The Business Matrix: Monday 29 October 2012


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The Independent Online

Rise in overseas calls for tax help

The Government has seen the number of inquiries about UK-based foreign nationals suspected of tax evasion soar by almost 20 per cent in the past year. Overseas authorities contacted HMRC about 1,852 individual tax evasion susects under 'Double Taxation Agreements', over the last tax year, compred to 1,564 in the previous 12 months.

Investors stay loyal to Aim

The Alternative Investment Market may be going through a slow year for new issues but it hasn't been deserted by investors. Trading on Aim – where stocks include Asos and Mulberry, left – was much more resilient to investors' risk aversion than the main London market over the past year; with trades down just 1 per cent on Aim, compared to 20 per cent on the main.

Clegg backs 'John Lewis economy'

Nick Clegg will step up his vision to create a "John Lewis" economy by fleshing out a scheme that could let staff buy shares in the company they work for. The Deputy Prime Minister's "right to request" plan aims to create more employee or trust-owned businesses such as at the revered department store group and at the engineering firm Arup. Independent on Sunday

Glaxo chairman to step down

Sir Christopher Gent is to stand down as chairman of Britain's biggest pharmaceuticals firm, GlaxoSmithKline. The drugmaker has called in headhunters to search for a successor to Mr Gent, the former chief executive of Vodafone, who has held the role since January 2005. City insiders suggested the 2014 shareholder meeting could be his last. The Sunday Times

Lloyds set to ramp up PPI money

Lloyds Banking Group may this week dramatically increase the amount of cash it has set aside to settle payment protection insurance mis-selling claims. Rival Barclays earlier this month raised its PPI provision by £700 million after claims rose. Lloyds was responsible for almost half of PPI policies sold. Mail on Sunday

Salary cut to hit Barclays bankers

Barclays is to cut the salaries of some of its leading investment bankers by almost half in a bid to reduce costs and show that the bank has fundamentally changed following the financial crisis. Investment bankers earning base salaries of £500,000 to £3m are exected to see pay cut by up to 40 per cent. Sunday Telegraph