Market Pulse
Sunday newspaper round-up: Budget, Sainsbury's, Virgin Media, Reuters
George Osborne look to grab as much as £20bn to fill shortfalls in his Budget this Wednesday, making deep cuts in public spending, an increased insurance premium tax and other new or increased duties and taxes, while also looking to cut taxes for North Sea oil producers. The Sunday Times said Osborne is also expected to limit the amount of tax relief that international companies can claim for interest payments on their debts to 30% of underlying UK profits.
Sunday share tips: Finsbury Food, Fevertree, 4imprint
Finsbury Food shares should be sold, according to Danny Fortson in the Sunday Times' Inside the City column. Although the baker's share have rebounded from 2008's depths of 11p tenfold to more than 110p recently, the bonus payments made to chief executive John Duffy and finance director Stephen Boyd were questioned. Duffy and Boy, who were appointed in 2009 and 2010 respectively, were each awarded £240,000 cash bonuses related to two key deals they tied up, plus their salaries were effectively doubled through bonuses to reward hitting targets for earnings before interest, tax, depreciation and amortisation.