French bank funding fears are here to stay September 13, 2011 In case you were wondering, the French word for seesaw is “balencoire”. If yesterday’s yo-yoing of French bank share prices is anything to go by, it should come in handy. Just don’t ask what “les plans de sauvetage du gouvernement” means – it doesn’t bear thinking about. Shares in BNP Paribas closed up 7.2 per [...]
Concerned American politicians push European leaders for action September 13, 2011 AMERICAN President Barack Obama has urged Europe’s leaders to push forward with reforms to ease the ongoing debt crisis. “In the end the big countries in Europe … must meet and take a decision on how to coordinate monetary integration with more effective co-ordinated fiscal policy,” Obama told Spanish reporters. The President’s treasury secretary, Tim [...]
UK consumer price inflation reaches 4.5pc September 13, 2011 SOARING inflation continued its rise through August, figures from the Office for National Statistics revealed yesterday. Consumer Price Index (CPI) inflation hit 4.5 per cent over the last 12 months, well on its way to breaking the five per cent level. The Bank of England expects it to peak at above five per cent by [...]
Simpler tax could help to create jobs September 13, 2011 HUNDREDS of thousands of jobs and tens of billions of pounds in national income could be created if the government created a simple, sensible tax regime, according to the Institute for Fiscal Studies’ (IFS) Mirrlees Review out today. And all that can be achieved with no reduction in tax revenues, it said. Current taxes remove [...]
Morrisons share edges up as thrift is order of the day September 13, 2011 MORRISONS has emerged as the current market share winner among the big four grocers as consumers look for savings in the tough economic environment. The grocer’s market share improved to 11.5 per cent in the 12 weeks to 4 September compared to 11.4 per cent in the comparable period last year, figures from Kantar Worldpanel [...]
Mitchells & Butlers turns down new bid September 13, 2011 MITCHELLS & Butlers shareholder Standard Life Investments yesterday branded Piedmont’s 230p per share possible offer “insulting” and accused it of destabilising the company, as the firm rejected the approach. David Cummings, SLI’s head of UK equities, lashed out at Piedmont owner Joe Lewis, claiming his attempt to buy the pub group outright was “wholly unsatisfactory”. [...]
Canopius ramps up Omega pressure with £200m offer September 13, 2011 BIDDING for Lloyd’s insurer Omega heated up yesterday after almost nine months without a breakthrough as its larger rival Canopius offered to buy it for almost £200m. Canopius’ 83p-per-share bid matched the top price offered by investment vehicle Haverford in its bid for 25 per cent of Omega tabled on Monday. But its chief executive [...]
MPs summon Murdoch to fresh hearing September 13, 2011 JAMES Murdoch has been recalled by MPs to answer questions about the phone-hacking row under his watch at News International. The request comes after two senior former employees at the media group undermined his first testimony to the committee that he did not know the problem of phone-hacking stretched beyond one rogue reporter. Rupert Murdoch’s [...]
Melrose steers clear of bid war for Charter by holding its price September 13, 2011 MELROSE distanced itself from a bidding war for engineering firm Charter International yesterday as investors digested a £1.5bn cash and shares bid from rival US buyer Colfax. Sources close to Melrose said it would not be tempted to raise its current 850p per share indicative offer, arguing that its bid would allow Charter shareholders to [...]
Nasdaq mulls new buyback September 13, 2011 NASDAQ OMX Group will reach a targeted 2.5-times leverage ratio earlier than expected and at the end of the third quarter will set a capital plan likely to include share buybacks, its chief executive said. “Based upon the current depressed share price, the share buyback certainly would look compelling to us, the board, and to [...]