Diberdayakan oleh Blogger.

Popular Posts Today

The Budget: What To Expect From Osborne

Written By Unknown on Minggu, 15 Maret 2015 | 00.02

If you're expecting the forthcoming Budget to make a big difference to your pockets, you may well end up a little disappointed.

Pre-election Budgets tend to be short on measures and long on promises. After all, if there is a new Government elected in May, it will almost certainly table an emergency Budget to implement its own plans.

Often pre-election Budgets serve as a quasi-manifesto, providing a set of fiscal measures you might be able to expect if the governing party gets re-elected.

However, this time around, the Government is, of course, a coalition, and given neither party wants to pre-commit to another term of joint government, the document itself will probably be quite vague about what comes after 2015.

That said, there are certainly areas where we are expecting some movement. There may well be another increase in the tax-free allowance and some anti-tax avoidance measures to clamp down on companies like Starbucks and Google, who have been accused of shifting profits around the world to cut their tax bills.

If previous Budgets are anything to go by, the Chancellor may freeze or cut duty on beer prices (as compared to his predecessor but one, Gordon Brown, who preferred to ease duties on Scotch).

Moreover, the Chancellor has a little more money than expected left in his accounts. Thanks to weaker inflation and lower oil prices, the budget deficit this year may be as much as £5bn smaller than expected.

The question is whether Mr Osborne uses that money to pay off the national debt or to provide extra tax cuts (or, less likely, spending rises).

Certainly, an instant eye-catching tax cut would be an excellent pre-election boost for the Conservatives.

Finally, there's the question of whether the Chancellor will ease up on his austerity plans after the election.

At present, Mr Osborne is targeting a whopping £23.1bn surplus in 2019/20 - far bigger than is necessary even based on his fiscal targets (which just aspire to eliminate the deficit,  not to pull it into surplus).

That ambition will involve swingeing spending cuts, reducing the size of the state to the lowest level since the 1930s.

Those 1930s headlines were deeply unhelpful for the Tories following the Autumn Statement in December, so the Chancellor may well want to scale back the ambition of the spending cuts. Particularly since these are such long-term forecasts that no-one seriously expects them to be met with great accuracy.

Finally, although expectations are low, it would be odd for the Chancellor not to attempt to pluck some kind of rabbit out of his fiscal hat. That's what he's tended to do in the past - can he really resist the temptation so close to an election?


00.02 | 0 komentar | Read More

Rent-To-Own Scheme To Help First-Time Buyers

By Sophy Ridge, Political Correspondent

First-time buyers would be able to build up a share in their home through renting, under new Lib Dem manifesto plans.

The scheme, called Rent to Own, would help young people get on the housing ladder without having to pay a large deposit up front.

Under the plans, participants would steadily build up a share in their home through monthly payments equivalent to market rent until they own the property outright after 30 years.

The policy is likely to benefit first-time buyers on relatively high incomes, who may not have the parental support often necessary for a big deposit.

They would need to afford monthly payments equivalent to market rent - often more than a monthly mortgage payment.

Around a third of 25-34-year-olds currently own their own home, down from 59% in the last decade.

Deputy Prime Minister and Lib Dem leader Nick Clegg said: "For working young people the dream of home ownership is increasingly out of reach.

"Prices are so high renters cannot afford to save for a deposit, which means they can never take that first step onto the housing ladder.

"Young people deserve better.

"Rent to Own will mean, regardless of their background and family circumstance, they will be able to make this a dream a reality.

"This is about building a stronger economy and fairer society, and making sure Generation Rent has the same opportunity to get on in life as their parents and grandparents before them."

The scheme relies on housing associations building new properties specifically for the Rent to Own market.

The Lib Dems believe this would be viable as the associations would be able to charge higher levels of rent: at least 20% higher than 'affordable rent' and approximately 40% higher than 'social rent'.

Social enterprise group Gentoo have rolled out a similar scheme in the North East and plan to expand into London later this year.would help young people get on the housing ladder without having to pay a large deposit up front.

Under the plans, participants would steadily build up a share in their home through monthly payments equivalent to market rent until they own the property outright after 30 years.

The policy is likely to benefit first-time buyers on relatively high incomes, who may not have the parental support often necessary for a big deposit.

They would need to afford monthly payments equivalent to market rent - often more than a monthly mortgage payment.

Around a third of 25-34-year-olds currently own their own home, down from 59% in the last decade.

