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Tax Backlash Prospect For Independent Shops

Written By Unknown on Senin, 26 November 2012 | 23.33

By Poppy Trowbridge, Business & Economics Correspondent

Independent businesses could benefit from public uproar over low rates of corporation tax paid by global giants Starbucks, Amazon and Google, according to retail experts.

The backlash has been prompted by the revelation that Starbucks has paid just £8.6m UK corporation tax in the past 13 years, on sales of £3.1bn, when most businesses will pay a corporation tax rate of 24% this year.

In 2011, Google paid £6m tax against sales of £395m, while Amazon paid no tax at all in the UK - despite sales here reaching £3.3bn.

Matthew Stych, research director at analysts Planet Retail, believes British retailers can make the most of the furore by highlighting their own contributions and good practices.

"It's a golden opportunity that comes along once in a decade or so, to really capitalise on the negative publicity that some global retailers are receiving at the moment," he said.

"I think it's a huge opportunity that independent retailers in the community must seize now."

Starbucks, Google and Amazon tax graphic Google and Amazon are also accused of paying low taxes on big profits

Independent booksellers in Hertfordshire are doing just that. With support from the Booksellers Association they have launched an advertisement campaign to publicise the fact they pay their taxes.

"People need to think about where they are spending their money and we are hoping that this campaign will bring that to their attention," said Sheryl Shurville, co-owner of Chorleywood Bookshop.

But other analysts are not convinced such consumer campaigns will have any long-term benefit.

"We're unlikely to see any massive dip in the sales of these companies under scrutiny," Douglas McNeill, chief analyst at Charles Stanley, said.

"Whilst ethical issues can temporarily make people pause for thought, consumers make their choices on the basis of eternal basics of price, quality and convenience."

Mr Stych said large brands may yet find a way to turn around the negative publicity.

"As far as Amazon and Starbucks are concerned, I think there's an opportunity to strike a more conciliatory note," he said.

"This is for them also an ideal opportunity to regain or re-forge that bond with local consumers".


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Catalans Back Pro-Independence Parties

Voters in Catalonia have overwhelmingly backed parties that favour breaking away from Spain, but the region's biggest party saw its majority in parliament fall.

Artur Mas, the current Catalonia president and leader of the centre-right Covergence and Union (CiU) alliance, had promised a referendum on "self-determination" if the election had given him a strong mandate.

However, with just 50 seats in the 135-seat regional parliament the CiU was 18 short of the absolute majority he desired.

Mr Mas, who during campaigning said he hoped to be the last president of Catalonia reliant on Madrid, acknowledged that he would now have to share power as he fights for greater sovereignty for the economically powerful Spanish region.

"From this result we note that we are clearly the only force that can lead this government, but we cannot lead it alone. We need shared responsibility," Mr Mas told supporters in Barcelona.

"There must be a period of reflection in Catalonia over the coming days. The presidency must be taken up, but we will also have to reflect along with other (political) forces," he said, without naming a particular party.

The pro-independence leftist party ERC was second with 21 seats after 97% of the ballots had been counted.

"The vote is fragmented but the message is clear," Ferran Requejo, political science professor at Barcelona's Pompeu Fabra University, said.

"Two-thirds of the electorate voted for parties that are in favour of calling an independence referendum, but Mas has been hit hard for his austerity policies."

Like the Basque Country, Catalonia - a northeastern region of 7.5 million people - has its own language and sees itself as different from the rest of Spain.

Until recently, Catalans were content with just pushing for greater autonomy, and stopped short of seeking independence.

But Spain's economic woes, including a 25% unemployment rate, and tough austerity measures imposed by Madrid have added to the Catalans' discontent and persuaded many they would be better off on their own.

Catalonia has a significant weight in Spain's economy, accounting for one-fifth of its total output, and a greater share of its exports.

However, the region has also suffered from Europe's financial crisis and has a 44bn euro debt.


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UBS Fined £29m Over London Rogue Trader

The City watchdog has fined the Swiss investment bank UBS £29.7m over the biggest fraud in British history.

The Financial Services Authority (FSA) fined the bank for system and control failings within its corporate structure that allowed London rogue trader Kweku Adoboli to cause £1.4bn losses through unauthorised trading.

The FSA originally fined UBS £42.4m but discounted the penalty for early settlement.

At one point, Adoboli had stood to run up losses of £7.5bn for his employer.

