U.S. Senator Rand Paul, a potential presidential candidate who has said a bailout of Detroit would occur “over my dead body,” told a business crowd there that cutting taxes and luring immigrants would turn the city’s fortunes.
Berkeley Group Holdings Plc, the U.K. homebuilder focused on London and the southeast, rose the most in more than two years after increasing its first-half dividend sixfold as part of a plan to return 1.7 billion pounds ($2.8 billion) to investors by 2021.
People living outside the U.K. will have to start paying capital gains tax on home sales starting in April 2015 as the government seeks to raise revenue and avert unsustainable increases in London property prices.
Former Bank of England policy maker Adam Posen voiced skepticism that planned changes to a central bank lending program will be sufficient to rein in the U.K.’s house-price boom and said more probably needed to be done.
The U.K. plans to impose capital- gains taxes on home sales by non-residents starting in April 2015 as the government seeks to raise revenue and avert unsustainable increases in London property prices.
U.K. Chancellor of the Exchequer George Osborne forecast higher growth and lower borrowing while announcing tax increases for banks and foreign property owners as he prepared the ground for 2015’s general election.
Heron International Ltd. will seek 18 million pounds ($30 million) for a penthouse in its residential skyscraper in the City of London financial district, a person with knowledge of the matter said. A sale at that price would be a record for the neighborhood, according to broker Savills Plc.
Edward Lampert, the investor who for the past eight years has tried to turn around Sears Holdings Corp., cut his stake in the retailer below 50 percent to meet redemption requests from his hedge-fund clients.