Deputy Prime Minister and Lib Dem leader Nick Clegg said: "For working young people the dream of home ownership is increasingly out of reach.

"Prices are so high renters cannot afford to save for a deposit, which means they can never take that first step onto the housing ladder.

"Young people deserve better.

"Rent to Own will mean, regardless of their background and family circumstance, they will be able to make this a dream a reality.

"This is about building a stronger economy and fairer society, and making sure Generation Rent has the same opportunity to get on in life as their parents and grandparents before them."

The scheme relies on housing associations building new properties specifically for the Rent to Own market.

The Lib Dems believe this would be viable as the associations would be able to charge higher levels of rent: at least 20% higher than 'affordable rent' and approximately 40% higher than 'social rent'.

Social enterprise group Gentoo have rolled out a similar scheme in the North East and plan to expand into London later this year.


00.02 | 0 komentar | Read More

Author: Tim Cook Offered Steve Jobs His Liver

Apple chief executive Tim Cook offered his liver to the late Steve Jobs as he was dying, a new book claims.

Mr Cook was reportedly so upset after one visit to the ailing Apple co-founder's home that he offered to transfer a portion of his liver to Mr Jobs.

He had battled pancreatic cancer since 2004 and by 2009 needed a liver transplant.

Because the liver is a regenerative organ, there was a possibility that Mr Cook's idea could have worked. Mr Cook also found that they shared the same blood type.

But it was not to be - Mr Jobs refused outright to even consider the proposal.

"He cut me off at the legs," said Mr Cook, "almost before the words were out of my mouth. ''No', he said, 'I'll never let you do that. I'll never do that.'"

The comments were reported in a new book chronicling Mr Jobs' life, called Becoming Steve Jobs by Rick Tetzeli.

Mr Cook continued: "Somebody that's selfish doesn't reply like that.

"I mean, here's a guy, he's dying, he's very close to death because of his liver issue, and here's someone healthy offering a way out.

"I said 'Steve, I'm perfectly healthy, I've been checked out. Here's the medical report. I can do this and I'm not putting myself at risk, I'll be fine.'

"And he doesn't think about it. It was not 'are you sure you want to do this?'

"It was 'no, I'm not doing that!' He kind of popped up in bed and said that. And this was during a time when things were just terrible.

"Steve only yelled at me four or five times during the 13 years I knew him, and this was one of them."

Mr Jobs - who was opposed to surgery - went on to have a liver transplant in March 2009.

He resigned as Apple chief executive in August 2011 and died in October at the age of 56.


00.02 | 0 komentar | Read More

Labour's Pledge To Force Big Six To Cut Bills

Energy companies could be forced to cut their bills by the end of the year if Labour wins the General Election in May.

Labour leader Ed Miliband is expected to announce later that one of his first acts in government would be to push through a Bill giving energy regulator Ofgem more powers to force the so-called Big Six energy firms to reduce prices as well as freeze them. 

He will say the measure is necessary as the Big Six - EDF, npower, E.ON, British Gas, Scottish Power and SSE - have failed to pass on falls in wholesale energy prices to the consumer.

It is estimated gas and electricity bills could be cut by up to 10% this year, saving the average family around £100.

The values of FTSE 100-listed SSE and Centrica, which owns British Gas, fell in early trading on Friday after the policy was confirmed.

Ahead of his party's spring conference in Birmingham, Mr Miliband will say: "The costs of energy are tumbling down, not because of anything the Government or the Big Six energy firms have done, but because of global changes in oil and gas supply.

"The cost of energy to the Big Six firms fell by 20%, but the sky-high prices that families pay have only fallen by a fraction of that.

"Gas bills have declined by between 1% and 5%. Electricity bills haven't fallen at all.

"What better evidence do we need of the chronic over-charging, the broken market and the rip-offs being faced by millions of families and businesses across Britain?

"We will pass a law to ensure falling costs are passed on to the consumer this winter; a law giving the regulator a legal duty to ensure fair prices this winter; a law giving the regulator the power to cut prices and keep homes warmer this winter."

Mr Miliband originally promised a 20-month price freeze in his speech to the Labour Party conference in 2013 at a time of rising prices.

Energy Minister Matthew Hancock dismissed the plan, saying that if Labour had stuck by their original announcement of a price freeze, charges for the consumer would be even higher.

"This is now the sixth version of a chaotic Labour energy policy that would have put up families' bills by £100 and could do the same again - their record at setting prices has been a disaster," he said.

