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Business and Other Briefings
BIS: Minister for Consumer Affairs & Competition, Kevin Brennan, has announced that he has cleared Atlas Elektronik’s proposed acquisition of QinetiQ’s underwater systems division. The acquisition remains subject to statutory undertakings from Atlas which address certain public interest concerns that have arisen.
The undertakings place a number of binding requirements on the new owners which address the public interest concerns that had been identified relating to:
* the protection of information sensitive to the UK
* the maintenance of certain strategic capabilities within the UK
* ensuring the continued independence and impartiality of research output & advice undertaken by the enterprise being acquired
BIS: The Government has joined forces with the Federation of Small Businesses (FSB) to offer up to 10,000 graduates a boost to their future employability, through internships in small & micro businesses. The FSB, which represents 215,000 small businesses across the UK will campaign to encourage its members to offer these internships in addition to places already on offer under existing schemes.
The extra places will be funded through a grant, administered through Higher Education Funding Council for England (HEFCE) and the universities who will administer the scheme. That will provide £100 per week towards the wage costs involved. Employers will meet the balance. University Careers services will help match graduates to the opportunities available.
FSA: The Financial Services Authority (FSA) has issued a Feedback Statement that confirms that it intends to pursue enhanced transparency of short selling through disclosure of significant short positions in all equities. However, it will work towards agreement on future requirements at an international level rather than introducing a separate domestic regime. In the meantime it has no plans for immediate changes to its current short selling requirements.
Currently, the FSA requires disclosure to the market of net short positions of 0.25% or more of the issued share capital of UK financial sector companies or companies carrying out a rights issue.
CLG: The Valuation Office is letting businesses in England know their new rateable values ahead of bills being issued in March 2010. The government claims that 60% will see falls in their rate bills. For the minority paying more the Government is putting in place a £2bn relief scheme self funded by businesses that will limit & phase in increases.
The Government is encouraging small businesses to apply for small business rate relief, which can help provide up to 50% off their bill. And the Government has recently announced that it will remove the requirement to re-apply for small business rate relief at revaluation reducing bureaucracy for small businesses & billing authorities.
Press release ~
A Brief of interest to all businesses within the telecommunications, Internet service provision and broadcasting sectors who claim to have moved or may consider moving the place of supply of their services from the UK to another Member State.
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