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PRESS DIGEST- Financial Times - Jan 20
January 20, 2014 / 1:15 AM / 4 years ago

PRESS DIGEST- Financial Times - Jan 20

Jan 20 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

UK REVIEWS BITCOIN TAX AS GLOBAL REGULATORS SEEK TO CASH IN

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UK CAR INDUSTRY TO PRESS BUSINESS CASE AGAINST EU EXIT

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SFO SECURES EXTRA FUNDS TO PURSUE ROLLS-ROYCE INVESTIGATION

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UBS TO OUTSOURCE FIXED INCOME TRADING PLATFORM

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HEDGE FUND PAIR BET ON BRITISH BANK ALDERMORE

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Overview

The HM Revenue and Custom’s department is reviewing a 20 percent value added tax on bitcoins, the virtual currency that is tracked and traded over a peer-to-peer network with no centralized authority. Traders have raised issues with VAT, forcing them to look for more favourable markets globally.

The UK car industry will launched a study on the benefits of Britain’s European Union membership. The research, backed by the Society of Motor Manufacturers and Traders, is aimed at highlighting the industry’s dependence on the European Union and its importance.

The Serious Fraud Office has received additional funding from the UK Treasury in its probe of alleged bribery and corruption by Rolls-Royce in China and Indonesia, according to sources. The Treasury has agreed to a so-called blockbuster funding “in the low millions” of pounds for the SFO’s probe, sources said.

Swiss bank UBS will begin outsourcing its fixed income trading platform to two technology groups, French trading software firm Murex and Ion Trading, in an attempt to save costs, according to a source.

Hedge funds Toscafund and Lansdowne Partners have invested about 40 million pounds of capital in Aldermore, a British bank that could see a potential float in 2014. The bank said the deal would help it “establish a wider dialogue with UK institutional investors as the bank continues to review its capital markets strategy which may, among other strategies, include an initial public offering.”

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