Nex’s shares were up by rose 8 per cent thanks to tax cuts implemented by President Trump ASSOCIATED PRESSNex, the financial technology trading company, said that its US tax rate would drop as low as 22 per cent after reforms by the Trump administration. The company’s shares jumped nearly 8 per cent as it became the latest UK company with significant American operations to benefit from the tax cuts. Nex said in a third quarter update that early examination of the changes indicated that the tax rate for its American business would fall from a range of 26 per cent and 28 per cent to 22 per cent to 24 per cent from next year. Nex was formed in 2016 out of Icap, the world’s largest interdealer broker founded by the City financier and Michael Spencer. Just over a year ago, Mr Spencer…

Source: The Times February 02, 2018 00:00 UTC