a court date earlier this year. The fraud squad obtained the warrants from a London court late last week in relation to four Germans and one Frenchman accused of playing a role in manipulating the Euro Interbank [...]
Libor scandal: Former UBS and Citigroup trader Tom Hayes to discover whether any of his assets will be confiscated under the Proceeds of Crime Act March 20, 2016 Tom Hayes will soon find out whether any of his assets will be confiscated as proceeds of crime after a court hearing on the matter drew to a close last Friday. Assets that the former UBS and Citigroup trader, who was found guilty last August on eight counts of conspiracy to defraud for his role [...]
FTSE 100 falters but ends the week higher as Sports Direct and Standard Chartered share prices rise but Sainsbury’s falls March 18, 2016 The FTSE 100 index closed lower on Friday, but concluded the week higher. The index closed 0.19 per cent lower at 6,189 points. The fall comes despite a senior European Central Bank policymaker having hinted at another cut in Eurozone interest rates and having said “helicopter money” was part of the bank’s policy toolbox, said Jasper Lawler, markets analyst at [...]
Brent and WTI crude: Oil prices hit 2016 high above $42 March 18, 2016 Oil rose above $42 per barrel today, helped by growing optimism that producers could agree a production freeze deal and a weak dollar. Brent crude, the global benchmark, rose 1.64 per cent to $42.22 per barrel, having touched a 2016 high of $42.31 earlier in the day. West Texas Intermediate crude, the US benchmark, added 1.8 [...]