The FSA said in a statement: "The systems and controls failings revealed serious weaknesses in the firm's procedures, management systems and internal controls."

In a damning judgment of UBS' internal controls, the FSA said the bank's computerised risk management system was "not effective".

Oswald Gruebel UBS boss Oswald Gruebel resigned over the massive fraud

It said Adoboli exploited "significant deficiencies" in the disparate trading system to conceal his unauthorised trades.

The FSA said Adoboli's actions on the Exchange Traded Funds Desk (ETFD) were helped by a culture of support sections working on the principle of efficiency and not risk management.

The Global Synthetic Equities (GSE) division was responsible for managing the ETFD.

The FSA said "the supervision arrangements within GSE were poorly executed and ineffective".

UBS was fined 15% of the revenue of the GSE division by the FSA.

Tracey McDermott, FSA director of enforcement and financial crime, said: "UBS' systems and controls were seriously defective.

"UBS failed to question the increasing revenue of the desk and failed to ensure that there was a corresponding increase in the controls in place over the desk.

"As a result Adoboli, a relatively junior trader, was allowed to take vast and risky market positions, and UBS failed to manage the risks around that properly.

Kweku Adoboli UBS trader Kweku Adoboli was jailed for seven years over the fraud

"Failures of this type in firms of the size and standing of UBS not only damage the firms concerned but also wider confidence in the integrity of the markets and the financial system.

"It is imperative that the markets we regulate are seen by investors to be orderly and a safe place to do business."

Last week Adoboli, 32, was found guilty - he admitted to the bad trades, but denied any wrongdoing.

He was sentenced to seven years for one count of fraud and four years for the other, to be served concurrently.


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VAT May Have To Rise To 25%, Warns IFS

Chancellor George Osborne may have to hike VAT to 25% as he continues his battle to restore Britain's economic health, analysts have suggested.

The Institute for Fiscal Studies (IFS) warned struggling Britons could face yet more spending cuts and tax rises because of weaker economic growth and lower tax revenues.

If these problems are permanent, the Chancellor will need to plug a £23bn black hole if he is to meet his financial targets by 2018, according to the respected think tank.

Achieving this from tax hikes alone would be "roughly equivalent to increasing the main rate of VAT from 20% to 25%", the IFS said.

Mr Osborne is due to reveal his latest economic plans next week when he unveils his Autumn Statement on December 5.

But the lack of scope for tax increases has been laid bare by a new spending power report by Lloyds TSB.

Its research found the squeeze on family budgets - as a result of stubborn inflation and weak wage growth - was just as strong in October as it was a year earlier.

It warned that rising energy bills this winter would only exacerbate the situation.

The IFS suggested Mr Osborne may also have to tear up one of his key austerity goals because Government borrowing is likely to rise this year.

Debt The era of austerity could run for eight more years, according to the IFS

The Chancellor has been battling to keep his financial targets on track as the economy continues to stay in the doldrums.

He has already extended the planned period of spending cuts by two years, well beyond the next election in 2015, and warned of further welfare cuts.

But poor growth since his Budget in March means more bad news is expected next week, including the embarrassment of higher borrowing this year than last.

"Since the budget, the outlook for the UK economy has deteriorated and Government receipts have disappointed by even more than this year's weak growth would normally suggest," said IFS deputy director Carl Emmerson.          

"The planned era of austerity could run for eight years - from 2010-11 to 2017-18."

The think-tank estimates Mr Osborne may need to find another £11bn in tax rises or welfare cuts for the post-election period.

This is on top of extending the same squeeze on public spending already planned and the extra welfare cuts that have already been discussed.

It predicted that borrowing would reach £133bn for the year ending March 2013 if current trends continue, £13bn above the Office for Budget Responsibility's spring forecast.

"This would mean that underlying borrowing rose between 2011-12 and 2012-13 rather than fell as the Chancellor George Osborne had intended," the IFS said.

Rising borrowing would be a major blow to the Tories, who promised to all but eliminate a record budget deficit by the time of the 2015 election and to get Britain's public sector net debt falling as a percentage of national output by 2015/16.

The IFS said Mr Osborne might have to scrap the latter target.       

"The Chancellor would likely be best advised to abandon the rule and consult on replacing it with something that better ensures long-run sustainability rather than engage in significant further fiscal tightening in order to remain on course to comply with this target," it said.

