Don’t expect miracles in housing market June 11, 2009 IT is beginning to look as if house prices won’t be falling much further. This won’t be of any use to the one in ten Brits that have already been plunged into negative equity, however; and even if the market reaches bottom this year, it will struggle in 2010. We must hope, for the sake [...]
Setanta pair in sell-off bid June 11, 2009 Setanta founders Michael O’Rourke and Leonard Ryan were yesterday mulling the break-up of the business and the sale of its profitable US and Irish operations. The move could keep the business out of the hands of administrators, but City experts remained dubious that the UK business could remain a going concern.
De Dietrich deal close for Baxi June 11, 2009 Boilermaker Baxi is on the verge of completing a €1.7bn (£1.4bn) tie-up with De Dietrich Remeha Group, a small Dutch rival, it emerged last night. The deal will allow Baxi to deal with its debt problem. Talks are expected to finish this summer. Baxi will end up with just less than half a stake after [...]
Darling warns on recovery June 11, 2009 Chancellor Alistair Darling said yesterday that Britain’s economic recovery could be held back by rising oil prices and a failure by other European countries to clean up their banks. He said he was “confident but cautious” in an interview with the Financial Times.
FSA attacked over Iceland June 11, 2009 MPs HAVE accused the Financial Services Authority (FSA) of deliberately misleading a Select Committee over the failure of Icelandic banks. The Communities and Local Government Committee, which is investigating why local authorities put over £1bn into Icelandic banks before they collapsed, criticised the regulator in a hard-hitting letter for being “unhelpful to the point of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 11, 2009 FINANCIAL TIMES GAZPROM IN IRAN PIPELINE TALKSGazprom is in talks with Iran and Pakistan to build a large section of a long-awaited gas pipeline between the two countries, a senior Iranian energy official says. The participation of Russia’s state-controlled energy group could kick-start the pipeline project, which has been delayed because of disagreements that have [...]
Outlook good says Charles Stanley boss June 11, 2009 INDEPENDENT stockbroker Charles Stanley yesterday posted a 24.4 per cent decline in full-year underlying pre-tax profit, but said it was optimistic for the next six to 12 months. The company said funds under management fell 18 per cent to £9bn, and that revenue fell by 3.6 per cent to £101.8m. For the full year ended [...]
China poised to lead recovery June 11, 2009 CHINESE investment surged in May, fanning hopes the world’s third-largest economy may lead a global recovery, although a record slump in Japan’s first quarter GDP reinforced expectations any rebound would be slow. China’s investment pick-up, which came on the back of large government stimulus spending, offset surprisingly weak figures for exports and imports, which both [...]
ITV attempts to cut debt through bond swap offer June 11, 2009 ITV HAS offered holders of its €500m (£425m) fixed rate notes the chance to exchange them for a mix of cash and new notes, as it attempts to reduce debt and refinancing risk. The broadcaster said it wanted to cut its £730m debt pile by redeeming 30 per cent of the notes, due in 2011, [...]
BEST OF THE BROKERS June 11, 2009 TOMKINSGoldman Sachs upgraded Tomkins from “neutral” to “buy”, with a revised 12-month price target of 215p. The broker estimates the engineering company will generate a mid-cycle earnings margin of eight per cent and expects it to say in its July interim management statement that its consumer-end markets have stabilised, and its mid-year trading implies that [...]