Tesco, Britain’s largest supermarket chain, has raised £950m after agreeing a sale-and-leaseback arrangement for 41 of its stores. The company said the move was part of its long-term plan to “release value” from its UK real estate portfolio.
The US government has launched a criminal investigation into whether HSBC’s clients are dodging tax by putting their funds in undeclared deposit accounts in Singapore and India, following the successful prosecution of UBS in Switzerland last year.
BP’S embattled chief executive Tony Hayward yesterday met with Abu Dhabi’s Crown Prince Mohammed bin Zayed Al Nahyan amidst suggestions the oil rich country could buy a stake as high as 10 per cent in the oil major.
RICHARD HUNTER | HARGREAVES LANSDOWN
The increase in sales at the online unit provides further reassurance, and there are some faint signs that the company may be able to recapture some of its former glory.
INTEREST rates should remain on hold this month at 0.5 per cent to offset the impact of fiscal tightening, according to a majority of City A.M.’s Shadow MPC ahead of today’s annoucement by the Bank of England at midday.
Germany’s government yesterday agreed on a four-year, €80bn (£66.6bn) austerity plan, committing the country to slashing its bloated budget deficit and shoring up chancellor Angela Merkel’s centre-right coalition.
ACTIVITY on the London Stock Exchange’s UK cash equity order book slumped in June, though the fall was offset by Europe’s sovereign debt crisis driving volatility and a heightened interest in bond trading.
SOUTH African bank Investec yesterday said it had brought in advisers to explore the possibility of hiving off the fund management division of Rensburg Sheppards, which it bought out fully at the end of March.
THE total costs associated with natural catastrophes in the first half of 2010 were $70bn (£46bn), more than the average over the past 10 years and more than for the whole of 2009, according to Munich Re.
BARONESS Hogg, 3i’s chairman, is ending her eight-and-a-half year stint on a high note. It’s been a rocky ride: staggering growth in the early part of her tenure was tempered by a plummeting share price in the face of the financial crisis.
HOLDERS of $1bn (£659m) of securities issued by a Washington Mutual entity have sued to void an eve-of-bankruptcy exchange of their investment, a complaint filled with claims of fraud and secret agreements says.
ASSET management and custody firm State Street said yesterday that quarterly operating earnings would easily top Wall Street forecasts, sending its shares up nearly 10 per cent and boosting the broader market.
JONATHAN Ross has agreed to front a new chat show with ITV1 to be shown next year. He said he was “thrilled and excited” to be producing the “brand new” show. The financial details of the one-year deal were not disclosed.
WILLIE WALSH, British Airways (BA) chief executive, has vowed the airline will not lose money if there is a third strike by cabin crew after guaranteeing that 100 per cent of flights will be in operation.