Shut out: Thousands denied stake in £3.3bn Royal Mail share sale October 10, 2013 ROYAL Mail will this morning be privatised in a deal worth £3.3bn – but tens of thousands of private investors will miss out on shares in the postal service due to extraordinary demand and a controversial allocation policy. Around 40,000 individuals who each applied for more than £10,000 worth of shares last night discovered that business [...]
Blackberry founders consider rival bid for mobile firm October 10, 2013 BLACKBERRY’S co-founders are considering a rival bid for the company after increasing their holdings in BlackBerry, a securities filing revealed yesterday. Former chief executive Mike Lazaridis – who ran BlackBerry from 1984 until last year when shareholder pressure and product delays forced him out – and co-founder Douglas Fregin are considering an offer for the [...]
Negotiations to extend US debt ceiling continue October 10, 2013 REPUBLICANS and President Obama were locked in talks last night in a bid to secure a deal to push back a looming US debt ceiling and the potentially disastrous consequences of defaulting on its debt payments. “After a discussion about potential paths forward, no specific determination was made,” the White House said following a meeting [...]
Energy row hots up as SSE blames policy for price rise October 10, 2013 THE ENERGY market debate hotted up once again yesterday, as big six supplier SSE said it would raise its bills by 8.2 per cent from next month – adding £104 on to the average annual bill – and blamed the majority of the increase on government policies. SSE said the cost of the government’s green [...]
Royal Mail: What happens now October 10, 2013 IF YOU BID FOR £10,000 OR LESS YOU GET £749.10 IF YOU BID FOR OVER £10,000 YOU GET NOTHING WHAT HAPPENS NOW TODAYConditional trading of Royal Mail shares begins, with the price expected to jump. Individuals who failed to receive their full allocation of shares can expect to see their cash put on account. TUESDAYUnconditional [...]
Lloyds offloads Australian firms October 10, 2013 LLOYDS Banking Group has agreed to sell its Australian operations to Westpac Banking Corporation for £900m, the state-backed lender said this morning. The sale, which further reduces Lloyds’ overseas footprint, will see the bank offload motor asset finance provider Capital Finance Australia and corporate lending business BOS International. The sale marks the end of Lloyds’ [...]
Libor accused changes lawyer October 10, 2013 FORMER trader Tom Hayes, who is facing criminal charges for the alleged manipulation of Libor interest rates, has changed law firms weeks before he is due back in a London court. Hayes, a former trader at UBS, has switched to British law firm Garstangs Burrows Bussin from Fulcrum Chambers, his former lawyer Lydia Jonson said. [...]
What the other papers say this morning – 11 October 2013 October 10, 2013 FINANCIAL TIMES New York Fed sued over Goldman A former bank examiner filed a suit against the Federal Reserve Bank of New York, claiming she was fired after criticising Goldman Sachs for its policies on managing conflicts of interest. Carmen Segarra is suing the New York Fed and three of its officials in federal court [...]
Santander joins mortgage plan as prices rocket October 10, 2013 SANTANDER became the sixth bank to join the Help to Buy scheme, yesterday promising to offer mortgages with a government guarantee in the New Year. But the announcement came as new data revealed the housing market is already growing strongly, adding to fears that the guarantee scheme could promote a bubble in some areas. House [...]
Barclays to face energy fix claims as watchdog brings court case October 10, 2013 BARCLAYS yesterday rejected claims its traders manipulated US energy markets, as an American regulator filed court documents in the latest stage of its bid to fine the bank. The Federal Energy Regulatory Commission (Ferc) wants the bank to pay $435m (£272.5m) in civil penalties for allegedly manipulating the market from November 2006 to December 2008 to increase [...]