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Johnson to axe network of business councils

Johnson to axe network of business councils

Business
Dozens of business leaders could be forced to relinquish their roles as advisers to the prime minister as part of a shake-up of Boris Johnson's engagements with industry bosses.Sky News has learnt that Downing Street officials are keen to overhaul the network of five business councils set up in November 2018 by Mr Johnson's predecessor, Theresa May. Although Mr Johnson held one meeting last October with the council co-chairs - including the technology entrepreneur Brent Hoberman, Tesco chief executive Dave Lewis and Sir Ian Davis, the Rolls Royce Holdings chairman - City sources said on Thursday that there had been no attempt to reactivate the network since December's general election.It remained possible but unlikely, they said, that the existing structure would remain in place.Business c...
‘Beales failure would be disaster for my business’

‘Beales failure would be disaster for my business’

Business
If department store chain Beales goes under it will be "a disaster" for DK Bags.The small business imports handbags from China and sells them on to customers in the UK.One of their clients is Beales, which went into administration on Monday.And that's a worry for Ian Siddall - one of the owners of DK Bags - because the department store chain still owes his small, Kent-based business £25,000.Earlier this week, Beales boss Tony Brown told the BBC that he was trying to shore up the company's finances by closing some stores. And the administrators insist that they are in talks to sell the chain.But since the firm was put into administration, signs have gone up at Beales stores saying: "Closing down, everything must go."Meanwhile, the
If you’re a business owner, grab this 20% tax break before the year ends

If you’re a business owner, grab this 20% tax break before the year ends

Finance
Jetta Productions IncEntrepreneurs hoping to pocket some tax deductions for 2019 shouldn't forget a new 20% break.The qualified business income or QBI deduction made its debut in 2018, a feature of the Tax Cuts and Jobs Act.The new write-off allows owners of "pass-through" entities, including S-corporations and partnerships, to deduct up to 20% of their qualified business income. Tax professionals first grappled with this new rule earlier this year, when the IRS rolled out further guidance.The changes have come at such a rapid pace that even tax-planning software had a hard time keeping up."The issue with the QBI deduction came with calculating it," said Michael D'Addio, a principal at Marcum LLP."The software companies had to keep up; the IRS had to issue guidance and regulations in a com...
Panasonic leaves semiconductor business with Taiwan sale

Panasonic leaves semiconductor business with Taiwan sale

Technology
Japan’s Panasonic sells last semiconductor business to Taiwan company Novoton TechnologyBy YURI KAGEYAMA AP Business WriterNovember 28, 2019, 9:07 AM2 min read Japanese electronics manufacturer Panasonic Corp. is abandoning the semiconductor business with the sale of its last business in that sector to a Taiwanese company. Panasonic said Thursday it was transferring the semiconductor business operated by Panasonic Semiconductor Solutions Co. to Nuvoton Technology Corp. In recent years, Panasonic has sold its semiconductor plants in Singapore, Indonesia and Malaysia. Terms were not disclosed for Thursday’s move, set to be completed next year. Panasonic’s chipmaking has been struggling in recent years amid competition from cheaper rivals in South Korea and the rest of Asia. Japanese media re
Private equity investors are zeroing in on the financial advice business

Private equity investors are zeroing in on the financial advice business

Finance
Hero Images | Hero Images | Getty ImagesThe registered investment advisor industry may be the perfect playground for private equity investors. It has good growth, high profit margins, consistent cash flow and low capital needs. With roughly 13,000 firms in the industry, it is also highly fragmented, ripe for roll-up, and begging for consolidation."The industry has a lot of the traditional ingredients that private equity investors like," said Brad Armstrong, a partner at Lovell Minnick Partners in Philadelphia. Lovell Minnick Partners is one of the more active private equity investors in the wealth management industry.The firm sold its stake in Mercer Advisors in September and last week announced its latest investment in Pathstone, an RIA focused on ultra-high-net-worth clients, managing $ ...