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Monday Papers: Goldman eyes tax delay on UK bonuses

Monday Papers: Goldman eyes tax delay on UK bonuses

Top stories

  • Financial Times: Goldman Sachs is among a handful of banks considering delaying UK bonus payouts until after 6 April when the top rate of income tax falls from 50% to 45%.
  • Financial Times: Eurozone countries facing Irish-style bank collapses will still have to shoulder a large portion of future bailouts if they want to receive any aid from the eurozone’s €500 billion rescue fund, according to a proposal seen by the Financial Times.
  • Financial Times: Iberdrola has scrapped a plan to auction off part of its Scottish Power division after the Spanish group decided it had made better than expected progress in a planned €2 billion programme of asset sales over the past year.
  • The Daily Telegraph: Lloyds Banking Group's chief executive, Antonio Horta-Osorio, is set to receive a £4 million bonus this year despite a forecast loss at the taxpayer-backed bank.
  • The Guardian: Ministers and the British aerospace industry are preparing a co-ordinated response to the collapse of the £28 billion merger between BAE Systems and EADS, the owner of Airbus, amid fears the UK will miss out on a multibillion-pound manufacturing windfall from the next generation of passenger aircraft and helicopters.
  • The Independent: Up to 50,000 new jobs are expected in Britain's oil and gas industry, according to Oil and Gas People.
  • Financial Times: Amsterdam-based Ownership Capital will be run by an eight-strong team that managed a €3 billion “responsible” equity portfolio at PGGM, the €128 billion healthcare pension scheme.
  • The Guardian: Britain's car-making industry, stung by the loss of 800 jobs in Swindon last week, is to receive a boost from Jaguar Land Rover, which is to create 800 jobs in Solihull through £370 million investment.
  • The Daily Telegraph: Bernie Ecclestone says he is prepared to testify in a trial at London's High Court concerning a $44 million bribe he allegedly paid to German banker Gerhard Gribkowsky to steer the sale of Formula One.
  • Daily Mail: HMV is locked in rescue talks with its lenders as the high street struggles to cope with harsh trading conditions.

Business and economics

  • Financial Times: Democratic leaders in the Senate gave President Barack Obama the green light to sidestep Congress and take executive action to avoid a default if no agreement is reached to raise America’s borrowing limit.
  • Financial Times: The US Treasury said it would not mint a platinum coin to avoid an increase in the nation’s borrowing limit.
  • The Daily Telegraph: France suffered a surge of capital flight over the autumn as president Francois Hollande pushed through a raft of tax rises and stepped up his campaign against the rich.
  • The Guardian: The British government will on Monday unveil a new flat-rate state pension worth £144 a week with a pledge to end the "shameful situation" in which women who take time out to care for their children suffer in retirement.
  • The Daily Telegraph: Greek lawmakers will vote on whether two former prime ministers and a pair of ex-finance ministers should face criminal prosecution for turning a blind eye to potential tax cheats.
  • Financial Times: Europe’s telecommunications commissioner will lay down a series of far-reaching reforms this year to support the formation of a pan-European telecoms market, in order to foster greater competition and investment in a sector hard hit by the financial downturn.
  • Financial Times: Big US banks are set to report the thinnest margins between the rates at which they borrow and lend since the 1950s, as profits are squeezed by the Federal Reserve’s policy of ultra-low interest rates.
  • Financial Times: UHY Hacker Young, an accountancy group, says the total global taxes paid by the average FTSE100 company fell to 24.5% of its global profits in 2012, compared with 35.8% in 2009.
  • The Independent: London's hotel sector is set to suffer an Olympic-sized hangover this year amid a glut of new hotel rooms and slumping demand, a report from PricewaterhouseCoopers warns.
  • The Daily Telegraph: Ian Hannam, the former JP Morgan banker, is to appeal his £450,000 fine for market abuse from the Financial Services Authority in July.
  • Financial Times: Venn Partners, a London-based financial advisory boutique, is setting up Venn Finance, headed by Paul House, the former European real estate boss at Citigroup; the operation is targeting £500 million of lending this year.
  • The Daily Telegraph: Anglo American, the FTSE 100 mining giant, is poised to overhaul its platinum business, sending shockwaves through the sector as companies wrestle with problems in South Africa.
  • Daily Mail: Oil and gas tiddler Northcote will join the AIM junior market on Monday after raising £1 million to expand its fracking operations in North America.
  • Financial Times: The UK-based Jaguar Land Rover sold 357,773 vehicles last year, an increase of 30% – nearly double the growth it achieved the previous year; in China sales grew 71%.
  • The Guardian: G4S is expected to incur a total loss of between £50 million and £100 million due to Olympic security fiasco.
  • The Daily Telegraph: GlaxoSmithKline, Britain's biggest pharmaceutical company, has been accused of "corporate greed" by a small business group for extending the amount of time it takes to pay its suppliers to up to three months.
  • Daily Mail: A legal row has broken out between the European Commission and Professor Neil Barrett, an expert adviser assigned to monitor software giant Microsoft.
  • Daily Mail: Charlie Campbell, a housebuilding analyst at broker Liberum Capital, expects Barratt Development to report interim profits of £42 million, nearly double last year’s figure.
  • Financial Times: MPs have attacked the coalition for setting aside just £200 million for carbon capture and storage in the current parliament while claiming to have earmarked £1 billion for the low-carbon technology.

Share tips, comment and bids

  • Financial Times: Cable & Wireless Communications has completed the $750 million sale of a controlling stake in Macau’s largest telecoms group to Citic Telecom International, part of the Chinese state-controlled industrial group.
  • Financial Times (Editorial): Japanese Prime Minister Shinzo Abe’s fiscal boost is welcome, but is no game-changer.
  • The Guardian (Comment): Far from creating dependency, strategic assistance from the west can help developing countries to help themselves
  • The Guardian (Comment): The UK's car industry is a bright spot in the economic gloom – let's not jeopardise it by pulling out of Europe.
  • The Daily Telegraph (Comment): Mario Draghi has saved the rich, now he must save the poor.
  • Financial Times (Lex): Boeing needs to show that it is on top of what are practically inevitable teething problems.
  • Financial Times (Lex): Wells Fargo’s margin contracts: Newly confident San Francisco-based lender reported fourth-quarter results all on its own last Friday, but the feelgood story ends there.
  • Financial Times (Lex): European telecoms’ slow march: Question for investors is whether Telekom Austria’s uncertain outlook sets the tone for the sector in 2013.
  • Financial Times (Lex): Li & Fung: Hong Kong clothing seller and retail sourcing group’s profit warning highlights the need for a Plan B.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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