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Daily News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

HMRC News

Open consultation: Clarifying the scope of the Welsh rates of Income Tax – technical note and draft legislation

Tue, Oct 23, 2018

We are inviting views on the draft legislation needed to introduce separate rates of Income Tax in Wales....

Promotional material: Software suppliers supporting Making Tax Digital for VAT

Tue, Oct 23, 2018

Find out which software suppliers HMRC is working with to produce suitable Making Tax Digital for VAT software for businesses and their agents....

Detailed guide: Find software suppliers for sending VAT Returns and Income Tax updates

Tue, Oct 23, 2018

Find out which software packages support the Making Tax Digital pilots. ...

Guidance: Find software suppliers for the Construction Industry Scheme (CIS)

Tue, Oct 23, 2018

Find recognised suppliers and software for the Construction Industry Scheme online....

Guidance: Terminating the Anti-Dumping Duty on imports of biodiesel, originating in Argentina and Indonesia (Anti-Dumping Duty 2300)

Tue, Oct 23, 2018

Termination of Anti-Dumping Duty on biodiesel, originating in Argentina and Indonesia....

National Statistics: Monthly property transactions completed in the UK with value of £40,000 or above

Tue, Oct 23, 2018

This series looks at monthly property transactions completed in the UK with value of £40,000 or above. ...

Guidance: Duty Stamps: service availability and issues

Tue, Oct 23, 2018

Check the availability and any issues affecting the Duty Stamps online service....

Guidance: Alcohol and Tobacco Warehousing Declarations: service availability and issues

Tue, Oct 23, 2018

Check the availability and any issues affecting Alcohol and Tobacco Warehousing Declarations (ATWD)....

Guidance: Pay As You Earn (PAYE): service availability and issues

Mon, Oct 22, 2018

Check the availability and any issues affecting the PAYE online service....

Research and analysis: Making Tax Digital: Exploring transitional support approaches

Mon, Oct 22, 2018

This research aimed to build understanding of the types of support and communication most likely to have a positive appeal, impact and effectiveness in supporting businesses’ transition to Making Tax Digital. ...

ACCA Tax News

The Chartered Institute of Taxation: News

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Reuters: Money

Wells Fargo pays $65 million to settle 'cross-sell' fraud claims with New York

Tue, Oct 23, 2018

Wells Fargo & Co will pay $65 million to settle claims that it misled investors about its "cross-selling" business strategy, the New York Attorney General's office said on Monday. ...

A passion for makeup drove Wende Zomnir to the cosmetics industry

Tue, Oct 23, 2018

Wende Zomnir has always had a passion for makeup - as an eighth grader, she was sent home from school for wearing too much. It should come as little surprise that she would grow up to co-found the... ...

Barington pushes for independent chair at Bloomin' Brands

Mon, Oct 22, 2018

Activist investor Barington Capital Group L.P. on Monday turned up the heat on Outback Steakhouse owner Bloomin' Brands Inc's board by urging it to hire an independent chair to push management to... ...

Freudenberg picks JP Morgan, Morgan Stanley for Vibracoustic IPO: sources

Mon, Oct 22, 2018

German technology group Freudenberg picked JP Morgan and Morgan Stanley to act as so-called global coordinators for a planned 2019 stock market flotation of its Vibracoustic unit, people close to... ...

Danske Bank was behind large share of Estonian cross-border payments in 2008-2015: central bank

Mon, Oct 22, 2018

Danske Bank, which is involved in a 200 billion euro ($230 billion) money laundering scandal in Estonia, processed a large share of the country's cross-border payments between 2008 and 2015, its... ...

Global banks curb China travel after UBS banker stopped from leaving

Mon, Oct 22, 2018

Global banks including Citigroup and Standard Chartered have asked their private banking staff to postpone or reconsider travel to China after authorities there prevented a UBS banker from leaving... ...

Speculators pare U.S. 10-year T-note net shorts before Fed minutes

Fri, Oct 19, 2018

Speculators' net bearish bets on U.S. 10-year Treasury note futures fell a tad earlier this week before Federal Reserve's release of minutes from its policy meeting last month, according to Commodity... ...

