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German stock-exchange says FTT must not hit private investors

A German stock-exchange says changes must be made to the proposed financial transaction tax in a bid to prevent “clear disadvantages for securities trading in both Germany and Europe”.

Boerse Stuttgart says private investors must be exempted from the FTT as they were not the cause of the financial crisis and their investments have already been taxed.

Boerse Stuttgart chief executive Christophe Lammersdorf says: “Double taxation of private investors must be avoided at any cost.”

Speaking as part of this week’s autumn statement, Chancellor George Osborne warned a FTT would hit individual savers rather than banks.

The IMA has led industry concerns that such a tax would hit those saving in pensions and other investments.

Boerse Stuttgart says the introduction of an FTT in the eurozone alone would not be conducive to achieving its goals. It also says the tax should not be allowed to negatively impact on companies trying to raise capital.



EEA suspends dealing in life settlements fund

The board of the EEA Life Settlements Fund decided to suspend dealings in the fund after receiving unprecedented levels of redemption requests from advisers and institutional investors. Earlier this week, the FSA labelled life settlement funds as high risk, toxic products and said it aimed to ban TLPIs from being marketed to retail investors. The […]


Lawyers urge advisers to unite to fight Keydata claims

Law firm DAC Beachcroft is calling on advisers who are being pursued by the Financial Services Compensation Scheme for Keydata recoveries to consider launching a group action to challenge the FSCS. Law firm Herbert Smith wrote to advisers on behalf of the FSCS in October and again last week to start the legal process of […]


Just Retirement attacks single-tie annuity distribution deals

Just Retirement director Steve Lowe has slammed single-tie annuity distribution deals being arranged between pension providers and networks, warning they are likely to offer consumers a bad deal whilst being unsustainable for the network. Last month, Money Marketing revealed that providers are paying significant amounts of money to distributors as part of long-term distribution deals […]


AS 2011: State pension age to start rising early

Plans to raise the state pension age for men and women to 67 are to be accelerated. Under previous proposals, the state pension age was to rise to 67 for men and women between 2034 and 2036 but this will now happen between 2026 and 2028.Chancellor George Osborne said the decision will save the Treasury […]

Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.


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