Bellway provides renewed optimism as it launches placing to buy new sites August 6, 2009 HOUSEBUILDER Bellway yesterday supported growing confidence in the housing sector by posting a positive trading update and announced a share placing that aims to raise over £40m to buy new land. The group yesterday said it placed 5.7m new shares, equivalent to around five per cent of its current issued capital, at 779p, a small [...]
Not the best guardian for the Observer August 6, 2009 EVEN without a downturn in the economy, the short-term future for paid-for newspapers was always going to be tricky. Newspapers face a myriad of threats, ranging from growing competition from online news and social sites to the rivalry from free printed titles. Circulations of the paid for titles have been gradually declining for years and [...]
Strikes hit the City hard August 6, 2009 THOUSANDS of commuters on the National Express East Anglia line were hit by the second in a series of 48-hour strikes yesterday, and are set for further chaos today as workers continue to walk out over pay. The industrial action, which started at midnight on Wednesday night, has hit the City hard, as the affected [...]
CITY MOVES WHO’S SWITCHING JOBS August 6, 2009 LUUPTory MP Michael Howard has joined independent global mobile financial provider LUUP as chairman. The former home secretary is retiring from Parliament to develop an international business career. The position adds to his current business profile as chairman of Northern Racing, deputy chairman of Entrée Gold and a non-executive director of Helphire group. Tenon RecoveryTenon [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 6, 2009 FINANCIAL TIMES RISING RISK PROVISIONS HIT COMMERZBANKCommerzbank yesterday raised its risk provisions as Germany’s second largest bank was hit in the second quarter by problems in property markets and the economic crisis in central and eastern Europe. However, it reduced operating losses , and suggested overall risk provisions this year would be in line with [...]
Blackstone’s losses widen August 6, 2009 US-BASED private equity giant Blackstone yesterday posted a wider second quarter loss than in the same period last year but still managed to top Wall Street’s expectations. Blackstone’s loss widened to $164.3m (£98m) from $156.5m, but it added that it was sitting on its biggest cash pile ever. The credit crunch and lack of financing [...]
Quick sale hopes dashed by GM August 6, 2009 General Motors (GM) yesterday dashed the hopes of members of the German government that a deal to sell its European operations to Canadian group Magna could be reached by the end of this week. GM group vice president and chief negotiator John Smith said the US carmaker still had considerable problems with Magna’s offer.
Morgan Stanley exits Tarp August 6, 2009 US bank Morgan Stanley is set to pay back another $950m (£566m) to the US government, enabling it to exit the Tarp. It will buy back warrants it gave the authorities as part of a $10bn capital injection last year. It is thought to be buying the warrants at a discount.
Nasdaq OMX loses more share August 6, 2009 Nasdaq OMX Group posted a 31 per cent drop in quarterly profit yesterday as the transatlantic exchange operator’s US market share declined for the fifth straight quarter. The parent company of the Nasdaq Stock Market matched just over 20 per cent of US equity trading in the period amid a bruising price war with smaller [...]
Barclays wins investors round over sale of BGI to BlackRock August 6, 2009 BARCLAYS chairman Marcus Agius yesterday defended the sale of Barclays Global Investors, as some shareholders accused the bank of “selling the family silver”. Agius said the sale, worth $14.2bn (£8.5bn), would “allow shareholders to participate in and enjoy a relationship with the global leader in the industry”. One shareholder asked why the bank was selling [...]