The report came as the "quad" of Mr Osborne, David Cameron, Deputy Prime Minister Nick Clegg and Chief Secretary to the Treasury Danny Alexander were gathering in Downing Street to finalise next week's statement.

There are hopes the Chancellor will cancel the planned 3p hike in fuel duty due in January. Fresh taxes aimed at the wealthy are also expected.

A Treasury spokesman said: "Action taken by the Government has cut the deficit by a quarter, whilst over a million new jobs have been created in the private sector, inflation is down, and the economy is healing.

"Britain still faces economic challenges at home and abroad but the Government is taking the tough decisions needed to deal with our debts and equip our economy for the global race."

But TUC general secretary Brendan Barber insisted the IFS report was further proof that the coalition's strategy is "failing on all counts".

"The UK should be on the road to recovery by now. Instead we could be set for a prolonged period of debilitating austerity well beyond the next election," he said.

"The Chancellor should use his Autumn Statement next week to change course. Sadly he looks set to drive the economy even faster in the wrong direction."


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UK Transport Projects 'Stuck In Slow Lane'

The British Chambers of Commerce says too many transport schemes crucial to business growth are being sidelined by the Government.

Of 13 key projects identified as vital before the 2010 general election, just three are going ahead, with two having some funding committed and eight delayed, cancelled or under consideration.

BCC director of policy Dr Adam Marshall told Sky News that bold action was needed from the Government to improve transport infrastructure.

"We need to see projects delivered with some pace and some urgency," he said.

"We know there are limited resources available but business can deliver growth and jobs if it has the transport infrastructure it needs."

Construction site Crossrail construction at Moorgate station in London

The three BCC-earmarked projects going ahead are:

:: Birmingham Motorway Scheme - Variable speed limits and cars using hard shoulder on M5, M6, M40 and M42, with work due to be completed in spring 2014

:: Forth Replacement Crossing: A replacement for the deteriorating existing road bridge was given the go ahead by the Scottish Government and Transport for Scotland in January 2011 and will be complete by 2016

:: Crossrail, London: The cross-London rail link is well under way and expected to be fully operational in 2019, improving capacity across the capital.

The BCC said it had awarded an "amber light" to two projects where some funding had been committed and a planning process was under way, but there was no date for final delivery.

One of these was the so-called Northern Hub rail improvement scheme to deliver £4bn of benefits to the economy of northern England.

The BCC said the Government committed to the scheme in summer 2012, that planning was still in the very early stages and delivery of all projects was uncertain, "but there have been confident steps forward in recent months".

The other "amber" scheme was the A453 widening from the M1 junction 24 to the A52 at Nottingham in the East Midlands.

M25 and M4 junction near Heathrow The M4 relief road scheme in Wales has been given a red light

The BCC said construction was due to start in 2013 following a Government commitment to the project, but "more concrete steps need to be taken to push the project to its conclusion".

The rest of the 13 projects received the BCC "red" signal, including the scrapped third runway plan at Heathrow airport in west London and the delayed A14 road improvement scheme in East Anglia.

Others given a red light included the Cardiff-Newport M4 relief road scheme in Wales, the M1 Westlink project in Northern Ireland, the A19 improvement work around the Tyne Tunnel in north east England and the A303/A358 road improvement scheme to improve links to southwest England.

The BCC said: "While the Government has taken important steps to boost infrastructure funding and delivery since the first Budget, the updated assessment shows that too many transport projects, which are crucial to business growth, are stuck in the slow lane."

But Transport Minister Norman Baker insisted the issue was a "top priority" for the Government.

He said: "That is why, despite the economic challenges we face, we have committed to building HS2, a hugely ambitious infrastructure project which will support and sustain long-term growth across the whole country.

"In addition, our massive programme of investment - the biggest since the 19th Century - in the current railway system includes substantial investment to increase capacity on the East Coast Main Line over the next two years as well as £240m for the industry to spend on the route between 2014 and 2019.

"This is on top of the £1.8bn we are spending on local major transport projects and the £3bn we are providing to start work on 20 major road schemes and to complete work on another eight between 2010 and 2015."


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Aston Martin: Tractor Firm 'Among Bidders'

An Indian tractor firm could become the new co-owner of James Bond's favourite car-maker, Aston Martin.

Mahindra & Mahindra (M&M) has reportedly offered more than £250m for a stake of up to 50% in the sports car brand - exceeding a bid by an Italian private equity firm.

