Monthly Archives: October 2008

Westfield Shopping Centre – Europe’s largest mall – opens

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From time to time we’ll offer some great London tips. So here we are with something that we’re sure you’ll appreciate: the Westfield Centre, Europe’s largest urban shopping mall has opened in West London. Shepherd’s Bush tube station, 43-Acre Mall consisting of 265 shops, featuring popular brands like Gap and Nike to the more classier shops like Prada and Chanel. It will also feature a 14-screen cinema, 50 restaurants, a gym, a spa and a library. The Westfield centre is expected to attract 25 million shoppers every year when it is fully completed however only 85 per cent of the stores are opening today as some are still not yet complete. In light of the current economic downturn, one of the store managers has said, “you wouldn’t choose this time, but we’ve been operating for 50 years and from time to time you open in a boom and from time to time you open in a recession. And we are planning for the long term.”

The centre was officially opened this morning by members on the board of the Westfield Group, the Australian company behind the mall alongside the Mayor of London, Boris Johnson.If you want to know more about the Westfield centre, here it’s the link!

How much did the crisis cost?

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How much money did the crash cost? Today the Bank of England said that the market crisis has cost $2.8 trillion to date, leaving the world’s financial system in a situation similar to the aftermath the First World War. This is just the first half-yearly health check of the City, but the Bank of England has underlined how a new regulation is necessary. Policymakers have learned the lesson from the mistakes that have led this crisis, that doesn’t seem to be over: the report also expressed cautious optimism about the effectiveness of the recent change of trend.

Today The Guardian explains: “The £50bn pledged by the government had helped underpin the system and would provide a breathing space for UK banks so that they did not have to sell assets at cut-price values immediately. The Bank’s estimate exceeds that made by the International Monetary Fund recently. The IMF concentrated on US institutions and did not include losses from the turmoil of recent weeks. Estimated paper losses from UK banks on mortgage-backed securities and corporate bonds are currently £122.6bn, the Bank report said. Gordon Brown insisted yesterday that it was right for the government to increase borrowing in order to fund investment to help the economy through tough times. But he moved to reassure markets that he would not preside over a reckless increase in borrowing during the recession and said he would reduce it as a proportion of GDP once the economy picks up.”

To know more about this click here!

Highlights of this week

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Good morning and welcome back. Today we’ll avoid the news from the Stock Exchange and from the present economic forecast, and instead draw attention the main events of this week in London.

BUSINESS

28th October – the banks will appeal a ruling that the Office of Fair Trading had the power to challenge their fees for unauthorised overdrafts.

1st November – the Competition Commission gives its provisional view on Kangaroo, the proposed multi-broadcaster video-on-demand service that will join BBC, ITV and Channel 4, allowing Google and Apple to become dominant Media Businesses.

ARTS

25th October-22nd March – The Royal Academy hosts the Exhibition Byzantium 330 – 1453, 1,000 years of history, 300 objects.

30th October – Danny Boyle’s Slumdog Millionaire will close The Times BFI 52nd London Film Festival.

31st October – Daniel Craig returns for the second time as James Bond in Quantum of Solace.

Your new tax code for 2008-2009

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Over the coming weeks the HM Revenue & Customs will be sending new tax codes to all UK employees.
After personal allowances there are 2 income rate bands:
– 20% up to £36,000 annual gross income
– 40% over £36,000 annual gross income

Form more information you can visit the HMRC website.

Not sure what ‘personal allowance’ means or how to calculate your taxable income? Here’s an example to help you: say your salary is £50,000 before tax. You pay no tax on your personal allowance (for the 2008-2009 tax year, the standard personal allowance for under 65-year-olds is set at £6,035). That leaves £43,965. You would pay 20% on the next £36,000, which would come to £7200 tax. That leaves a remaining £7965 on which you would be paying 40% tax, making the total tax deducted £10,386 and your NET salary £39,614.

What happens if you are not registered with the Inland Revenue? You get a temporary insurance number which is used to establish your tax level. So, before getting your NI number you may well pay too much tax but you can apply for a rebate from the IRS, providing you attach your P60 and payslip of April last tax year and include the reference number of your company and your temporary NI number.

So what happens if you are a resident in another country and you work here? Or if you work abroad but live here? Answers are coming… Keeping checking your daily blog on London Presence for more business advice.

