Among the companies with reports and trading updates today are Shell, Sainsbury’s, Vodafone Group, Ocado Group, Smith & Nephew, and PPHE Hotel Group.
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Junior AIM index clocks up biggest one-day gain in four years
The junior AIM index clocked up its biggest one-day gain in four years after a much-feared tax raid turned out to be less damaging than expected.
The Chancellor said AIM shares – which are typically smaller fast-growing companies in need of investor support – would no longer be fully exempt from inheritance tax (IHT).
Stormy seas ahead for North Sea oil as Chancellor hikes windfall tax
North Sea oil and gas firms came under fire yesterday as the Chancellor increased the windfall tax on earnings.
The so-called energy profits levy will be raised from 35 per cent to 38 per cent from next month – taking the headline rate of tax for producers to 78 per cent.
Relief for private equity execs as Reeves backs off from their bonuses
The Chancellor was yesterday forced to water down a tax raid on private equity bonuses amid fears it would spark a mass exodus from the UK.
Rachel Reeves increased the tax on carried interest – the portion of investment returns shared by private equity executives – from 28 per cent to 32 per cent from April next year, and to 34 per cent by 2026.
High Street left reeling over business rates bombshell
High Street shops and hospitality firms face a punishing rise in business rates after the Chancellor’s ‘disastrous’ failure to tackle the broken tax regime.
Bills will go up sharply in April next year after Rachel Reeves slashed much-needed reliefs and declined to live up to her pledge to ‘replace’ the levy with a fairer system.
Sainsbury’s announces sale of Argos Financial Services cards portfolio
Sainsbury’s has announced the disposal of its Argos Financial Services cards portfolio to NewDay Group. The transaction is expected to total around £720million.
Simon Roberts, chief executive of Sainsbury’s, said: As we make progress with the plan for Next Level Sainsbury’s, this is a key milestone in building our future model for Financial Services.
It’s really important we work with partners who share our values and customer focus.
Ocado names Adam Warby as next chairman
Adam Warby will succeed Rick Haythornthwaite as Ocado’s chairman from the start of December.
Warby currently chairs the executive search firm Heidrick & Struggles International and was previously the chair of Swiss software firm SoftwareOne Holding.
Tim Steiner, chief executive and co-founder of Ocado, said: ‘Adam’s expertise as a leader in global technology and consulting will be a valuable asset to the Board and leadership team.’
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