Foster’s board recommends £6.5bn sale to SABMiller September 21, 2011 Foster’s board has finally recommended its sale to SABMiller in a deal that values Australia’s largest brewer at 9.9bn Australian dollars (£6.5bn). Fosters had rejected SAB’s previous bid worth A$9.5bn, saying it undervalued the company. However, the Foster’s board said it would be recommending the latest offer to its shareholders. Shareholders will now be asked [...]
Public borrowing rises September 21, 2011 Public sector net borrowing in the UK during August was a higher-than-expected £15.9bn. The August figure marked a rise of £1.9bn from a year earlier, and was the highest total for an August on record. Cumulative borrowing for the year so far is £52bn.
Bank poised to pump more money into economy September 21, 2011 The Bank of England stands ready to pump more money into the faltering economy, minutes to the BoE’s September meeting showed, flagging the chance of more asset purchases as soon as October. At the meeting, Adam Posen remained the only one to vote for an additional 50 billion pound in asset purchases. But the minutes [...]
M&C Saatchi in 24 per cent profits rise September 21, 2011 Advertising agency M&C Saatchi posted a 24 per cent rise in first-half profit after winning more business from multinational clients like Google and Pernod Ricard. The agency reported adjusted pre-tax profits of £7.7m on revenue of £71.9m, up 23 per cent, for the six months to the end of June. It said it had been [...]
Tesco plots Thai property float September 21, 2011 Tesco Plc (TSCO.L), the world’s third-biggest retailer, plans to float its property assets in Thailand as it looks to highlight the value of its international businesses to investors. The British supermarket group said on Wednesday the property fund had an appraised value of more than 14 billion Thai baht (293 million pounds) and would include [...]
JD Sports sees profits rise despite £700k hit from looting September 21, 2011 Sportswear retailer JD Sports Fashion, whose shops were widely targeted by looters during last month’s riots in several cities, posted a 21 per cent rise in first-half profit and said it was well positioned for future growth. The firm, which trades as JD Sports, Size, Bank, Scotts and Chausport, said on Wednesday stock totalling 700,000 [...]
Consumer confidence hits four-month low September 21, 2011 Consumer confidence slipped to a four-month low in August as the economy remained in the doldrums, the monthly Nationwide survey showed – though the building society said it was a relief that the drop was not bigger. Many big English cities were hit by their worst rioting in decades last month, and global economic uncertainty [...]
Lloyds of London sinks to £697m loss triggered by disasters September 21, 2011 The Lloyd’s of London insurance market crashed to a first-half loss of £697m, weighed down by record claims from natural catastrophes including the March 11 Japanese earthquake and tsunami. The loss compares with a profit of £628m a year earlier, and reflects a total of £6.7bn in claims absorbed during the first half, making it [...]
IMF warns US and Europe could lurch into recession September 20, 2011 Europe and the United States could slip back into recession next year unless they quickly tackle economic problems that could infect the rest of the world, the International Monetary Fund said on Tuesday. The IMF said financial volatility had increased dramatically as investors worried about an escalating debt crisis in the euro zone and a [...]
Mortgage lending highest since July 2009 September 20, 2011 Gross mortgage lending in Britain last month rose to its highest level in more than two years, rebounding from July’s weak reading to stand 10 percent higher than a year ago, the Council of Mortgage Lenders said. Gross mortgage lending in August came in at an estimated £13.4bn, up from £12.6bn in July and £12.1bn [...]