"This incompetence is exactly why Ed Miliband isn't up to the job.

"With the cheapest tariff now more than £100 less than when Ed Miliband was calling for a price freeze, it would have meant people worse off.

"Now it's the main barrier to bills falling further."


00.02 | 0 komentar | Read More

JD Wetherspoon Plots High Street Coffee War

JD Wetherspoon has confirmed plans to challenge the high street coffee and breakfast markets after announcing a fall in operating profits.

The pub chain reported profits of £55.1m for the 16 weeks to 25 January - a drop of 1.1% - despite revenues rising 9% and like-for-like sales growing 4.5%.

Its chairman Tim Martin, who has long campaigned for a level playing field on tax with supermarkets, said: "The first half of the financial year resulted in a reasonable sales performance and free cash flow, although our profit was under pressure from areas which included increased competition from supermarkets and increased pay and bonuses for pub staff.

"As previously highlighted, the biggest danger to the pub industry is the continuing tax disparity between supermarkets and pubs.

"Thanks mainly to the work of Jacques Borel's VAT Club, there is a growing realisation among politicians, the media and the public that pubs are overtaxed and that a level tax playing field will create more jobs and taxes for the country".

Wetherspoon, which last year announced plans to create 15,000 new jobs over five years, has blamed tax rates for hampering its expansion plans.

It argues the greatest disparity is in VAT as supermarkets - currently locked in a bitter price war - do not pay it on food but pubs and cafes are hit with a 20% rate.

Wetherspoon has suggested this allows supermarkets to "subsidise their alcoholic drinks".

The Chancellor, who has cancelled the beer duty escalator, may use the Budget next week to go further.

It was claimed earlier this year that George Osborne's two previous cuts to beer duty had helped annual beer sales rise for the first time in a decade.

The company said it was looking to the breakfast trade to help achieve further growth.

It said it had successfully established a strong coffee and breakfast trade in recent years, selling approximately 50 million coffees and teas per year alongside about 24 million breakfasts.

JD Wetherspoon said: "We are increasing our efforts in this area by introducing more competitive prices from Wednesday 18 March.

"Lavazza filter coffee, with free refills, will be available at 99p or under, between 8am and 2pm daily, at approximately 880 pubs. 

"We are also introducing more competitive prices for breakfasts. Our aim is to triple coffee and breakfast sales over the next 18 months".

The company said it was introducing several drinks offers, reflecting greater supermarket competition, from the same date.

It warned: "Marketing and labour costs may be higher than anticipated in the second half, as a result of the coffee and breakfast campaigns.

"The second half of the last financial year was strong, which will make it difficult to improve on that performance in the current year, although we expect a reasonable outcome for the full financial year, even so".


00.02 | 0 komentar | Read More

Heartbeat Could Replace Online Banking Password

Customers at Halifax bank could soon be able to prove their identities online using their heartbeat, rather than a password.

A bracelet called a Nymi Band may be trialled which measures cardiac rhythms unique to each person to keep them logged in online - without having to remember passwords, codes and PIN numbers.

It can authenticate a user when they place their finger on a tiny metal plate fitted to the band, creating a circuit which can be used to check the user's electrocardiogram  or "cardiac signature" against a stored one.

The user has access to a service for as long as they wear the band. If the band is removed, the electrocardiogram is re-read once the device is placed around the wrist again.

The bracelet has been developed by Canadian company Bionym, which claims the technology is more secure than other biometric proofs of identification.

As well as being useful online, the band could also be used in a similar way to a contactless payment card at tills.

Halifax digital development director Marc Lien said: "We are in the very early stages of exploring potential uses for the Nymi Band and wearable technology more widely which will help us further understand how we can serve our customers in the way that best appeals to their needs."

Other banks are experimenting with digital payment technologies. Barclays has released a band called bPay, which is worn around the wrist and can be used to make payments of up to £20.


00.02 | 0 komentar | Read More

US Hurt As UK Supports China World Bank Rival

The United States is said to be annoyed by British support for a new China-backed bank that could potentially rival top institutions like the World Bank.

The Financial Times quoted a senior US official saying there had been "virtually no consultation" on the UK's participation in the set-up of the Asian Infrastructure Investment Bank (AIIB).

The source also said the decision appeared to be part of a trend towards "constant accommodation" of China by the UK.

Washington is worried the project risks undercutting institutions such as the World Bank and International Monetary Fund - both based in the US - and President Obama has previously spoken of his concerns about governance and transparency.