Aston's owners, Kuwait's Investment Dar, are selling a chunk of the car company to inject cash into research and development, according to sources familiar with the talks speaking to The Times.

The company is said to have been struggling in recent years to find the funds needed to keep up with the technology spends of its rivals.

Aston, which produces its cars in Warwickshire, would be attractive to M&M in that the Mumbai-based firm has long been on the lookout for a prestige car brand.

Mahindra Tractor M&M is based in Mumbai and is the world's largest tractor producer

It had previously shown interest in Jaguar Land Rover, ahead of its purchase by Tata, and in Saab.

Investors reacted cautiously to the proposed offer, with M&M shares losing almost 3% of their value in Monday's trading.

Brokerage Edelweiss said in a note that Aston Martin would require significant investments and the benefits of technology transfer to the Indian tractor and utility vehicle maker's product portfolio would be "questionable" given the lack of similarity between the two companies' stables.

The Times suggested Investindustrial - the Italian rival for the stake - has one ace up its sleeve in the bidding war because of an existing partnership with Mercedes-Benz.

Aston, which was bought from Ford in 2007, remains one of the world's most desirable luxury car brands - thanks in part to its association with the Bond movie franchise.

It shot to fame in 1964 when Goldfinger, starring Sean Connery, was released.

The Aston Martin DB5 - complete with its famous ejector-seat - used in the film returned in the latest Daniel Craig movie, Skyfall.


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Cyber Monday Looks To Eclipse Black Friday

This year's Cyber Monday is set to be the biggest online shopping day of the year for the third year in a row.

According to research firm comScore, Americans are expected to spend $1.5bn (£937.1m), up 20% on last year, with retailers ramping up deals to get shoppers to click on their websites.

How well Cyber Monday goes will offer an insight into Americans' evolving shopping habits during the holiday season.

With the growth in high speed Internet access and the wide use of smartphones and tablet computers, people are relying less on their work computers to shop than they did when the term "Cyber Monday" was initially coined in 2005.

These days the period between Thanksgiving and Cyber Monday has become busy for online shopping as well.

Online sales on Thanksgiving Day, traditionally not a popular day for online shopping, rose 32% on last year to $633m (£395.5m), according to comScore.

Black Friday internet sales were up 26% from the same day last year, to $1.042bn (£624.8m). It was the first time online sales on Black Friday surpassed $1bn.

Amazon.com ranked as the most visited site on that day.

Major Retailers Begin Black Friday Sales Thanksgiving Night Black Friday started early this year for millions of Thanksgiving shoppers

Online sales look likely to surpass 10% of total retail spending this holiday season.

Even though Cyber Monday is expected to be the biggest shopping day this year, industry watchers say it could just be a matter of time before other days take that ranking.

"Of all the benchmark spending days, Thanksgiving is growing at the fastest rate, up 128% over the last five years," said Andrew Lipsman, a spokesman with comScore.

Many major retail chains such as Wal-Mart and Target opened their doors on Thursday evening, getting a head start on Black Friday.

Around 35 million people put down the turkey and went shopping, a 40% surge over the previous year.

Across the four-day weekend, 247 million US shoppers spent $59.1bn (£36.9bn), a jump of 13% over the previous year, the National Retail Federation announced.

American consumers spent an average of $423 (£264) over the period, compared to $398 (£249) last year.

"It's phenomenal," NRF director Mathew Shay told reporters, saying the numbers bode well for the holiday season despite the still-struggling US economy.


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Pinterest: Website 'Can Help Build Business'

By Christer Holloman, Author of The Social Media MBA

The world's fastest-growing social network presents an opportunity for businesses to engage with their customers in an unique way, according to one of the site's most prolific users.

Pinterest lets its 25 million monthly visitors create digital scrapbooks, bookmarking pictures from around the web and 'pinning' them to a virtual board that other users can follow.

Since its launch in 2010, it has become an important source of traffic for websites like Carhoots, a social car review site and marketplace, which is gaining around 10,000 new followers a day.

The West Midlands start-up's pinboard is one of the most popular in the UK, with more than 1.9 million followers. Car magazine Autotrader has about 100 while TV show Top Gear has 770.

The traffic those users generate for Carhoots makes Pinterest its most cost-efficient source after organic hits, with the platform estimated to be to the world's fourth largest traffic driver.

Carhoots' Pinterest board Carhoots' Pinterest board has more than 1.9m followers

Pinterest, whose owners are trying to find ways to monetise their service, recently introduced 'Pinterest for Business', a resource showcasing best practices, case studies and creative solutions for companies.

