15 year wait for Northern Rock profit February 29, 2012 FAILED bank Northern Rock could return £11bn to the Treasury – but the government may have to wait until 2027 to realise this profit. UKFI, the body which manages the country’s state bank holdings, claims taxpayers will eventually get between £46bn and £48bn back from the old Northern Rock business. Northern Rock has received £37bn [...]
Indian interest may spark Cove Energy bidding war February 29, 2012 A THIRD group is considering a takeover offer for east Africa explorer Cove Energy, raising the prospect of a bidding war for the Aim-listed group. Indian energy giant ONGC said it is mulling a joint offer with state gas firm GAIL, putting it in competition with Shell’s £992m potential offer and a rival £1.1bn plan [...]
Isda to rule on Greece’s debt February 29, 2012 THE GLOBAL body that rules on the sale and use of credit default swaps will meet tomorrow to discuss whether Greece’s debt swap should be considered a default, or “credit event”. The International Swaps and Derivatives Association could pave the way for a payout on outstanding Greek CDS contracts if it decides a credit event [...]
Relief as Dow hits milestone February 29, 2012 THE DOW Jones industrial average last night closed above 13,000 for the first time since the onset of the financial crisis. The index ended the day up 0.18 per cent at 13,005.12 after US consumer confidence data and a sharp drop in oil prices boosted investor confidence. It briefly touched the landmark level last week. The Dow [...]
Persimmon to return £1.9bn to investors February 29, 2012 SHARES IN PERSIMMON soared to their highest in almost four years yesterday after the UK housebuilder unveiled plans to return £1.9bn in surplus cash to shareholders. Persimmon said it will pay investors a total of 620p per share through dividends over nine-and-a-half years starting in 2013, and will remain largely debt-free throughout the period. The [...]
Housebuilders should be re-evaluated February 29, 2012 PERSIMMON, the UK’s biggest housebuilder by value, is experiencing improving fortunes like most in the sector – but it is still a shadow of its former self. Pre-tax profits, which were 55 per cent higher at £148.1m, are nothing compared to the £600m or so that was the norm in 2006. Still, the outlook for [...]
CITY SLICKERS: ST PAUL’S CLEAN-UP BEGINS February 29, 2012 A clean-up operation began yesterday after activists from Occupy LSX were evicted from the area outside St Paul’s Cathedral. The 137 day camp was shut down in the early hours of yesterday morning. Last night protesters gathered outside the cathedral as 30 to 40 police watched on. Members of Occupy have also been evicted from [...]
GM closer to Peugeot deal February 29, 2012 FRENCH car maker PSA Peugeot Citroen is set to consult engine partners Ford and BMW before agreeing to a tie-up with General Motors. The US firm is expected to take a seven per cent stake in PSA, which is reportedly planning a rights issue to raise cash for new ventures. GM, the world’s biggest carmaker, [...]
Google boss: smartphones will cost $20 February 29, 2012 THE PRICE of a smartphone will fall to the equivalent of $20 (£12.60) within twelve years, Google chairman Eric Schmidt predicted yesterday. He said the internet will change dramatically over the next decade as people across the world connect for the first time using mobile phones. The number of users is expected to jump from [...]
EU defies phone firms to clamp down on mobile fees February 29, 2012 EUROPEAN lawmakers voted for steeper cuts to mobile phone roaming charges yesterday in a move that defied calls by the chief executives of Vodafone and France Telecom for a moratorium on revenue-hitting telecoms regulation. Politicians from the European Parliament agreed to lower the cost of making phone calls when abroad by up to two-thirds within [...]
