Hilary Ineomo-Marcus detained near Heathrow following Kweku Adoboli deportation – surely it’s time for the Home Office to re-think its approach November 20, 2018 Former rogue trader Kweku Adoboli was deported last week, the Home Office insisting on removing the man who sensationally lost UBS £1.8bn between 2008 and 2011. Two days earlier, City PM argued that his case, alongside that of a south Londoner named Hilary Ineomo-Marcus, demonstrated flaws in the government's blunt approach to the deportation of foreign [...]
Should other countries take a leaf out of Trump’s economic playbook? November 20, 2018 | City Talk Global growth in 2017 was characterised by synchronised expansion by the world’s major economies. This was largely because robust global trade growth created a rising tide that lifted all boats. Since global trade has waned in 2018, economic growth has become less coordinated. While China, Europe and Japan have all seen their growth rates cool, [...]
PPI claims surge against CYBG to push bank to a £145m loss November 20, 2018 Clydesdale Bank owner CYBG's share price fell more than 13 per cent today as a fresh raft of PPI claims pushed it to a £145m loss in its full-year results. The figures CYBG fell to the £145m loss after taking a £352m hit for PPI costs and £44m for other legacy conduct issues. A Financial Conduct [...]
DEBATE: Do protests over fuel duty rises show that President Macron is out of touch with French citizens? November 20, 2018 Do protests over fuel duty rises show that President Macron is out of touch with French citizens? Beatrice Timpson, director at Media Intelligence Partners, says YES. “I want to rule like Jupiter,” President Emmanuel Macron famously declared, “above the political maelstrom.” To be fair to Macron, he has always been consistent. His is the vox dei, [...]
Miner BHP Billiton settles £300m tax bill with Australian authorities over sales at Singapore branch November 19, 2018 One of the world’s largest mining companies has settled a tax bill for half a billion Australian dollars. Authorities alleged that BHP Billiton owes a further AU$661m (£376m) in tax, and over AU$1bn when including interest and penalties, on goods sold through its Singapore-based marketing business. The Australian Taxation Office (ATO) said that between 2003 and 2013 the miner [...]
Tax managers enjoy largest salary rise as tougher compliance regulation pays off November 19, 2018 Tax wonks have seen their salaries soar over the last year as businesses grapple with tougher compliance rules in the City. Operational tax managers topped the list of salary increases in 2018, enjoying a 6.7 per cent rise, according to figures from recruitment company Hays. The increase reflects the greater focus on compliance as firms [...]
Cash machine ruling hits London councils with £60m rebate November 19, 2018 London councils are to cough up a hefty rebate to retailers following a recent court ruling that decided firms should not be liable for business rates on cash machines outside their stores. Nearly 2,400 supermarkets, small shops and petrol stations are set for a £60m windfall from London’s councils following a five-year legal dispute which [...]
Water giant United Utilities forecasted to hit higher profits November 18, 2018 United Utilities, the UK’s largest listed water firm, is forecasted to post a rise in earnings and profits when it reveals its first-half results later this week. According to City estimates the FTSE 100 group is set to report earnings before interest and tax (EBIT) of £360m in the first six months of the financial [...]
Profit or purpose? Business must find a better balance November 15, 2018 Last week, I attended a meeting of entrepreneurs backing Small Business Saturday (coming up on 1 December) to look at a survey of what motivates these firms. I expected a tirade against red tape and tax. What we got was the news that, of over 1,000 SMEs polled, only 60 per cent were primarily driven [...]
US midterm elections: Is gridlock good? November 14, 2018 | City Talk Further tax cuts unlikely but will Trump strike a deal on trade? Keith Wade, Chief Economist, says: “The midterm elections restored some faith in opinion polls with the Democrats taking the House of Representatives and the Republicans holding the Senate. Conventional wisdom has it that a gridlocked Congress is good for markets as it prevents [...]
