Clerical Medical close to sale of Lands Improvement to MGPA November 25, 2009 CLERICAL MEDICAL, the pensions fund owned by Lloyds Banking Group, is poised to complete the sale of its property division Lands Improvement Holdings (LIH). Clerical will offload LIH to the acquisitive MGPA, the Macquarie-backed property group that has been in the running on a number of high-profile property deals this year, including British Land’s sale [...]
PELTZ’S CADBURY STAKE MELTS November 25, 2009 US billionaire investor Nelson Peltz has cut his stake in takeover target Cadbury to 2.68 per cent from 3.03 per cent. Peltz also owns a stake in Kraft, which has launched a hostile £9.8bn bid for?Cadbury. Rival candy-maker Hershey is said to be near to trumping Kraft’s offer, after gaining local political approval.
Rolet wages war on LSE’s newer rivals November 25, 2009 LONDON Stock Exchange chief executive Xavier Rolet yesterday waged his own form of price war on the upstart rivals clawing away the group’s market share, claiming their business models are economically unviable at current pricing levels. Rolet’s remarks came as the LSE posted a 37.5 per cent drop in first-half pre-tax profit to £79.4m, hit [...]
Darling and Osborne clash on secret loans November 25, 2009 A row broke out yesterday in the House of Commons after chancellor Alistair Darling and FSA boss Hector Sants defended the decision to keep secret the £61.6bn of emergency loans handed by the Bank of England to RBS and HBOS last year at the peak of the financial crisis. The loan facilities – £36.6bn for [...]
Bank charges ruling a blow for consumer November 25, 2009 MILLIONS of customers hoping to reclaim more than £1bn in overdraft charges suffered a blow yesterday following a landmark ruling in favour of the banks. The Supreme Court sided with eight major lenders who had challenged decisions made by the lower courts that the unauthorised bank charges come under “unfair contract” rules. The ruling means [...]
Tougher mortgage rules on the cards November 25, 2009 THE TREASURY has unveiled plans for tougher regulation of the mortgage market to better protect borrowers. Under the proposals, the scope of the Financial Services Authority (FSA) would be extended to include buy-to-let and second-charge mortgages. And borrowers would be protected when lenders sell on mortgage books to third parties. Sarah McCarthy-Fry, Exchequer Secretary said, [...]
WHAT DOES THE RULING MEAN FOR BANKS AND FOR CONSUMERS? November 25, 2009 PETER VICARY-SMITH WHICH?“This is a bitter blow for the millions of people who have been patiently waiting to get their bank charges back. Not only does it give banks licence to charge what they like for unauthorised overdrafts, but it could have ramifications for other areas of personal finance.” MATHEW REA DAWSONS LLP“The decision is [...]
UK economy still shrinking November 25, 2009 BRITAIN remained mired in recession in the third quarter of 2009, even if revisions to official data showed that the economy contracted at a slower pace than previously estimated. The upward revision did not come as a shock to the City, which had widely expected the initial -0.4 per cent reading to be upgraded to [...]
US consumer and jobs data fuel economic recovery hopes November 25, 2009 US consumer spending and home sales rose more than expected in October, while new claims for jobless benefits fell sharply last week, suggesting the economic recovery was gaining traction. A surprise decline in orders for long-lasting US-made goods and a second straight monthly drop in consumer confidence, however, offered a reminder that the recovery from [...]
CITY VIEWS: WHEN DO YOU THINK THE ECONOMY WILL COME OUT OF RECESSION? November 25, 2009 SIMON DUKE LLOYD’S OF LONDON“I expect that by the end of next year we will see signs that the recession has ended, particularly because we’ve already hit bottom. It will take time for new jobs to surface and previous jobs to return, but I think the recovery process is underway.” MARK STOOP BEAZLEY“I think the [...]
