Marston’s and GKN are next to raise cash June 18, 2009 THE WAVE of companies seeking to raise fresh capital from shareholders showed no sign of abating yesterday as engineer GKN and pub group Marston’s both announced rights issues. GKN aims to raise £423m, while Marston’s is asking the market for £176m. GKN’s 50p offer price represents a 39 per cent discount to Wednesday’s closing price. [...]
GLAMOUR GALORE AT ASCOT’S LADIES DAY June 18, 2009 IT WAS Ladies’ Day yesterday at Royal Ascot, traditionally the most hotly-anticipated event in the calendar for dressing up to the nines. As usual, the racegoers didn’t let us down – among the extravagant hats on show were a blackbird, a giant ice-cream cone, a creation made out of 800 marshmallows, and even a headdress [...]
UK manufacturers stung by the recent rally in sterling June 18, 2009 MANUFACTURING firms experienced another challenging month in May as overseas demand for UK-made goods weakened on the back of a stronger pound, according to yesterday’s Confederation of British Industry (CBI) monthly industrial trends survey The CBI said that six per cent of firms described their export order books as above normal, while 58 per cent [...]
Government debt rises by 20bn in May June 18, 2009 GOVERNMENT borrowing in May increased by the largest amount since monthly records began and could reach as high as £200bn this fiscal year if it continues at its current pace, official data showed yesterday. Figures from the Office of National Statistics revealed that public sector net borrowing was £19.9bn in May 2009 and the public [...]
Poor data is a threat to UK’s green shoots June 18, 2009 A HOST of poor data released yesterday cast doubt over the prospects of Britain’s fragile economic recovery. The figures caused the pound to slip to a one-week low against the euro and gilt yields to edge higher. Retail sales fell unexpectedly in May by 0.6 per cent after an upbeat April thanks to a late [...]
US stats signal recovery underway for jobs market June 18, 2009 MORE green shoots of recovery have sprouted in the US labour market, according to the latest data, while the slumping factory sector showed dramatic signs of improvement and a gauge of the overall economy also jumped. The number of US workers filing new claims for jobless benefits rose last week but the number of people [...]
Business loans contract again June 18, 2009 The Bank of England yesterday revealed official data from April which showed the weakest flow of net lending to businesses since June 2000, while net flows of consumer credit remained weak. The data is a clear sign the credit crunch continues to hit businesses despite the efforts of policymakers to boost lending to cash-strapped companies. [...]
WHAT DO THE PUBLIC FINANCE FIGURES MEAN FOR THE UK ECONOMY? June 18, 2009 VINCE CABLE LIBERAL DEMOCRATSThis is yet another set of figures confirming how detached from reality the Government’s assessment of the state of public finances has been. It is more important than ever for all parties to start talking seriously and honestly about how discipline on public spending will be maintained without cutting vital services.VICKY REDWOOD [...]
AIG Asia share offering may raise lead banks a cool $350m June 18, 2009 MORGAN Stanley and Deutsche Bank are expected to net as much as $350m (£214m), after being named as global co-ordinators of the stock market flotation of AIG’s Asian life insurance arm. The US and German investment banks are running the giant initial public offering of American International Assurance (AIA), which is being sold off as [...]
British Land in Broadgate stake talks June 18, 2009 BRITISH Land, the UK’s second largest property company, is in talks with Israel’s Property and Building over selling a £100m stake in the City’s iconic Broadgate office complex, City A.M. can confirm. A British Land spokesman said last night: “The company declines to give further details about any of the parties but confirms that discussions [...]