George Osborne will announce a £100m-plus tax break for entrepreneurs willing to invest in Britain’s fastest-growing businesses.
Following the green light from the European commission, the chancellor is to go ahead with proposals floated in the budget to expand the Enterprise Investment Scheme. The plan involves raising the income tax relief from 20% to 30% for EIS investments, backdated to April 2011, and doubling investor limits to £1m, which will come into effect in April 2012.
Osborne said: “We want to make the UK the best place to start, finance and grow a business. T
Don and Peggy Roeske have been trying to get some help with their Bank of America mortgage for more than three years. Five years ago, they refinanced and, a year later, they took out a home equity line of credit. But then Peggy, 70, lost her job and health problems forced Don, 75, to only work part-time. Their house is now worth less than the mortgage.
“We tried to be current, until recently,” Peggy Roeske said.
The couple like thousands of others in similar situations has tried to get a loan modification, but every time they think they are about to get an offer, they dont hear back from the bank. Or the employee working with them is transferred. Or theyre told they need to send in more documents.
Major changes in how 3M Co. treats employees, rather than cash payouts to older workers, may be the greatest consequence of the company’s settlement of three age-discrimination cases this year.
The settlements will cost the Maplewood-based company at least $15 million and end seven years of litigation. But a more lasting effect of the cases will be a series of organizational changes and enhanced scrutiny by a federal agency to ensure that older workers are treated fairly, attorneys say.
3M has maintained that it never discriminated against several thousand current and former workers affected by the suits. The company says it is settling — none of the deals are final yet — to avoid the cost and distraction of litigation. None of the settlements constitute an admission of guilt.
The latest settlement, announced this month with the U.S. Equal Employment Opportunity Commission (EEOC), spells out 17 practices 3M must follow in evaluating, promoting and terminating employees.
LIVERPOOL Law firm Hill Dickinson has reported an increase in revenue to £100.1m for the year ended April 30 with profits rising by almost £1m.
The turnover increase was 14.9% better than last year’s figure of £87.1m.
Net profit rose to £14.4m from £13.5m during the 12-month period.
The firm’s Liverpool office has seen a 16.5% increase in revenue during a financial year that has seen significant investment into its teams operating out of its headquarters in St Paul’s Square in the city centre.
During the 12 months accounted for in the financial results, the firm acquired the Liverpool and Sheffield offices of Halliwells, significantly enhancing its commercial offering.
Investment continues to be made into the firm, and there have been a number of partner hires during the course of the year.
The strength of the firm’s offering and its broad range of expertise has been recognised in a series of recent awards wins, which have included accolades for its claims team, corporate team and property team.
Hill Dickinson managing partner, Peter Jackson, said: “It has been a positive year for the firm.
“We have performed well across the board and are particularly pleased to see increased activity on the corporate side, with our team having grown significantly.
“We now look forward to another year of growth and to exploiting the business development opportunities that are on offer to us as a larger firm with enhanced commercial capabilities.
“The results for Liverpool are a reflection of the weight of expertise that we are able to provide to clients in the region, from across our network of offices.”
SOARING fuel costs sent first-quarter profits sliding a surprising 82 per cent at Singapore Airlines (SIA) to $44.7 million, down from $252.5 million a year ago.
The shock result caught out market watchers who tipped earnings of $108.3 million in a Bloomberg poll.
SIA said in a statement: ‘Expenditure on fuel, excluding hedging, rose 38 per cent, or $397 million, as average jet fuel prices jumped 46 per cent year-on-year.’ The company noted that the rise was partially offset by an improvement in hedging, and that other cost items were well contained.
The increase in fuel costs outpaced the rise in group revenue, which was up 3 per cent to $3.58 billion. SIA carried more passengers despite weak travel demand to Japan over nuclear radiation concerns.
Earnings per share for the three months to Jun 30 were 3.7 cents, from 21.2 cents a year ago while net asset value per share was $11.90 at June 30, from $11.89 at March 31.
The countersuit against Great American Insurance Co. of New York comes as the building and its homeowners association are facing an increasing financial strain.
To mitigate potential shortfalls and to pay for repairs in the 117-unit tower, owners are now floating a plan to add as many as three floors of residential units on the building at 101 S. Gulfstream Ave., according to information disseminated at a resident meeting earlier this month.
But it is the countersuit that now represents the most tangible course for owners, who were forced from their homes in June 2010 after a key fourth-floor slab that holds up the tower’s residences suddenly cracked.
Association attorneys maintain that Great American breached it contract, and that the building’s “all risk” insurance policy covers the concrete decay, which will cost an estimated $8.2 million to repair and which will keep residents out of their homes until late 2012 at the earliest.
“Full payment is due and owing under the All Risk policy and is not subject to any exclusion,” association attorney Donna DeVaney wrote in a July 19 filing.
NEW YORK – US STOCKS were mixed as markets opened on Tuesday after US President Barack Obama and his Republican foes clashed again over the debt ceiling, dimming hopes of a timely resolution to the standoff.
The Dow Jones Industrial Average was down 54.46 points (0.43 per cent) at 12,538.34 after the first five minutes of trading.
The broader S&P 500 slipped 2.25 points (0.17 per cent) to 1,335.18, while the tech-heavy Nasdaq Composite climbed 1.40 points (0.05 per cent) to stand at 2,844.20.
Late on Monday, Mr Obama warned of a ‘deep economic crisis’ if Congress failed to raise the US government’s debt ceiling by Aug 2, while Republicans continued to reject his demand to raise taxes. — AFP
SPECIALIST luxury tour operator Cox & Kings has emerged as the suitor of Cheshire travel giant Holidaybreak.
The Northwich business revealed yesterday that it was in takeover talks with a potential buyer after its shares soared by more than 17%.
Initial reports speculated that TUI Travel was a likely contender.
But in a stock exchange announcement this morning Holidaybreak said: “Further to the announcement on 25 July and recent press speculation, the board of Holidaybreak confirms that it is in discussion with Cox & Kings, which may or may not lead to an offer for Holidaybreak at a price of 432.1p in cash per ordinary share.
“At this stage there can be no certainty that any offer for the company will be forthcoming.”
Holidaybreak shares closed last night at 367p per share, a 15% increase.
Cox & Kings is renowned for specialist travel to destinations such as Africa, India and Tibet.
Holidaybreak has recently focused on the education market under chief executive Martin Davies who took charge in April last year.