Tate pulls out of hedge funds January 10, 2010 THE trustees of the Tate Gallery have withdrawn from hedge funds after losing £1m on investments. Accounts show that the trust held £6m of its £27m investments in fund of hedge funds at the start of its last financial year. But by March 2009 the gallery had liquidated its entire hedge fund holdings – with [...]
Man United launches bond issue to help cut debt pile January 10, 2010 Manchester United said last night it was seeking to raise £500m through a bond issue to alleviate its £699m debt burden. The Premiership club had been expected to raise £600m via a bond issue. Its finance arm will issue senior secured notes due 2017 to refinance existing debt secured against the club. Last year United’s [...]
Boris: exodus from City to knock public finances January 10, 2010 MAYOR Boris Johnson yesterday called on the Treasury Select Committee to launch an “urgent” investigation into the government’s new tax on bank bonuses, which he said would seriously endanger the City’s position as a competitive global financial centre. The Mayor’s advisers predict up to 9,000 bankers could leave the UK for more favourable jurisdictions due [...]
Britain needs to rediscover how to save January 10, 2010 BELIEVE it or not but many forecasters are becoming more upbeat about Britain’s prospects for the coming year. HSBC, whose predictions are always cautious, is expecting growth of 2.2 per cent, much higher than the consensus; others are also becoming more optimistic. I remain more downbeat. But it is worth taking a look at some [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 10, 2010 THE SUNDAY The Sunday Telegraph GOOGLE BOSS WARNS UK OVER DEBT MOUNTAIN The chief executive of Google, Eric Schmidt, has given warning to the UK and other western governments that reducing their massive deficits will be far harder than in America because of the dollar’s status as the world’s reserve currency. PET CHAIN SUITORS GIVEN [...]
Transport stalled by snow January 10, 2010 The government said great efforts were being made to keep roads and schools open, amid signs that the severe wintry weather conditions are easing. Nearly all motorways and trunk roads will be open today, the government said. While it is not issuing any severe weather warnings at present, the Met office says snow, ice and [...]
Japan Airlines approaches bankrupt status January 10, 2010 The main lenders to Japan Airlines plan are ready to accept a restructuring package that would require the carrier to file for bankruptcy increasing the likelihood of a state bailout this month. A state-backed turnaround fund is undersood to be planning to establish a credit line of more than 600bn yen (£4bn) along with a [...]
China tops forecast with strong growth January 10, 2010 Growth in China’s exports and imports last month blew past expectations, figures yesterday revealed, providing fresh evidence of the vigour of the economy and strengthening the case for Beijing to let the yuan start climbing again. Exports leapt 17.7 per cent from a year earlier, dwarfing the 4.0 per cent rise forecast by economists and [...]
RBS hires advisers to prepare 300 of its outlets for sale January 10, 2010 Royal Bank of Scotland (RBS) has appointed UBS to advise on the sale of more than 300 branches, which is expected to attract a flurry of interest. A teaser document, detailing the branches included in the sale, was circulated at the end of 2009. Potential bidders include National Australia Bank, which owns Clydesdale and Yorkshire [...]
House of Fraser celebrates sales January 10, 2010 Own-brand labels helped department store group House of Fraser to surging Christmas sales. Like-for-like sales rose 7.1 per cent in the eight weeks to 2 January, following a 1.5 per cent fall during the same period a year ago. Chief executive John King said the figures meant House of Fraser was a festive winner, putting [...]