Lee Malcher, co-founder of Carhoots, said the key to success was sharing visually appealing images which drive inspiration, trigger social interaction and stimulate conversation.

As a result, people are more likely to click through to a website, he said.

Mr Malcher added that new features, including verification badges which certify the authenticity of a user's fan base, were a step forward for Pinterest.

However, he said he was disappointed there is no analytics tool or an API, which would allow his team to work more innovatively.

:: For more tech 'heads-up', follow Christer Holloman on Twitter


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Weather: Fears Over 'At Risk' Flood Insurance

Homeowners in flood-prone areas are at risk of losing insurance cover unless the Government steps in to help the industry, according to reports.

The Times has reported that talks between ministers and insurance bosses over funding aid, which have progressed for months, are on "the brink of collapse".

An industry source said insurers had hoped to create a system where flood-risk policyholders would pay an average additional premium levy of £9 towards a pooled fund for payouts.

Meanwhile, the Environment Agency (EA) has told Sky News it has no immediate plans to redraw its map for households and business at risk of flooding across Britain, seeing it as a longer-term issue.

The decision comes as heavy rain deluged wide parts of the South West, before moving into areas of North Wales and the North East.

PG 24-7 Flood UGC Tewkesbury Ayres 2 Widespread floods in 2007 hit parts of Britain

Nearly 250 flood warnings and 300 flood alerts have been put in place, after a weekend of almost non-stop rain left at least 800 homes swamped with water.

The Association of British Insurers (ABI) told Sky News that it is far too early to put a price on the latest devastating floods.

"The floods in 2007 cost the industry £3bn in claims and the 2009 Cumbria flooding cost £175m," an ABI spokesman said.

"Floods are becoming more common and more expensive - last summer's flooding caused another £400m damage."

The EA has previously said that the risk of flooding is likely to increase in Britain because of climate change.

Local authorities currently use the EA's Development and Flood Risk Practice Guide for planning purposes.

It was last published in December 2009 by the Department for Communities and Local Government to aid in planning decisions.

Meanwhile, the British Property Federation (BPF) has joined the criticism over the the Government's reported rejection of overhaul proposals for long-term flood insurance.

The River Derwent flood barrier one year on Flooding in Cumbria recently cost £175m in claims

BPF chief executive Liz Peace said: "As the sad current events highlight, wide scale flooding has significant implications for property owners.

"The Government needs to act quickly on its word to provide greater assurances over flood protection for developers to ensure that homes and regeneration sites are insurable and protected.

"We believe the ABI's proposal could have provided the desperately needed long term solution, instead the clock is ticking before the Statement of Principles expires next year."


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New Bank Of England Governor Revealed

Mark Carney has been named as the new Bank of England governor, who will replace outgoing head Sir Mervyn King.

The role of the governor is the most important unelected position in Britain, and is chosen by the Government.

Mr Carney, a Canadian national, will take up his role on June 30 next year.

He was appointed governor of the Bank of Canada in early 2008, for a term of seven years.

Mr Carney said he did not formally apply for the role - indicating he was head-hunted by Britain for the job.

He said he was "honoured to accept this important and demanding role".

Mr Carney added: "I was never going to be at the Bank of Canada forever."

Sky's Economics Editor Ed Conway said: "This is a real surprise for the City.

"He will serve a five-year term rather than the eight-year term originally advertised.

"We don't know the future of current deputy governor Paul Tucker, who has been heading towards this role all his career."

Mr Tucker had been tipped for the role but in recent months was embroiled in the LIbor scandal, after email correspondence emerged between the bank and Barclay's Bob Diamond.

Mr Carney was born in Fort Smith, in Canada's Northwest Territories, and received a bachelor's degree in economics from Harvard University in 1988.

He received a master's degree in economics in 1993 and a doctorate in economics in 1995, both from Oxford University.

A father-of-four, his wife is a British national and his children all hold dual nationality.

Announcing the choice to the House of Commons, Mr Osborne said Mr Carney would apply for British citizenship.

The Queen approved Mr Carney's nomination earlier today.

Prior to joining the Canadian civil service, Mr Carney had a 13-year career with investment bank Goldman Sachs in its London, Tokyo, New York and Toronto.

Mr Carney was appointed deputy governor of the Bank of Canada in August, 2003.


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