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IMF: higher taxes for rich won’t hit growth

The International Monetary Fund has said higher income tax rates for the rich would help reduce inequality without having a negative impact on growth. The Washington think-tank said tax theory suggested there should be “significantly higher” tax rates for those on higher incomes, adding that “empirical results do not support” the claim that this would hit growth.

BlackRock earnings nearing $ 6tn milestone

BlackRock topped earnings expectations in the third quarter putting the world’s largest investment group within touching distance of hitting a record $ 6tn. The Financial Times says money “gushed into” BlackRock’s “mainly passive funds” at nearly $ 1.5bn a day. It adds that the “behemoth” reported diluted earnings per share of $ 5.78 in the three months through September, up a tenth on the same period last year. 

James Murdoch faces shareholder rebellion

James Murdoch will defend his position as Sky’s chairman at its annual shareholder meeting this evening. Three advisory firms have told investors to rebel against Murdoch, who is chief executive of 21st Century Fox and sits on its board. Royal London, which owns £44m in Sky shares, has already denounced the dual position as “inappropriate”, amid Fox’s attempted bid to take over Sky.

Southerners can now join the Booths bash

Those living in the South of England can now enjoy the products of Booths – the ‘Waitrose of the North’. The retailer, which has 28 branches restricted to the North West of England, is putting hundreds of products on sale via Amazon Fresh and can be delivered to 302 postcodes spanning London, Surrey, Hampshire, Bedfordshire and Hertfordshire. Lancashire-based Booths is 170 years old.

Marie Claire publisher nears £150m sell-off

The publisher of Marie Claire, Wallpaper and NME is close to being sold in a £150m deal that will hive off its pension liabilities, reports Sky News. US-based media giant Time Inc is poised to offload its UK publishing empire to Epiris, a private equity investor. The deal would be the latest example of the uncertainty over the future of parts of the traditional media industry.

Quote of the day… Firms ready to flee Brexit Britain

“Those plans, if you like, harden, become more firm, at the point at which they start to alter contractual paperwork. For most of the firms that we talk to that will fall at some point in the first quarter of next year.” Treasury official Katharine Braddick says there is a race against time to convince global finance firms to stay in Britain.

THE NUMBERS… AT 0725 GMT

FTSE 100: down -0.06 to 7538.27
Dow Jones: up +0.18 to 22872.89
Dax: up +0.17 to 12970.68
Cac 40: down -0.02 to 5362.41
Nikkei: up +0.28 to 20881.27
Hang Seng: up +0.39 to 28499.28
US dollar: buys €0.84210 and £0.75430
Sterling: buys $ 1.32560 and €1.11650
Oil: $ 56.66 up +0.1

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