Bank Vontobel buys Lombard Odier business in North America

Fri, Oct 19, 2018

Bank Vontobel will acquire the international portfolio of U.S.-based clients from Swiss private banking peer Lombard Odier as it seeks to expand its footprint in the region, Vontobel said on Friday. ...

China to allow bank wealth-management funds to be invested in stocks

Fri, Oct 19, 2018

China's banking regulator said on Friday it plans to start letting funds from products publicly sold by banks' wealth management subsidiaries be directly invested in shares. ...

U.S. fund investors pull most cash since June from stocks: Lipper

Thu, Oct 18, 2018

Investors slammed U.S.-based stock funds during the latest week, pulling $17.5 billion, the most cash from such investments since June, according to Lipper data on Thursday. ...

Reuters: Business

McDonald's global strength offsets U.S. weakness, shares rise

Tue, Oct 23, 2018

McDonald's Corp beat estimates for quarterly global same-store sales as strong demand in international markets made up for slowing growth in the fiercely-competitive U.S. fast-food industry, sending its shares up nearly 3 percent. ...

Verizon beats Wall Street estimates for profit, phone subscribers

Tue, Oct 23, 2018

Verizon Communications Inc on Tuesday beat Wall Street estimates for profit and net new phone subscribers, helped by the popularity of its promotional offers subsidizing Apple Inc's latest iPhones. ...

Biting bears sink world shares to 1-year low

Tue, Oct 23, 2018

World shares slid towards their lowest level in a year on Tuesday, as negative drivers from fatigued earnings and Saudi Arabia's diplomatic isolation to a brewing spat over Italy's finances piled on the pressure. ...

Lockheed Martin profit rises 17 percent in third quarter

Tue, Oct 23, 2018

Lockheed Martin Corp , the Pentagon's No. 1 weapons supplier, reported a 17 percent rise in quarterly profit on Tuesday, driven by more production of F-35 fighter jets. ...

Saudi sees deals worth $50 billion at investment conference despite boycotts

Tue, Oct 23, 2018

Saudi Arabia was set to sign deals worth $50 billion on Tuesday at the opening of an investment conference despite being overshadowed by the killing of journalist Jamal Khashoggi which prompted a boycott by Western politicians, top world bankers and company executives. ...

SoftBank CEO Son won't speak at Saudi conference: source

Tue, Oct 23, 2018

SoftBank Group Corp Chief Executive Masayoshi Son, whose $93 billion Vision Fund drew nearly half its money from Saudi Arabia, canceled a speaking engagement at the kingdom's investment conference this week, a person close to the matter told Reuters. ...

Russian fund CEO says Saudi economic drive important for world

Tue, Oct 23, 2018

Saudi Arabia's economic transformation plan is important for the world, the chief executive of the Russian sovereign wealth fund Russian Direct Investment Fund (RDIF) said on Tuesday. ...

Saudi's PIF invested in 50-60 firms via SoftBank fund: director

Tue, Oct 23, 2018

The Public Investment Fund, Saudi Arabia's sovereign wealth fund, has invested in 50 or 60 companies via SoftBank Group's Vision Fund and will bring most of those firms to the kingdom, managing director Yasir al-Rumayyan said on Tuesday. ...

Saudi Aramco CEO says bankers have not raised concerns about funding costs on SABIC deal

Tue, Oct 23, 2018

The chief executive of oil giant Saudi Aramco said on Tuesday that bankers had not expressed any concerns about a recent rise in Saudi funding costs ahead of the company's potential acquisition of a stake in petrochemical firm Saudi Basic Industries Corp (SABIC) . ...

Saudi signs deals worth $50 billion in oil, gas and infrastructure

Tue, Oct 23, 2018

Saudi Arabia signed deals worth more than $50 billion in oil, gas, infrastructure and other sectors at an investment conference in Riyadh on Tuesday, officials there said. ...