Tim Cook defends Apple’s use of tax loopholes

Apple chief executive insists company, which has more than $100m in profits stranded abroad, does not use ‘tax gimmicks’Apple’s chief executive has defended the company’s use of tax loopholes, saying “we don’t use tax gimmicks”.Speaking about his appearance before US senators last week to answer questions on Apple’s Irish tax arrangements, Tim Cook urged the […]
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Nationwide results scarred by commercial property

The good part was the 56% rise in underlying profits to £475m – but a decent chunk of property-related losses from the retail sector and elsewhere are washing up at Nationwide’s doorNationwide is entitled to a boast or two. The building society had a decent crisis, maintaining capital strength and even helping up to mop […]
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Osborne prepares ground for RBS and Lloyds sell-off

IMF calls on chancellor to devise a ‘clear strategy’ for bailed-out banks and pour more taxpayer funds into them if necessaryGeorge Osborne is preparing to set out his plans to return bailed-out Lloyds Banking Group and Royal Bank of Scotland to the private sector after the International Monetary Fund called on him to devise a […]
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Nationwide profits leap 56% amid acquisition speculation

Building society warns of ‘challenges to short-term profitability’ but says its financial position is ‘strong and robust’Nationwide has revealed plans to raise up to £500m of extra capital, prompting speculation that it may go shopping for acquisitions. However, Britain’s biggest building society also admitted it had doubled its provisions relating to problem commercial property loans […]
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Government needs ‘clear strategy’ to privatise Lloyds and RBS, says IMF

Bailed out banks attempt to reassure City they will not need to tap investors – or taxpayers – for fresh capitalThe government needs a “clear strategy” to privatise Lloyds Banking Group and Royal Bank of Scotland, the International Monetary Fund said on Wednesday, as the two bailed-out banks attempted to reassure the City that they […]
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New Co-operative Group head endures rocky start at annual general meeting

Euan Sutherland makes short address to delegates in Manchester – but no sign of departing head Peter MarksThe new chief executive of the Co-operative Group endured a tense annual general meeting on Saturday, as he faced questions over the group’s beleaguered bank.Around 250 delegates from across the country filed into New Century House to meet […]
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British maker of death penalty drugs adds new restrictions for US buyers

Hikma Pharmaceuticals moves to avoid ‘unintended purposes’ for drugs amid growing European boycott on sale to the USA drug manufacturer based in Britain has vowed to add new restrictions to sales of its products in the US after it was revealed that it sold a batch of barbiturate to the Arkansas department of corrections, which […]
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Boris Johnson’s call for tax-raising powers for London boosted by report

London Finance Commission says capital should be able to raise levies on sales, betting, alcohol and touristsThe mayor of London, Boris Johnson, has expressed confidence that the capital could gain powers to raise property and other new taxes while he remains in office.Backing a report, published on Wednesday, that calls for greater financial freedom for […]
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Uncertainty emerges over size of Co-operative Bank’s capital shortfall

Analysts at Barclays calculate Co-op – whose debt has been downgraded to junk – could need £1.8bn in worst case scenarioUncertainty about the size of the capital shortfall at the Co-operative Bank has emerged after one forecast put the gap, in a worst case scenario, at £1.8bn.Analysts at Barclays calculated that while there had been […]
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Two-speed Britain as London soars away from the rest

In London, there are more cranes on the skyline than in the rest of the country put together. Evidence is growing that a recovery is under way, but there are now fears that only the south-east is benefiting, leaving the nation more dividedHouse prices in London’s swankiest districts are clocking up a rise of £27 […]
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