Rates left on hold as MPC split looms September 5, 2008 Bets were rising yesterday that the Bank of England meeting to determine the direction of interest rates was one of the most fraught on record. In the end the Monetary Policy Committee (MPC) decided to leave rates on hold at five per cent, but with members Danny Blanchflower and Charlie Bean going head to head [...]
Don’t punish energy firms, says CBI boss September 5, 2008 Imposing an “arbitrary and unfair tax on the energy industry” is the worst way to help the economy Richard Lambert, CBI director general said in a speech yesterday. Lambert said market forces must be allowed to work through the system: “There are no silver bullets to halt the decline in the housing market, or to [...]
House prices fall furthest in 25 years September 5, 2008 Yet more doom and gloom was heaped on the housing market yesterday as retail bank Halifax announced the first double-digit drop in prices since 1983. Prices dipped a further 1.8 per cent in August following a drop of 1.7 per cent in July, marking the fifth month running that house prices have dropped by at [...]
Co-founder of RAB stands aside as CEO September 5, 2008 Philp Richards, the co-founder of troubled hedge fund RAB Capital, is stepping down as chief executive to focus exclusively on its special situations fund. RAB shares have plunged 37 per cent in the last six months after being hit by a series of bad investments – including a significant shareholding in beleaguered Northern Rock– and [...]
Woes aid Whitbread September 5, 2008 Whitbread, Britain’s biggest hotel and restaurants operator, yesterday emerged as a rare winner in the consumer slowdown, revealing a boost in sales in the first half of this year. Whitbread’s Premier Inn budget hotel chain accounts for about 70 per cent of total profits. Premier Inn had total sales up 17.9 per cent and like-for-like [...]
Dispute ends as BP loses its man in Russia September 5, 2008 The Long-running dispute between BP and its Russian partners at joint venture TNK-BP drew to a close yesterday, after the two signed a deal which paves the way for floating up to 20 per cent of the company. But the embattled chief executive Bob Dudley, who was chosen by BP, will get the chop – [...]
Southern Cross chief stands down after property sell off September 5, 2008 Beleaguered health group Southern Cross yesterday announced that its chief executive Bill Colvin is standing down after it revealed it would have to sell yet more properties to pay off debt. The UK’s largest care home operator said that Colvin – who will not receive a pay out – will leave the board by “mutual [...]
EDF in fresh talks over £12bn BE bid September 5, 2008 French power giant EDF is edging closer to a deal to buy British Energy, the nuclear generator, in the wake of fresh talks with some of the UK firm’s largest investors. The French utility, whose £12bn bid was rejected by British Energy’s shareholders in July, has been in productive talks with among others Invesco Perpetual, [...]
Informa says no to revised cut-price bid September 5, 2008 Informa last night rejected a cut-price bid from a private equity consortium, led by Providence, slamming the 450p a share offer as “significantly undervaluing” the publisher. City A.M.’s exclusive revelation yesterday that the consortium had slashed its initial bid by more than 10 per cent to 450p a share caused a stir in the financial [...]
Keegan set for a showdown September 4, 2008 Kevin Keegan’s future as Newcastle boss is still up in the air this morning despite claims that he has neither been sacked nor resigned. Keegan’s position at St James’ Park has been under intense pressure over the last 48 hours after reports on Tuesday suggested he had left the club following a row with owner [...]