The UK Treasury confirmed it was to join talks on AIIB's creation this month and would try to ensure it "embodies the best standards in accountability, transparency and governance".

Downing St also later moved to dismiss talk of a row with the US.

A spokesman said: "The Chancellor has discussed this with his US opposite number Jack Lew, and UK senior officials have discussed this with their counterparts in the US and elsewhere."

China proposed the bank in 2013 to finance construction of roads and other infrastructure.

It has pledged to put up most of its initial $50bn (£33.6bn) in capital.

There are 21 other governments including India, New Zealand and Thailand supporting the proposed entity while the US, Japan, South Korea and Australia are among those currently on the sidelines.

The bank is one of a series of initiatives by Beijing to increase its influence in global finance and expand trade links.

George Osborne has argued that joining will help Britain promote commercial ties with Asia.

"Joining the AIIB at the founding stage will create an unrivalled opportunity for the UK and Asia to invest and grow together," he said.

China has moved to dismiss any suggestion that the new bank is part of any strategic ambition.

In May, Chinese President Xi Jinping called for the creation of a new Asian structure for security co-operation based on a 24-nation group that excludes the US.


00.02 | 0 komentar | Read More

Co-op Bank Taps Funds Over £6bn Optimum Sale

By Mark Kleinman, City Editor

The‎ troubled Co-operative Bank has approached some of the world's biggest distressed investment funds about a sale of billions of pounds of British mortgages as part of its revival plan.

Sky News‎ has learnt that advisers to the Co-op Bank have held talks with funds including Apollo Management, Blackstone and CarVal about potential deals for parcels of the £6.6bn Optimum portfolio.

The ‎talks with prospective investors are ongoing and are likely to result in a series of transactions involving different structures for the assets, which the banking regulator has ordered the Co-op Bank to sell.

A number of other unidentified parties have also held talks with the Co-op Bank about buying parts of Optimum, which the lender adoped after its merger with the Britannia Building Society in 2009.‎

The ‎Optimum assets were partly responsible for the Co-op Bank being the only one of eight big lenders to fail stress tests set by the Bank of England in December.

News of the talks with potential buyers of Optimum's assets comes just days before the formerly mutually owned lender releases its annual results for 2014.

Sky News revealed last month that the chief executive of the Co-operative Bank was in talks about extending his contract amid continuing pressure from regulators for management continuity at the top of the company.

Sources said that Niall Booker, who took over in 2013 as the bank faced the threat of collapse, is likely to sign a rolling six-month contract to take him beyond his existing deal, which expires in June.

An announcement about his position is expected to be made either before or alongside the results, which are likely to be published next week.

Mr Booker, a former head of HSBC's North American operations, is understood to have had a difficult relationship with some of the bondholders who became major Co-op Bank investors as part of its rescue restructuring just over a year ago.

As a consequence of its stress test failure, the Co-op Bank postponed a vote on incentive awards for Mr Booker and senior colleagues because the proposals "include measures which may no longer be appropriate".

There have been no subsequent disclosures about revised terms for those payouts, although details may emerge alongside or soon after the results.

Some of the US hedge funds which now control a majority of the Co-op Bank's equity have pressed for Mr Booker to work to restructure the organisation more aggressively, insiders say.

At the time of the stress test failure, Mr Booker said: "We have achieved the target of building our capital base and the actions we have taken during the first year of our business plan have made the Bank more secure for the benefit of all stakeholders.

"Our key ratios around capital, liquidity and leverage at the present time are significantly strengthened, we're ahead of schedule in the disposal of Non-core assets and the stability of our core franchise is improving.

"However, given we are in the early stage of our plan, the original capital deficit and the nature of our assets, it is no surprise that we have not met the severe stress test hurdle."

The Co-op Bank was plunged into financial chaos even as it attempted to pursue a takeover of 632 Lloyds Banking Group branches.

Its former chairman, Paul Flowers, brought the bank into disrepute when his drug-taking and sexual activities were exposed by a tabloid newspaper, while his financial competence was questioned by MPs after he failed to correctly state the size of the Co-op Bank's balance sheet.

A spokesman for the Co-op Bank declined to comment.


00.02 | 0 komentar | Read More

Aston Martin Revs Up For £150m Share Sale

By Mark Kleinman, City Editor

The luxury car-maker Aston Martin is finalising plans to raise £150m from shareholders‎ to fund an expansion aimed at returning it to profitability within three years.

