WorldSpreads sells Irish unit to finance expansion strategy August 10, 2009 SPREADBETTING firm WorldSpreads said yesterday it has agreed to sell its Irish division to strengthen its financial position and fund expansion into more lucrative international markets. WorldSpreads said it would sell the business to OR Spreadbetting, a company owned by members of its Irish management team, for around €9.9m (£8.5m) in cash plus the proceeds [...]
Record Treasury sale looms August 10, 2009 US bond investors will today be steeling themselves for a tense week, with all eyes on the record £75bn (£45.5bn) in debt sales by the US Treasury and the Federal Reserves policy meeting, which finishes tomorrow. The sale is set to open around two hours before the end of the two-day meeting, and traders fear [...]
SFO to rule on Rover enquiry August 10, 2009 The Serious Fraud Office (SFO) will end four-years of speculation today, when it announces its decision on whether or not to begin a criminal enquiry in connection with the collapse of MG Rover, in which around 5,000 people lost their jobs. Should the SFO decide not to go ahead with an investigation, it or business [...]
FLOWER POWER August 10, 2009 CATH Kidston, the designer famed for her floral patterns, has seen profits jump more than 50 per cent in the past year – from £2.9m to £4.6m in the year to March 2009. And sales are have increased from £19.2m to £31.3m as shoppers snap up the group’s nostalgic cheery homewares.
Outsourcing buoys Nash August 10, 2009 RECRUITMENT and outsourcing firm Harvey Nash said trading in the six months to June has remained in line with expectations, thanks to its broad portfolio of services. The company said that the recession had driven a decline in demand for its recruitment services, but that this had been offset by the performance of its IT [...]
Treasury may allow Lloyds exit from APS August 10, 2009 THE Treasury would consider allowing Lloyds Banking Group to exit the asset protection scheme (APS) if the bank can prove its ability to launch a successful rights issue. Lloyds is still in negotiations with the government over the terms of the APS, despite having agreed in principle to insure £260bn worth of assets at a [...]
Swiss politicians meet in sign of impending UBS tax case solution August 10, 2009 THE Swiss cabinet held an extraordinary meeting yesterday to discuss the tax dispute between UBS and the US Internal Revenue Service (IRS), signalling that the country is close to reaching an agreement to hand over data on the bank’s clients. The two nations have been locked in talks to resolve IRS demands that UBS hand [...]
LOVING IT August 10, 2009 BURGER giant McDonald’s yesterday scoffed at the downturn, reporting a 4.3 per cent rise in global same-store sales in July. The increase was powered by a 7.2 per cent increase in same-store sales in Europe. The group’s new McCafé coffee chain helped perk up the results, which beat analysts’ forecasts.
State St reserves running dry August 10, 2009 State Street, one of the world’s biggest institutional investors, said yesterday that it may not have set aside enough money to cover fees and penalties linked to lawsuits and investigations by regulators into risky investments. Two years ago State Street set aside $625m (£379m) to cover costs stemming from lawsuits by clients charging that the [...]
UBS announces senior hires August 10, 2009 Swiss bank UBS has announced a series of senior appointments within its investment banking division, just a week after reporting huge losses. The bank said yesterday that it has hired the former European co-head of Merrill Lynch’s fixed income, and currencies and commodities trading (FICC) unit, Dimitri Psyllidis, to help overhaul its own FICC operations.