TSB set to sell for twice what Co-op offered June 9, 2014 TSB’S flotation could value the bank at as much as £1.44bn when the price range is announced – which could come as soon as today. The initial public offering (IPO) valuation is almost twice the £750m maximum offered by the Co-op Bank, which had previously tried to buy the 631 branches being sold by Lloyds [...]
London verges towards record share issuance June 9, 2014 LONDON’S booming stock market is on track for its biggest fundraising haul in a decade, after the first five months of this year outpaced the same period in 2007, figures show. A total of 40 companies have raised £5.7bn since the start of the year, according to Thomson Reuters, topping the £4.93bn raised in the [...]
Clegg reveals balanced budget and debt cutting plans for 2015 June 9, 2014 DEPUTY Prime Minister Nick Clegg will set out two new tax and spending policies for the Liberal Democrats today, arguing for a balanced budget rule and a long-term reduction in public debt. The Lib Dem leader is set to propose a “new debt rule” by which the Treasury would “significantly reduce national debt as a [...]
US banks’ bonuses are 50 per cent bigger than European firms’ June 9, 2014 US BANKS are more generous with their bonuses than their European counterparts, according to research published yesterday. London-based directors of banks from each side of the Atlantic receive similar salaries, but bonuses vary by as much as 50 per cent. The figures, from pay data website Emolument.com, put salaries at £155,000 at European banks and [...]
F1 owner makes bid for auctioneer Bonhams June 9, 2014 PRIVATE equity firm CVC Capital Partners is understood to be among a list of suitors circling the auction house Bonhams after tabling a preliminary takeover offer last week. Bonhams, which has sold classic cars such as replicas of Aston Martins driven by James Bond, could fetch hundreds of millions of pounds, according to Sky News.
UK rises to take top investment spot in Europe June 9, 2014 INVESTORS are increasingly turning to the UK instead of other European countries, with the number of large foreign direct investments jumping by 15 per cent as growth picked up during the last year. The UK is now ranked first in Europe among global investors, who were asked by audit giant EY which countries they believe [...]
Confident shoppers splash out again as recovery gathers speed June 9, 2014 HOUSEHOLD spending rose for the eighth consecutive month in May, according to Visa figures out today. Spending in the month was 0.9 per cent higher than in May last year, showing growth despite the distortionary effect of Easter on shopping patterns. The effect of an early Easter pushed up spending by 2.9 per cent in [...]
Euro central banker says ECB will become the odd one out June 9, 2014 THE MONETARY policies of the European Central Bank (ECB) will be moving in the opposite direction to their US and UK equivalents for several years, according to a senior policymaker. Benoit Coeure, an economist on the ECB’s executive board, told a French radio station this weekend that the interest rate stances of some of the [...]
EE threatens to leave Carphone Warehouse and Phones4U June 9, 2014 BRITAIN’S biggest mobile operator EE is conducting a review of its sales through Carphone Warehouse and Phones4U, which could see it pull out of one or both retailers. The results of the review are expected within three weeks, and the decision could threaten Carphone’s £3.6bn merger with Dixons if EE pulls its phones from sale. [...]
Operations chief on track for top job at bookmaker William Hill June 9, 2014 WILLIAM Hill is poised to name operations director James Henderson as its new chief executive, replacing departing boss Ralph Topping. Topping is due to step down from his role at the FTSE 100-listed bookmaker by the end of next year, but is said to be happy to leave sooner once a successor has been chosen. [...]