Sky News understands that Aston Martin has received commitments from Investment Dar, a Kuwaiti entity, and Investindustrial, an Italian fund, to provide £50m between them to purchase new ordinary shares.

A further £50m will come from Investindustrial to buy preference shares, while Investment Dar is also being asked to commit an identical sum to that part of the deal.

‎Aston Martin, best-known for supplying cars used in the James Bond film franchise, is keen to wrap up the fundraising in the coming weeks but is not in urgent need of the cash, according to people close to the company.

The premium car marque's new chief executive, Andy Palmer, ‎is working to change the fortunes of the loss-making company, which has seen a steady decline in sales.

Once part of Ford's Premier Automotive Group, the company saw sales slide from 7300 in 2007 to around 4000 last year.

Last month, Standard & Poor's, the credit rating agency, downgraded Aston Martin to B-, a reflection of its belief that the company would "show continued substantial negative free operating cashflow in 2015 and 2016, due to sizeable capital expenditure".

At the Geneva Motor Show this month, Aston Martin launched the DBX, an all-electric crossover model aimed at competing aggressively with Bentley.

Mr Palmer said ‎in an interview this month that Aston Martin's status in the automotive industry was as "a standalone company, but with a benevolent sugar daddy".

Aston Martin had considered raising funds in the form of new debt but has decided to focus on an equity issue, sources said.

An Aston Martin spokeswoman declined to comment on the details of its fundraising.


00.02 | 0 komentar | Read More

City Investors Swoop For £1.2bn Car Dealer BCA

By Mark Kleinman, City Editor

Britain's biggest secondhand car dealer is gearing up to change hands in a £1.2bn takeover engineered by some of the City's largest investors.

Sky News has learnt that British Car Auctions (BCA) is in detailed talks about a deal that would involve it being bought by a listed vehicle called Haversham Holdings.

Haversham was set up last year to swoop on "substantial companies and businesses in the UK and European automotive, support services, leasing, engineering or manufacturing sectors".

Fronted by Avril Palmer, who ran Autologic and had a short-lived spell as boss of Stobart, the haulier company, Haversham has backing from a funding group comprising including Aviva Investors, Artemis, Invesco and Schroders.

The firm set up by Neil Woodford, the UK's best-known fund manager, is also understood to be a key supporter of the proposed takeover.

Insiders said on Saturday that Haversham planned to raise £1.2bn from its investors to fund the deal.

A statement responding to news of the plan to take control of BCA could be made to the stock exchange as early as Monday, although a source cautioned that it was not yet certain to happen.

If the deal proceeds, it will be the second time in six months that Clayton Dubilier & Rice (CD&R), the private equity firm which acquired BCA in 2009, has looked at offloading BCA.

It would also coincide with a £2.5bn flotation of Auto Trader, which is owned by rival buyout firm Apax Partners.

Last autumn, CD&R pulled a flotation of BCA, blaming volatile global equity markets.

At the time, it said: "The board and shareholders were very encouraged by the broad engagement and interest in BCA shown by investors and remain excited about supporting the next phase of the group's growth.

"BCA has an excellent track record as Europe's leading used vehicle marketplace with strong revenues and earnings growth on the back of momentum across its physical and digital platforms."

Operating from more than 200 locations across Europe, BCA claims to be more than two-and-a-half times the size of its nearest competitor.

BCA owns the online vehicle buying operation webuyanycar.com, which acquired 120,000 vehicles in 2013.

It said last autumn that over the three-year period to the end of 2013, BCA saw revenues rise 74% to £442.3m, with adjusted pre-tax profit growing by 27% to £62.5m.

In total, more than 900,000 vehicles were sold using BCA in 2013, with 37% of those transactions taking place online, highlighting the growing importance of digital channels in the sector.

The proposed structure of the BCA takeover would echo a plan used last year by a group of heavyweight City figures to take control of the AA, the roadside recovery service, and list it through a form of accelerated initial public offering.

Haversham's broker Cenkos Securities and Bank of America Merrill Lynch are understood to be among the advisers working on the BCA deal, which is said to have been driven by the group of City investors.

CD&R is thought to have been open-minded about a more conventional flotation effort later in the year.

Cenkos also worked on the AA listing, for which it is understood to have received a fee in excess of £30m.

None of the parties involved in the BCA talks would comment.


00.02 | 0 komentar | Read More
techieblogger.com Techie Blogger Techie Blogger