Twitter boosts price ahead of flotation today November 6, 2013 SOCIAL media colossus Twitter priced its initial public offering (IPO) at $26 (£16.17) per share late last night, ready to float today on the New York Stock Exchange (NYSE). The pricing is a dollar higher than the upper range of the previous attempt to value the company, and suggests a total valuation for Twitter of [...]
Claims ministers backed Co-op merger spree November 6, 2013 THE CO-OPERATIVE bank’s ill-fated expansion plan was quietly endorsed by senior ministers, the bank’s ex-chairman claimed yesterday. Reverend Paul Flowers, chair of Co-op Bank from 2009 until this summer, said Ed Balls, Mark Hoban and Vince Cable had all given “considerable nods and winks” about moves to takeover rival lenders during its four year acquisition [...]
US to raise $15bn with first new security launched since 1997 November 6, 2013 THE US Treasury will auction its first-ever two-year floating rate notes next year, aiming to raise up to $15bn (£9.3bn). The fundraising, scheduled for the end of January 2014, marks the first new Treasury security since 1997 and would be the first of 12 monthly auctions for the notes to take place over next year. [...]
Poundland picks banks for flotation November 6, 2013 POUNDLAND has hired two banks to oversee its upcoming initial public offering that is expected to value the bargain chain by more than £800m. The private-equity owned group is close to hiring Credit Suisse and JP Morgan to lead the flotation and is due to formally announce the appointments in the next few days, a [...]
Industry beats growth forecast for September November 6, 2013 BRITISH industry finished the third quarter with a bang, surpassing expectations with a boost to production, according to official figures released yesterday. The Office for National Statistics (ONS) revealed that industrial output swelled by 0.9 per cent from August to September, and is now 2.2 per cent higher than it was in the same month [...]
Lloyds Banking Group opens a probe into its currency trading November 6, 2013 LLOYDS Banking Group said yesterday it has opened an internal probe into its own currency trading after regulators started investigating possible manipulation in the market. “We are aware that a number of regulatory and enforcement authorities are investigating foreign exchange trading and, as a result, we believe it is prudent to review our own foreign [...]
News UK in the running to buy Racing Post newspaper’s debt November 6, 2013 NEWS UK, the publisher of The Times, The Sun and The Sunday Times, was last night reported to be one of the bidders in the running to acquire the outstanding loans of the Racing Post newspaper. Bidders for the debt are hoping it would put them in a strong position to ultimately gain control of [...]
Dip in City posts driven by legal services trouble November 6, 2013 THE NUMBER of jobs in financial services and related professions in London dipped slightly in the first half of the year, despite a recent upturn for the economy. The number of posts in finance and associated sectors fell 0.9 per cent to 669,000, driven by declines in legal services, where the number of positions fell [...]
BAE shutters ship building in Portsmouth November 6, 2013 FTSE 100-listed defence firm BAE Systems yesterday said it would be cutting 1,775 jobs at English and Scottish shipyards and ending its 800 years of historic shipbuilding in Portsmouth entirely, following a decline in workload. The company is restructuring its UK naval ships arm after reviewing it for over a year, and will now focus [...]
Eurozone output wobbles but Irish services at best since 2006 November 6, 2013 THE EUROZONE’S economic recovery lost a little momentum last month, according to surveys that showed only modest growth in German and French businesses. Purchasing managers’ indexes (PMIs) from Markit pointed to fragile economic growth that will do little to ease the pressure on the European Central Bank to take some action, although not perhaps at [...]
