Barclays April 25, 2010 AS oxymorons go, “good credit crisis” is right up there with “classy strip club” and “luxury studio flat”. But compared to rivals, Barclays has emerged from the near meltdown of the financial sector in fine fettle. Over the last seven years, top line income has grown by a compound annual growth rate of 18 per [...]
Ireland to buy 35pc of BoI April 25, 2010 The Irish government is on the brink of buying up a 35 per cent stake in the troubled Bank of Ireland as part of a €3.4bn (£2.96bn) emergency fundraising. Ireland’s biggest bank by market value needs to raise the capital to satisfy new regulatory requirements and compensate for writedowns on discounted loan transfers to the [...]
Dubai forced to invest in UK firms April 25, 2010 The Dubai sovereign wealth fund controlled by Sheikh Mohammed Bin Rashid al-Maktoum has been forced to pump millions into troubled UK ventures. Dubai International Capital (DIC) invested heavily in UK private equity but has been stung after banks requested cash injections for firms including Travelodge and Alliance Medical, which are struggling under the weight of [...]
Ineos quit UK after Vat snub April 25, 2010 Chemicals group Ineos quit its UK base after ministers snubbed a request for help with a liquidity crisis. The £30bn firm was badly stung when the recession hit its sales. It requested, among other things, a deferral on VAT payments to help it weather the storm. The firm estimates its relocation to Switzerland will save [...]
Hugh Osmond bidding for UK building firm April 25, 2010 PIZZA-to-pubs entrepreneur Hugh Osmond has made a takeover offer for Crest Nicholson that values the UK housebuilder at £300-350m. Horizon Acquisition, Osmond’s quoted vehicle, put the takeover plan to a meeting of Crest’s 40 owner banks on Wednesday. The potential deal is part of bold plans by Osmond to consolidate the recession-hit housebuilding sector. According [...]
Forth Ports to seek deal intervention April 25, 2010 BRITAIN’S last remaining ports company Forth Ports will this week ask the Takeover Panel to issue a “put up or shut up” deadline to its suitor, the Northstream consortium, it is understood. The consortium, made up of investors Arcus and Peel Group and RREEF, an arm of Deutsche Bank, is expected to walk away. A [...]
Farepak to pay customers back April 25, 2010 FAREPAK customers who lost money when the Christmas savings group went into administration will now receive 15p for every pound they lost. The group’s directors have agreed to pay up £4m from their own pockets in compensation to the 150,000 customers who subscribed to their savings scheme. The number marks a small portion of the [...]
Swann set for bumper payday April 25, 2010 KATE Swann, the chief executive of stationery retailer WH Smith, could be in line to receive a million-pound payout if the firm’s shareholders approve a sweetened incentive package designed to guarantee her loyalty. Swann, who has been the subject of intense speculation over the top job at Royal Mail, has already received £2.5m after a [...]
ELECTION2010 April 25, 2010 Tories plan economic crime body The Tories are planning to set up a new agency tasked with stamping out white collar crime. A new Economic Crime Agency will take over the task of investigating and prosecuting economic crime, from the Serious Fraud Office, the Financial Services Authority, the Fraud Prosecution Service and the Revenue and [...]
It’s decision time for the Lib Dem leader April 25, 2010 WHO will he pick? That’s the question on everyone’s lips. With just ten days to go, all the opinion polls suggest Britain is heading for its first hung parliament since 1974; it looks like Nick Clegg is going to have to make a choice. The Liberal Democrat leader was giving nothing away on Andrew Marr’s [...]