The Treasury should not grieve too greatly at companies such as J Sainsbury (LON:SBRY) paying early bonuses to avoid the new top income tax rate. By paying during the 2009/10 tax-year the exchequer will receive 40 per cent tax now rather than 50 per cent later, and time can be more valuable than money.
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So Resolution is to be replaced in the FTSE 100 (INDEXFTSE:.FTSE) by Investec, the first South African company to be listed in London. An index that was once a proxy for UK plc is now simply the portfolio for a host of global tracker funds.
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Perhaps it was just a pre-election publicity stunt, but the prime minister celebrated International Women’s Day by threatening action against companies that do not put more women on their boards. That’s rich from a man whose 22-member cabinet contains just four females.
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The time to set up a rescue fund is during the fat years, not the thin years when they are needed. That’s why it is sensible to think of such funds now: by the time the wrangling over their format is finalised we may again have the financial fat to fill them ready for the next thin period.
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Non-dom tax status is causing much political controversy, but what exactly is wrong with paying UK tax on your UK income and foreign taxes on foreign income? If you were inventing a tax system, that seems a sound starting point.
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Profits warnings are common during recessions but the oddest seen so far comes from Goldshield Group. The new owner has looked at the books and said that for several years the pills company’s profits may have been understated. Yes, understated.
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The stock market’s reaction to Prudential’s (LON:PRU) planned record rights issue is ungrateful. After all the mega-refinancings to fill black holes in balance sheets, this is a share issue based on expansion rather than rescue.
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Should a company remain independent when almost two-thirds of its shareholders want to sell it? The business secretary thinks so. Lord Mandelson has added his name to those who think the minority should outvote the majority on takeovers.
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The pollsters and the pundits are agreed: the choice at the general election will be between a hung parliament headed by David Cameron and a hung parliament headed by Gordon Brown. Oh dear; the country needs a government, not a choice of two non-governments.
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Why bother being boss of a big bank if you are not allowed to take the rewards? Lloyds Banking Group’s chief executive has followed Barclays’ and RBSs in bowing to public pressure in rejecting bonuses. Yet while they make the sacrifice, bankers at lower levels keep their windfalls.
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