US private equity firm JC Flowers has walked away from the competition to buy Northern Rock, raising the prospect that the Government will have to consider nationalising the Newcastle-based lender, The Telegraph reports.
In letters sent to the stricken bank and to the Treasury yesterday afternoon, Flowers is understood to have told Northern Rock's chairman, Bryan Sanderson, and John Kingman at the Treasury that it could not construct a deal meeting its own profitability criteria that would be acceptable to the Government.
RAB CAPITAL, ONE OF NORTHERN ROCK'S largest shareholders, has confirmed it is backing Olivant's rescue bid for the stricken bank, casting doubt on the future of Virgin Money's rescue offer, The Times reports.
Luqman Arnold's Olivant Advisors today said it has received non-binding letters of commitment from five institutional Northern Rock shareholders, who own 23% of the stricken bank. RAB, holder of 6.6% of Northern Rock, has confirmed it is supporting the former Abbey National chief executive's bid.
WEALTHY FOREIGN RESIDENTS FACE a fresh crackdown after the Government announced plans yesterday to block so-called no-ndomiciled residents from using overseas trusts to hide earnings from the taxman, The Times reports.
In a surprise announcement by the Treasury, a raft of new measures designed to penalise non-doms are set to be introduced alongside the £30,000 fee controversially announced by Alistair Darling, the Chancellor, in October.
Critics of the measures, laid out in a consultation paper, assert that the proposals will force businesses run by non-doms to move overseas and discourage leading international businessmen from working in Britain.
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