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Penrose Report to be revealed on Monday

Publication of the long awaited Penrose report into what went wrong at Equitable Life is finally to take place in full on Monday. Financial secretary Ruth Kelly is also to make a statement to Parliament about the report on the same day.

The 818-page report has been with the Treasury since December and has been referred to the Serious Fraud office.

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Clocking off

In a perfect fiscal world, tax planning strategies would be considered and action taken all year round. In real life, however, people are busy with other more commercially pressing matters for much of the year, such as generating enough income and assets to need tax planning in the first place. The approach of the end […]

B&B chief executive Rodrigues resigns

Bradford & Bingley group chief executive Christopher Rodrigues has resigned to take up a position as president and chief executive of Visa International in San Fransisco. He will be replaced by Stephen Crawshaw, currently in charge of the group&#39s core lending and savings business. Crawshaw says: “I am clear about our priorities in both the […]

Lloyds TSB profit before tax up 66 per cent

Lloyds TSB&#39s 2003 results show an increase in profit before tax on a statutory basis of £1.730bn or 66 per cent to £4.348bn from £2.618bn in 2002. However, Lloyds points out that to enable meaningful comparisons to 2002, it is necessary to exclude the gains on business disposals, investment variances, and changes in economic assumptions […]

Axa Investment Management – Axa Select Active Portfolio

Type: Oeic fund of funds Aim: Growth by investing globally in equities through segregated mandates and collective investment funds Minimum investment: Lump sum £100,000 Investment split: 100% global equities Isa link: Yes Pep transfer: Yes Charges: Initial 5%, annual 1.5% Commission: Subject to negotiation Tel: 020 7003 1234

UK policy: Kate Moss and short-termism

“Nothing tastes as good as skinny feels,” said supermodel Kate Moss, who is not often credited for her insights into policy making. Perhaps she should be. In politics, as in matters of diet, the course of action that is the best over the long term is often not the most desirable course of action in the short term. Add the instant gratification of the democratic electoral cycle and, instead of good policy making, you sometimes get the equivalent to a midnight binge in front of the fridge.

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Investment risks

The value of an investment and any income from it can fall as well as rise and you may not get back the amount originally invested. Forecasts and past performance are not a guide to future performance. Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness. These are Neptune’s views and as such this document is deemed to be impartial research. We do not undertake to advise you of any change to our views.

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