The Financial Times
DARLING CALLS FOR SWIFT ACTION TO TACKLE MARKET TURMOIL
Alistair Darling will send an open letter to fellow finance
ministers ahead of the Group of Seven meeting in Washington this
weekend calling for “a clear and detailed plan of action” for
dealing with turmoil in the global financial markets. “The
problems in financial markets have intensified and spread
globally to create one of the strongest financial shocks for
decades,” he will say, before underlining the importance of
“rapid implementation” of a raft of recommendations to make the
international financial system more resilient.
REPORT FUELS ROW OVER ENDING OF TEN PENCE TAX RATE
A damning report by MPs is set to enflame the row over the
abolition of the ten pence income tax rate, saying it is
“unreasonable” for the burden of tax simplification and
alleviating child poverty to be put onto relatively poor,
childless individuals. John McFall, chairman of the Commons’
Treasury select committee, says: “While tax simplification is a
laudable aim, it seems strange that the abolition of the 10
pence starting rate of income tax disadvantages mainly low
income households.” Under the new regime, about 800,000
childless people with incomes less than 18,500 pounds will lose
out by an average of 145 pence a week.
PUBLICITY FEARS OVER CORPORATE KILLING LAW
A survey published on Monday by leading law firm Norton Rose
reveals that companies prosecuted under new corporate
manslaughter rules fear bad publicity almost as much as fines
that could amount to ten percent of annual sales. Norton Rose
surveyed about 90 of its clients and 42 percent said they
believed publicity orders - forcing companies to detail their
crime to investors, suppliers or the general public - were the
biggest deterrent under the new regime, only slightly less than
the 45 percent who believed that fines were.
EADS ENTERS SURREY SATELLITE ORBIT
Aerospace industry sources have confirmed that EADS
(EAD.PA: Quote, Profile, Research), the European defence group, has emerged as a potential
buyer of Suratellite Technology, one of the most successful
spin-outs from Surrey University and the world’s leading
manufacturer of small satellites. The university still holds an
85 percent stake and a sale would mean a lucrative pay-day for
Surrey and some of its scientists, including Professor Sir
Martin Sweeting, director of the university’s space centre and
chairman of Surrey Satellite. Continued…
