The shortage of credit in financial markets is undetrstood to be behind Lend
Lease’s attempt to reduce its contribution to the £800m public-private scheme
from £600m to £400m, the Standard reports.
Negotiations are expected to continue over the coming months and ODA could be
forced to fund the difference if the developer refuses to back down. ODA has set
aside £492m to fund the village and media centre – a budget which now looks
inadequate, forcing ODA to dip into the £2.7bn in contingency funds.
The village will provide accommodation for 16,000 athletes during the games
and Lend Lease aims to profit by sale or lease of the flats after the games and
is said to pressure ODA to guarantee returns in an unsettled property market.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements