British firms plan offshore tax bases
Published 15/02/2010 | 05:00
HALF of Britain's 30 largest companies have mulled shifting their tax base offshore, with three actively considering a move, according to a survey.
The findings come a week before a crucial Treasury meeting regarding reforms to the taxation of foreign profits for British-based multinationals. It added that higher rates of personal taxation due to come into force in April are also impacting on the decision.
Building sector sheds 9,000 jobs
CORK'S construction industry shed 9,000 jobs last year costing the Exchequer up to €162m in social welfare payments, according to the annual report of the Construction Industry Federation's Cork branch.
As well as the slowdown in house building and commercial projects, Cork is expecting a 30pc fall in civil engineering activity between 2008 and 2010. "The bulk of the downturn is taking place towards the end of 2009 and 2010 as contracts are finished out and few new contracts come on stream," said the report's author Joe O'Brien.
New finance deal from Ulster Bank
ULSTER Bank's wealth division yesterday unveiled a new "global rebalancing" investment product which channels money into European companies well placed to benefit from Asian economic growth. The product has a minimum investment threshold of €100,000 and guarantees 100pc of the capital invested on maturity.
US optimistic on growth prospects
THE US economy should keep growing this year despite a fragile global recovery, a top US Treasury official has said.
"We expect to see continued growth in 2010," Deputy US Treasury Secretary Neal Wolin told an economic forum in Saudi Arabia, a regional lynchpin of US policy in the Middle East. "To be sure, we still face considerable challenges. The market turbulence in recent weeks is a reminder that the recovery remains fragile," he said.