5 news bites for your coffee break

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Here is a quick press review selected from the most interesting business news of the day:

  1. Pound Falls to 5 Year Low Against Dollar: the pound slid to the lowest level in more than five years against the dollar after the Bank of England Governor Mervyn King said Britain’s worst banking crisis since World War I is likely to push the economy into a recession – read more on bloomberg.com.
  2. Factory gloom ‘worst since 1980’: the slowdown in the UK economy is now spreading to sectors previously resilient to weaknesses in the banking and housing markets. The crisis is spreading into all sectors of business, affecting unemployment and inflation – read more on BBCNews.co.uk.
  3. Soaring art market returns to earth with a bump: the global financial crisis has finally caught up with the art world. Experts warn that things are likely to get tougher: what’s happened in the financial markets will also damage the art market because liquidity is tighter everywhere – read more on Reuters.co.uk.
  4. European business backed up: during this crisis, resultant cuts in jobs, production and investment, means companies must hunker down hoping to survive what they fear will be a ferocious reversal – read more on Ft.com.
  5. David Beckham will join AC Milan on loan in January: the English football player will move to Italy for few months at the beginnig of 2009, according to Adriano Galliani, the Italian club’s vice-president. Beckham wants to train and play with Milan, and Milan wants him: Beckham’s commercial value means full stadiums and read sponsors. Maybe not all rich men are crying – read more on Thetimesonline.co.ukthe English football player will move to Italy for few months at the beginning of 2009, according to Adriano Galliani, the Italian club’s vice-president. Beckham wants to train and play with Milan, a sentiment reciprocated by the Italians: Beckham’s commercial value means is nothing but good news for club merchandise and ticket sales – read more on Thetimesonline.co.uk

How to calculate your own inflation

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Prices are increasing rapidly as inflation grows but how will it damage you and your wallet?

BBCNews.co.uk is trying to help you find the answer. By filling in this form created by the Office for National Statistics, you will be able to calculate your personal inflation rate. The more accurate you are with filling out your dates, the more accurate the result will clearly illustrate how inflation affects you.

Take our advice and fill in the form now. This way you can better understand your personal financial position and be prepared for the future.

A woeful winter…

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Hello and welcome back. The ups & downs of the markets of last week have had several more consequences, all adding to the long list of repercussions of the ongoing crisis.
Only one month ago one of the biggest banks of Canary Wharf closed and now The Chartered Institute of Personnel and Development announced that unemployment is increasing everyday – no sector excluded. Official figures show a 164,000 quarterly rise in unemployment.
It will be a woeful winter for the markets, for employers and for the employees and moreover for those looking for a new job. Please see our parent accountancy website Westbury for the full report.

Our selection at the London Film Festival

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The day before yesterday we introduced the most important event of the week: the London Film Festival. Because it’s Friday we thought we’d give you a list of the best movies on offer from the festival this year, irrespective of whether they are about business or not!

Vicky Cristina Barcelona

How can you miss the beautiful Penelope Cruz and Scarlett Johansson in the latest comedy movie about the impulsive romance between a student, a Latin lover and his wife.

W.

An intense movie directed by Oliver Stone; the story of the one-time black sheep of the Bush family and his rise to become leader of the Free World. It’s a brave movie from a director who is no stranger to making films about powerful figures (Richard Nixon, JFK and Fidel Castro).

The Brothers Bloom

This is the story of the expert swindlers and of their fraternal teamwork. Rachel Weisz, Adrien Brody and Mark Ruffalo feature in this fast and funny movie, where the leads play off each other to terrific effect.

Che (Part 1 & Part 2)

After The Motorcycle Diaries, this new movie is a biopic of the hugely influential figure of Che Guevara. Che is an audacious documentary in 2 parts of his campaigns in Cuba and Bolivia realised by Steven Soderbergh and interpreted by Benicio del Toro.

Gonzo: The Life and Work of Dr. Hunter S. Thompson

A documentary on the legendary Hunter S. Thompson, the fascinating beat-poet the Gonzo. Narrated by Johnny Depp, this feature covers all areas of his fascinating life climaxing with his iconic ‘On the Road’.
And if you’re curious to discover more about what’s on and who’s in London for the event, have a look here: www.bfi.co.uk!

Googaholics Anonymous

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How many times have you stumbled home after a heavy night, hooked up to the net and then unleashed your woozy boozy mind via various emails only to wake in the morning to find you’ve declared your undying love for your boss? Okay, perhaps not your boss but it’s likely that you or someone you know has caused some web-based embarrassment due to alcohol.

Thankfully Google have come up with a solution that doesn’t involve joining AA: Mail Goggles.

Gmail users simply have to pick the days and times that they’re most likely to be inebriated then the next time they try to send an email in the allocated time they will be given a quick little maths test. 27÷3 may be easy enough to sober minds but to that of a drunkard it is none too simple.

There’s no news on other email providers adding a similar service but if this takes off there’s no doubt the others will follow suit, although bosses may be slightly concerned if they find the application on your Outlook.

All we need now is a version for our mobile.

The London Film Festival opens tonight

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Tonight, the London Film Festival will open its first night gala at the Odeon in Leicester Square. The 52nd edition of the Festival presents movies from all over the world, screening 189 features and 108 shorts in 15 days and in 5 main venues across London.

It’s a busy programme of premieres, gala screenings and large-scale events that are open to thousands of Londoners and visitors from anywhere. Fiction, documentary, shorts, artists’ work in moving images and archive restorations; the Festival will try to satisfy all tastes. Of course it is also an important event for the film industry. The cinema is a business after all and hundreds of international filmmakers are in London to be interviewed, meet their audiences, raise funds, seek new opportunities and promote their films.

Don’t miss out – follow this link to the BFI website to find out more. There is only one thing for you to take…
Action!