Stagecoach sees revenues drive forward March 8, 2010 STAGECOACH revenues from fares at its rail businesses grew last year despite the recession. Like-for-like revenues at the transport company’s British rail services were up 2.1 per cent in the 40 weeks to 7 February. Meanwhile Virgin Rail, in which it owns a 49 per cent stake, achieved sales growth of 8.8 per cent. The [...]
Shell and PetroChina in £2bn bid for Arrow March 8, 2010 ROYAL Dutch Shell and PetroChina are making a joint $2.96bn (£1.95bn) takeover bid for Australian liquefied natural gas (LNS) group Arrow Energy. Shell said in a statement: Royal Dutch Shell confirmed that it is participating in discussions to acquire Arrow Energy. Arrow said it had received a “non-binding indicative and conditional” proposal. The company has [...]
Prudential to speed up Hong Kong listing March 8, 2010 PRUDENTIAL has said it will accelerate plans to list its shares in Hong Kong to allow Asian investors to take part in its $21 (£13.8bn) rights issue to help fund the acquisition of AIG Asia. The company wants to achieve the dual listing in London and Hong Kong to be triggered before the rights issue. [...]
Europe set to wage war on speculators March 7, 2010 THE EUROZONE is preparing a crackdown on London-based market speculators that “abuse” credit default swaps, Greek Prime Minister George Papandreou said yesterday after talks with the French president. Speaking after a meeting with President Nicolas Sarkozy, Papandreou said that France, Germany and Eurogroup chairman Jean-Claude Juncker would unveil new measures to tackle speculators within the [...]
Tories want fewer fee-paying schools March 7, 2010 THE Tories want to reduce the number of pupils educated in private schools, shadow education secretary Michael Gove said yesterday. A Conservative government would encourage fee-paying schools to become comprehensives by offering them government money and freedom from state control, Gove said in a speech to the Association of School and College Leaders. He said: [...]
Coventry eyes Stroud buyout March 7, 2010 COVENTRY building society, the third biggest in the UK, is in the early stages of merger talks with smaller rival Stroud & Swindon. Building societies have struggled to raise cash during the recession as a result of them being owned by savers and not shareholders. Linda Will, Stroud marketing director, said the board was considering [...]
The public’s priorities are mixed up March 7, 2010 THERE was a rather interesting set of findings in this weekend’s BPIX poll for the Mail on Sunday. When presented with options about what would make people more likely to vote for a political party, 45 per cent said a harsher approach to crime, with the same number backing a tougher immigration policy – no [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 7, 2010 THE SUNDAYS The Sunday Telegraph NORTHERN ROCK £400M LOSS Northern Rock made multi-million pound losses for a third year running in 2009, the nationalised lender will reveal this week. The bank will report pre-tax losses of about £400m, analysts believe, a marked improvement on the £1.36bn of losses in 2008. Since the Government bailed it [...]
Linpac to be split by its lenders March 7, 2010 British packaging firm Linpac could be split up and sold by its lenders. Linpac, which makes plastic food packaging for retailers and food manufacturers, was taken over by its lenders in a debt for equity deal last year after it ran into trouble as a result of rising commodity costs, volatile raw material prices and [...]
Fed retains bank oversight March 7, 2010 The US Federal Reserve will retain regulation of banks with more than $100bn (£66bn) despite calls from Congress for a single regulator to supervise all banks. In other regulatory reform, the government is also introducing a new regime aimed at dealing with systemically important institutions that are failing. New rules would allow it to wind [...]