SocGen ready to repay aid October 6, 2009 SOCIETE Générale launched a €4.8bn rights issue yesterday as it seeks to repay €3.4bn (£3.1bn) worth of state aid and build a war chest for possible acquisitions. The bank joined French rival BNP Paribas in seeking to exit government support, saying that the cash call would allow it to pursue “external growth opportunities”. However, SocGen [...]
…FTSE gains 2.3 per cent October 6, 2009 BRITAIN’S top share index closed 2.3 per cent higher yesterday – its biggest gain since mid-July – as heavyweight commodity and bank issues rallied on renewed hopes over the gathering pace of the global economic recovery. At the close, the FTSE 100 was up 113.65 points at 5137.98, after closing 0.7 percent higher on Monday. [...]
Treasury appoints Alastair Clark October 6, 2009 The Treasury has announced the appointment of ex-Bank of England director Alastair Clark as senior adviser on financial stability issues, working two days a week. Clark has worked at the BoE since 1971, in a variety of roles, including executive director of financial stability and adviser on the financial sector to the governor Mervyn King.
Pepsi bottling profit fizzes October 6, 2009 Pepsi Bottling Group reported a slightly-better-than-expected quarterly profit yesterday, but revenue fell short of Wall Street estimates, hurt by lower volume in the United States, Canada and Europe. Pepsi Bottling said net income rose to $254m (£160m), or $1.14 per share, in the third quarter, from $231m, or $1.06 per share, a year earlier. Net [...]
Brammer launches rights issue October 6, 2009 The industrial services group Brammer said yesterday it would raise £38.3m from a rights issue to reduce debt. The company said its current trading was in line with expectations. It plans to issue 53.1m shares at 72p. The issue is at a 57 per cent discount to its Monday closing price of 167.5p. Brammer, which [...]
Tesco beats forecasts with 1.4bn profits October 6, 2009 TESCO chief executive Sir Terry Leahy yesterday said that the UK was “past the low point” of the slump as he unveiled bumper profits and sales. Britain’s biggest retailer said that group sales had jumped 8.3 per cent to £30.4bn during the 26 weeks to 29 August – meaning the giant supermarket chain was ringing [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 6, 2009 FINANCIAL TIMESDUBAI WORLD DEBT DECISION NEARSCrunch time is approaching for Dubai World as the government is nearing a decision on how much money it can apportion to deal with the holding company’s estimated $22bn debt pile, most of which is held by one of its subsidiaries, the developer Nakheel. The Dubai Financial Support Fund is [...]
BA axes 1,700 cabin crew as losses mount October 6, 2009 BELEAGUERED British Airways yesterday said 1,000 of its cabin staff have agreed to take voluntary redundancy, with another 3,000 moving from full-time to part-time work – the equivalent of 1,700 full-time job cuts. The carrier has been on a massive cost-cutting drive to return to profitability, with chief executive Willie Walsh and finance director Keith [...]
Turner: keep watch on foreign banks October 6, 2009 HOST states should be allowed to take “proportionate and measured” steps to restrict activities of bank branches if weaknesses are not adequately addressed by the home regulator, Financial Services Authority chairman Lord Adair Turner said yesterday. Speaking about the collapse of the Icelandic banks and the repercussions that had in the UK, he said host [...]
CITcreditors ask for better terms October 6, 2009 Bondholders in CITGroup, the stricken USlender, last night asked the firm to sweeten the terms of a planned debt-for-equity swap. Little Bear Investments, one of the bondholders, led calls for the firm to offer more if it wants the creditors to agree to ease their terms under a pre-packaged bankruptcy plan.