JP Morgan Chase clinches deal for RBS Sempra assets February 16, 2010 ROYAL Bank of Scotland (RBS) has struck a deal with JP Morgan to sell off part of its RBS Sempra joint venture after months of negotiations. The US investment bank will pay around $1.7bn (£1.1bn) for the global metals and oil operations along with the European energy business. However, the deal excludes RBS Sempra’s North [...]
InterContinental profit down as business travellers melt away February 16, 2010 THE World’s biggest hotel firm InterContinental has warned that without a return of business customers its fortunes will not improve after profit fell 34 per cent last year. InterContinental – which owns the Crowne Plaza and Holiday Inns brands – said trends in the fourth quarter of last year showed some improvements. Occupancy at its [...]
Inflation hits 14-month high of 3.5pc February 16, 2010 BRITAIN’S inflation rate jumped to a 14-month high of 3.5 per cent in January. The increase in the Consumer Price Index (CPI) will mean Bank of England Governor Mervyn King will have to write a letter of explanation to the Chancellor detailing why inflation has risen more than one percentage point above the 2 per [...]
Inflation hits 14-month high of 3.5pc February 16, 2010 BRITAIN’S inflation rate jumped to a 14-month high of 3.5 per cent in January. The increase in the Consumer Price Index (CPI) will mean Bank of England Governor Mervyn King, will have to write a letter of explanation to the Chancellor detailing why inflation has risen more than one percentage point above the 2 per [...]
Premier Foods boosted by traditional brands February 16, 2010 STRONGER sales of branded food products helped boost profits at Premier Foods by 4.5 per cent in 2009 with further growth expected in the coming year. The maker of Hovis bread and Branston pickle reported a trading profit of £323m for the year to 31 December, in line with previously issued guidance. Sales climbed by [...]
Barclays sees record profit but bosses refuse bonuses February 16, 2010 BARCLAYS’ full-year pre-tax profit soared by 92 per cent to £11.6bn in 2009. The figure was boosted by the sale of its BGI fund management arm to US firm BlackRock last year. But even after taking that out of the equation profits were £5.3bn. Barclays Capital investment banking business generated £2.5bn of that. The bank’s [...]
Greece hits back over secret debt February 15, 2010 GREEK finance minister George Papaconstantinou went on the attack yesterday, hitting out at reports of dubious dealings between Athens and Wall Street investment banks. As Greece struggles to strike a deal with its EU partners that will allow itself to overcome a debt crisis, it has been hit by a flurry of allegations that it [...]
VT dismisses £1.1bn bid from arch rival Babcock February 15, 2010 SHIPBUILDER Babcock unveiled an audacious £1.1bn bid for services company VT Group yesterday, even as VT raised its offer for rival Mouchel. Babcock said an offer of 634p per share – a 25 per cent premium to VT’s current share price – was dismissed out of hand last week. Potentially lighting the fire under a [...]
British firms denied credit February 15, 2010 Nearly 60 per cent of businesses seeking bank finance last year were rejected, a survey from Britain’s Institute of Directors, published today, showed. The survey of 1,045 directors showed a quarter tried to access funds from their banks during 2009. Of these, 57 per cent were declined, a proportion the business group said contradicted banks’ [...]
EU has been hiding its debt for years February 15, 2010 IT is astonishing how short our collective memories have become. It was once well-known that Greece, Italy and other countries had used dodgy tricks to embellish their public finances prior to the launch of Economic and Monetary Union to meet the entry requirements; yet now everybody is pretending to be surprised or even shocked. Even [...]