Today's other stories in brief
UK capital gains tax may rise
Britain is considering toughening its generous capital gains tax rules to clamp down on wealthy private-equity executives who pay little or no tax on much of their income.
Alistair Darling, the chancellor of the exchequer, is considering an increase from 10 per cent to 20 per cent in the base rate of capital gains tax for investments classed as business assets, such as holdings in unlisted companies or shares owned by employees.
This could be accompanied by an extension from two to five years in the "taper relief" period - the time these investments must be held to reach the lower rate.
Mr Darling is also examining establishing a fiscal distinction between large buyouts by "mega-funds" and smaller venture capital deals or entrepreneurs selling their companies. - (Financial Times service)
Irish exam pass rate is highest
Irish students have achieved the highest pass rate in the world in the final Chartered Institute of Management Accountants (CIMA) exam with 67 per cent achieving a pass, compared to the world average of 55 per cent.
"Irish students' recent performance is exceptional and highlights the high level of talent this island has to offer," said Tiarnan O'Mahoney, president, CIMA Ireland.
VC association appoints chief
The Irish Venture Capital Association (IVCA) has elected Prof Michael Donnelly, chief executive of Growcorp group, as its new chairman.
Prof Donnelly, who replaces outgoing chairman Niall Carroll, has more than 25 years' experience in technology-based business development.
British retail sales increase
British retail sales rose more than three times faster than expected in July as price cuts boosted furniture and electrical goods sales and the final Harry Potter book hit the shelves, official data showed yesterday.
The figures suggest consumers have weathered five interest rate rises.
The Office for National Statistics said sales increased 0.7 per cent last month, the biggest rise since February, taking them up 4.4 per cent on the year. Analysts had forecast a 0.2 per cent rise on the month. - (Reuters)
Invest NI helps expansion plan
Invest Northern Ireland (Invest NI) is supporting a £275,000 (€406,000) expansion plan by Coleraine-based Wilson Agricultural, which will see the company develop its first range of equine comfort products.
Invest NI also said it has helped Woodlock, a joinery company in Omagh, Co Tyrone to save £250,000 by focusing on continuous improvement.
Akzo Nobel's shares fall 8%
Shares in Dutch chemicals group Akzo Nobel fell nearly 8 per cent yesterday on concerns that Henkel, its partner in the takeover of Britain's ICI, would have trouble financing its part of the deal, traders said.
Henkel said it was sure it would be able to finance its planned purchase of National Starch from ICI, but its shares fell 3.5 per cent, while ICI fell 3 per cent. Akzo has agreed to buy ICI for £8 billion (€11.8 billion). - ( Reuters)
Regulator steps up investigation
Sweden's financial regulator yesterday intensified its investigation into Borse Dubai's acquisition of a stake in OMX, fuelling doubts about its fitness to operate the Swedish stock market.
Borse Dubai acquired 4.9 per cent of OMX on August 9th and obtained options from hedge fund investors in OMX to acquire a further 22 per cent. - (Financial Times service)
