World Online paid Sarah Ferguson, Dutchess of York, $1 million to promote the company for 15 days, the FT says. Apparently, she was paid up front and only put in three or four days' worth of appearances, before her services were terminated by the new management.

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Letsbuyit.com is back into the IPO fray, just three weeks after pulling its flotation on the Neuer Markt. The company says it is taking advantage of the 'retail rebound' - and it is still gunning for a £500 million market cap.

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The Isle of Man is to cut the top rate of personal tax from 20 per cent to 15 per cent, and corporation tax for local companies from 20 per cent to ten per cent, in an effort to tempt more footloose and e-greedy rich entrepreneurs to live there.

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SEB, a big Swedish bank, is mulling over launching a UK branch in the autumn as "part of a stratgy to become a pan-European Internet bank" Ft. ®