Lloyds reprivatisation expected to raise over £3.2bn September 16, 2013 A statement from the government agency managing the state's stake in Lloyds has given the green light to the chancellor to begin reprivatising state-backed bank Lloyds. UK Financial Investments (UKFI) has given the nod shortly after the Office for Fair Trading said that TSB should be given more financial help by parent Lloyds. Our banking [...]
Penne for your pasta? Glencore Xstrata to sell off US third largest pasta company September 16, 2013 Glencore Xstrata has confirmed that it's to sell the Dakota Growers Pasta Company. (Release) The company, part of the grain and oilseed marketer and handler Viterra, is being bought by Post Holdings for $370m in cash. The sale is expected to close in January 2014. Dakota Growers is the third largest pasta manufacturer of [...]
Good news for small businesses as Federation of Small Businesses publishes highest confidence figures September 16, 2013 (Federation of Small Businesses) The Federation of Small Businesses today released unprecedentedly optimistic figures for the UK's small businesses. (Release) The small business index rose to +33.5 in the third quarter of 2013, up from +15.9 in the previous quarter and -4.5 year-on-year. This beat previous highs of 18 back in the first quarter of [...]
US industrial production rises but misses expectations September 16, 2013 US industrial production has risen 0.4 per cent in the month of August following expectations of a 0.5 per cent rise. The rise was dampened by utilities. July saw figures flatline, with no increase. U.S. factories have upped output 0.7 per cent for August. This is the best increase since December and led by auto production.
Barclays expects £50m fine over Qatari payments investigation September 16, 2013 Barclays banks has confirmed that it faces fines of £50m over payments between Qatar and the bank, in a right issue prospectus released today. The FCA has investigated certain agreements, including two advisory services agreements entered into by Barclays Bank with Qatar Holding LLC (“Qatar Holding”) in June and October 2008 respectively, and whether these [...]
Lib Dems look to up tax on cider with reclassification September 16, 2013 One of the more bizarre recommendations from the Liberal Democrat party conference comes in the form of a push to redefine cider, revealed in notes first published by City A.M.. We want to alter the definition of cider for duty purposes to exclude the mass-produced, lower quality products from the beneficial low duty rates (compared [...]
Barclays sees significant drop in investment bank income September 16, 2013 It's prospectus release day for Barclays – as they prepare to raise £5.8bn of capital through a rights issue (release). In an update on their current trading and prospects, things are looking less than rosy at the bank's investment banking arm: The Group's adjusted income for July and August 2013 was £0.5 billion lower than [...]
Soak the rich: Lib Dem plans to hit those earning over £50,000 with higher tax bills September 16, 2013 In notes first published by City A.M., it has been revealed that the Liberal Democrats are looking for those earning over £50,000 to pay more in tax. The Liberal Democrat press team calls this "looking at how the richest … could make a further contribution". In these difficult times, it is important that everyone makes [...]
Figures looking up for French Connection with narrowed first-half loss September 16, 2013 French Connection had reduced loss before tax of £6.1m, down from the 2012 figure of £6.3m, in its half-year report to the end of July. (Release) The British retailer also highlighted its improved cash position of £22.3m, up from £21.2m in 2012, lack of debt and significant reduction in stock levels. With reaction to its winter [...]
Victory for Clegg on economics as left-leaning Lib Dems fail to scupper motion September 16, 2013 Liberal Democrats have supported Nick Clegg's motion "Strengthening the UK Economy" (pages 37-39). The proposed and largely rejected changes – put forward by the left-leaning faction the Social Liberal Forum (SLF) – are below. The party leadership were happy to accept the first amendment if the first four lines of that did not pass, and [...]