‘Underpriced’ Royal Mail sale to be probed by MPs October 15, 2013 A panel of MPs is keen to investigate the privatisation of Royal Mail by calling in City bankers who advised ministers on the sell-off, reports Mark Kleinman, City editor at Sky News. Sky News has learnt that certain members of the Business, Innovation and Skills (BIS) Select Committee want to interview executives from the syndicate [...]
Astra Zeneca arm buys oncology drugs company Spirogen October 15, 2013 Biopharmaceuticals company Astra Zeneca announced today that one of its research arms has acquired Spirogen, a privately-held biotech company that focuses on a drug technology used in oncology. MedImmune, the global arm of Astra Zeneca, will acquire 100 per cent of Spirogen's shares for an initial consideration of $200m (£125m) and deferred consideration of up [...]
Shares drop as Burberry announces CEO Ahrendts’ exit October 15, 2013 Shares have dropped five per cent this morning as fashion heavyweight Burberry announces its chief executive officer (CEO) Angela Ahrendts will step down by the middle of next year to take up a new position with Apple. It has also reported, in a separate statement, total revenue for the six months to September of £1,031m [...]
What you need to know before the open – 15/10 October 15, 2013 Economic confidence in the US is dwindling as we enter day 15 of shutdown, although markets don't seem too worried at present. Equity markets continue to display confidence that a US Senate agreement could be reached this week, but the shift to Congress, with its Republican majority, will throw up deeper disagreements. The lack of [...]
America crawls towards a deal October 14, 2013 FIGHTING American leaders edged closer to a deal last night with just two days to go before the US runs out of cash to pay the interest on its debts. Jittery markets crept up on renewed hopes that the government can avoid a default, which could happen on Thursday 17 October if no budget deal [...]
Royal Mail races past 470p as full trading starts October 14, 2013 THOUSANDS of individual investors are expected to offload their Royal Mail shares today, as the company completes its listing on the London Stock Exchange. Shares in the privatised postal service yesterday closed at 471.36p, up 42 per cent on Friday’s flotation price. This means people who received the maximum £749.10 allocation are already sitting on a [...]
Bank of England deputy fears surge in risky loans October 14, 2013 THE HELP to Buy scheme could leave house buyers dangerously overstretched by encouraging them to take out risky mortgages, the incoming Bank of England deputy governor warned yesterday. The mortgage guarantees on offer from the government mean banks will be protected against taking excessive risks, but borrowers could be encouraged to over-reach themselves, Sir Jon [...]
Zombie estate agents at risk from rate rise October 14, 2013 ALMOST half a million British firms are now zombies, only able to stay afloat because interest rates are so low, insolvency practitioners Begbies Traynor estimated yesterday, with estate agents the worst affected. One in seven firms can barely cover their interest payments and are at risk of going under if rates go up, amounting to [...]
Nobel laureate sees UK bubble October 14, 2013 THE UK is experiencing a housing bubble, economics Nobel winner Robert Shiller warned yesterday, blaming easy credit for the boom. “It looks somewhat like a bubble, prices are rising pretty fast,” he told BBC’s Newsnight. “Whenever you have easy credit, that helps promote a bubble.” But he said it will not be as bad as [...]
Labour lead on Tories shrinks October 14, 2013 LABOUR’S lead over the Conservatives has shrunk to just one percentage point, according to the latest YouGov poll. The survey for The Sun puts Ed Miliband’s party on 38 per cent, down from 40 per cent in a poll last week and barely ahead of the Tories’ 37 per cent. David Cameron’s party is up from 33 [...]