CANACCORD AND COLLINS STEWART TO AXE 100 JOBS
Nearly 100 staff will be made redundant tomorrow when Canaccord Financial completes its acquisition of Collins Stewart Hawkpoint, as London’s stockbroking industry continues to shed capacity. The Vancouver Group agreed to buy Collins Stewart for £253.5m in December
EU DEFIES CARBON TRADE WAR THREAT
The threat of a trade war will not make the EU back down on climate legislation, Connie Hedegaard, the bloc’s climate chief, said yesterday following pressure from foreign states who want the EU to drop plans to charge airlines for carbon emissions.
HALF OF GAME GROUP STORES UNDER THREAT
The troubled video games retailer Game Group is expected to face the closure of as many as half its 600 stores under plans being drawn up by its banks. Two people familiar with the situation said the banks were proposing store closures at the chain, which is battling for survival as it races to raise a £180m lifeline by this weekend.
ROCHE APPEAL TO ILLUMINA INVESTORS
Roche has stepped up the pressure on Illumina, the US diagnostics business, making a direct appeal to shareholders that criticised incumbent management while not raising its $5.7bn hostile offer for the company. Roche argued that its $44.50 a share cash offer for Illumina represented “full and fair value”.
NHS REFORMS OVERCOME LAST HURDLE
Andrew Lansley’s controversial NHS reforms finally cleared their last major hurdle last night as Labour failed in a last-minute attempt to delay the plans. Lansley’s overhaul of the health service will now be given Royal Assent and passed into law before Easter.
KINGFISHER MAY LOSE LICENCE TO FLY
Kingfisher Airlines may be stripped of its license to fly if it fails to meet certain safety criteria or pay outstanding bills, the Indian Aviation Minister said today in the most direct warning yet that the debt-saddled carrier may be forced out of business. The group has debts of $1.26bn and requires a cash injection of $400m to remain solvent.
The Daily Telegraph
FUND MANAGERS SHUN RBS PRICE
More than two-thirds of City fund managers say they would not buy the state’s shares in Royal Bank of Scotland if they were sold at the Government's breakeven price of 50p. A survey of 200 leading fund managers by Capital Spreads found that 71pc said they would not buy RBS shares even if they reached this level.
NATIONWIDE SET TO CRACK DOWN ON INTEREST-ONLY MORTGAGES
Interest-only mortgages have taken another step towards extinction with Nationwide demanding that new borrowers have 50 per cent equity in their home if they want to avoid making capital repayments.
THE WALL STREET JOURNAL
IKEA TAKING CHINA BY STORM
IKEA's sales in China have risen by more than 20 per cent so far this fiscal year, and the Swedish furniture giant plans to speed up its expansion to capture market share and feed the Chinese middle class's appetite for Scandinavian home furnishing.
DOZENS KILLED IN IRAQ BLASTS
Dozens of Iraqis were killed and wounded across the country yesterday in a barrage of morning bombings in what officials described as an attempt to undermine preparations for an annual Arab League summit. The same officials offered different theories as to who might be behind the violence.