He has a house, a son, a business and even a licence from Hello Kitty.

ECONOMIST: Chinese consumption is about much more than shopping

This belies the argument that takeovers give new managers more licence to restructure an ailing business.

ECONOMIST: Detroit rules, OK?

Some of the biggest call-back operators have no operating licence, are not registered for business in Germany and decline to pay taxes on what they sell.

ECONOMIST: Germany calling back

Mr Kiely admitted he ran an unlicensed money lending business, which changed when he obtained a licence from the Office of Fair Trading last year for his firm Millennium Finance Limited.

BBC: Money lender 'helped his debtors'

The embattled tycoon has been struggling under a mountain of debt, both in his liquor business but more noticeably in his Kingfisher Airlines whose licence to fly was suspended last month.

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But BBC business editor Robert Peston said the deal meant the licence fee would rise broadly in line with the headline rate of inflation - the Consumer Price Index, which excludes mortgage payments.

BBC: The deal is expected to be announced next year

Guernsey's housing licence system has been attacked by a number of local business figures.

BBC: Guernsey businessmen attack housing licence system

The Republic's financial watchdog has partially lifted the trading restrictions, a move which allows the firm to write new insurance cover for provisional licence holders in the UK, about 10% of their business.

BBC: Quinn reps warn 'recovery will not save all jobs'

In return for awarding a licence, the mandarins have felt obliged to keep the beneficiary in business.

ECONOMIST: Time to grow up