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Monday Papers: Tax crackdown to target middle class

Monday Papers: Tax crackdown to target middle class

Top stories

  • Financial Times: Middle-class professionals are to be targeted in a new crackdown on tax evasion promised by the chief prosecutor of England and Wales.
  • Financial Times: Allianz Global Investors is to launch a pioneering infrastructure debt fund in the UK – the first of its kind.
  • Financial Times: Financial services companies are likely to cut a further 18,000 jobs across the UK over the next three months.
  • The Daily Telegraph: Troubled miner Anglo American may write down the value of its iron ore project in Brazil by as much as $5 billion, after mismanagement of the project led to a rapid increase in costs.
  • Financial Times: Barack Obama was sworn in on Sunday for a second time as the 44th president of the US.
  • Daily Mail: Up to 1,400 jobs could be at risk at the historic Portsmouth naval dockyard as defence company BAE Systems runs down its shipbuilding operations.
  • The Independent: Tesco will today ratchet up the pressure on the online grocer Ocado by opening its latest 'dark store' in West Sussex, creating 700 new jobs.

Business and economics

  • Daily Mail: Royal Bank of Scotland is reportedly planning to break up its investment banking arm as it prepares to be hit with an expected £500million in fines for its part in the Libor scandal.
  • Financial Times: Fitch has warned developed nations of a negative impact without reforms, as demographic trends worsen the fallout from the financial crisis.
  • Financial Times: HM Revenue & Customs has stepped up its investigations into profit shifting by multinationals.
  • Daily Mail: Michael Sherwood, the London supremo of investment bank Goldman Sachs, has been awarded 109,461 shares worth £9.8 million in a long-term reward scheme, according to official US filings published over the weekend.
  • Financial Times: The resumption of Boeing 787 Dreamliner flights could be further delayed after a top US investigator ruled out excessive voltage as the cause of a battery fire that led to the grounding of the aircraft around the world.
  • The Independent: The Government should give the Bank of England and its incoming Governor Mark Carney a radical new mandate to get the UK economy moving again, the Ernst & Young ITEM Club will argue today.
  • Daily Mail: Aon has offered to delay bonuses for a month so that employees can benefit from a cut in the top rate of income tax.
  • Financial Times: Shopper numbers fell 3.3% year-on-year on Britain’s high streets in 2012, according to the British Retail Consortium and Springboard, a data provider.
  • Financial Times: Economists have warned that heavy snowfall sweeping across the country could increase the chances that the UK enters a triple-dip recession, as commuters brace themselves for another week of bad weather.
  • The Daily Telegraph: BBC Dragon Theo Paphitis's new lingerie chain Boux Avenue slumped to an £8 million loss in its first full year of operation as the entrepreneur invested in growing the fledgling business.
  • Financial Times: Barclays and HSBC are ramping up their UK corporate broking businesses in a drive to reclaim what has turned into a foreign-dominated market.
  • The Daily Telegraph: Barclays has moved swiftly to part company with a senior executive after investigators alleged that he shredded a highly critical analysis of the maverick culture and bullying at the bank's one-time flagship business.
  • The Independent: Twice as many City workers expect to receive no bonus this year as did in 2012, as job losses continue apace in the UK's financial sector.
  • Financial Times: Harbinger Capital Partners, which held an interest in £277 million preference shares in Northern Rock, is challenging a ruling made by the Upper Tribunal (tax and chancery) in 2011.
  • Financial Times: European industrials are set to deepen cut costs and re-examine unused production capacity amid a paucity of growth opportunities close to home, say analysts and executives.
  • Financial Times: The long-delayed bailout of Cyprus is set to be pushed back at least two more months.
  • Financial Times: Sweden’s biggest private equity firms, which are the targets of spectacular tax probes, are urging the government to put in place new rules or risk investors and executives fleeing one of the country’s largest industries.
  • Financial Times: EBay will stop selling tickets to concerts, gigs and sports events on its UK website as the auction group attempts to revitalise the ailing UK arm of its ticket reselling business.

Share tips, comment and bids

  • Financial Times: Nokia Siemens Networks aims to raise as much as €700 million with high-yield bonds this spring, according to people familiar with the plan.
  • The Daily Telegraph: Minority shareholders in The Economist are weighing up a plan to buy Pearson's share of the influential weekly magazine.
  • Financial Times: Equistone Partners has raised €1.5 billion for its new buyout fund, the first time it has tapped private equity investors since it was spun out of Barclays about a year ago.
  • The Daily Telegraph: Spanish banking giant Santander is reportedly considering a £2 billion takeover bid for Clydesdale and Yorkshire banks to accelerate its expansion in Britain.
  • The Daily Telegraph: Hilco has emerged as one of the front-runners to buy HMV out of administration amid suggestions that some of the world's biggest music labels are willing to back a bid from the restructuring investor.
  • Financial Times: Deutsche Telekom has begun talks with buyers and advisers about the sale of Germany’s largest cars-to-real estate internet portal, Scout24, which could raise about €1.5 billion.
  • The Daily Telegraph: Al Gore, the former US vice-president, is in line for a $30 million windfall from an Apple share package awarded to him by Steve Jobs, the tech giant's late founder, a decade ago.
  • Financial Times: Three Scottish universities have agreed jointly to invest in a planned new £50 million Edinburgh-based venture capital fund designed to fund fledgling life science companies spun out of academia across the UK.
  • Financial Times: BNP Paribas, France’s largest bank, has agreed to spin off its fund manager that invests in clean energy.
  • Financial Times: Goldman Sachs will on Monday begin a roadshow to sell €1.4 billion of shares in a huge German property portfolio.
  • Financial Times (Lex): Rio Tinto and the Pilbara - despite strong competition from Brazil, the dominance of Australia’s iron ore region looks assured in the long run by dint of its proximity to China.
  • Financial Times (Lex): China M&A: cash balances in overcrowded sectors are dwindling and, with obstacles to deals, foreign capital is not flooding in to fill the gap.
  • The Daily Telegraph (Comment): So Japan may not slide into genteel oblivion after all. To the surprise of the Japanese people, their country is smack in the middle of two riveting dramas that threaten to upturn the global strategic landscape in short order.

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Comment & analysis

Asset managers: 'There is going to be a distribution revolution'

2 Comments Play Asset managers: 'There is going to be a distribution revolution'

In footage not used in our original CEO tapes videos, five CEOs discuss how distribution will change in the future. Will 'distribution' be revolutionised by technology the same way that Spotify changed music or the Kindle changed publishing?