Eurozone debt biggest threat to UK says watchdog June 24, 2011 The Eurozone’s debt crisis poses the biggest threat to Britain’s financial stability and banks must come clean on their full exposure, Britain’s new risk watchdog said. The Financial Policy Committee, which is operating in an interim capacity until legislation is passed next year, also turned up the heat on banks to use strong profits to [...]
Home Retail buys slice of Habitat for £24.5m June 24, 2011 Home Retail Group has announced that it has bought parts of the Habitat chain for £24.5m. The Argos and Homebase owner has bout the rights are for the exclusive use of the Habitat brand, its brand designs and intellectual property in the UK and the Republic of Ireland. It has also acquired the Habitat UK [...]
Daimler and Rolls-Royce secure 94 of Tognum June 24, 2011 Daimler and Rolls-Royce have secured 94 per cent of shares in Tognum after raising their offer for the diesel engine maker last month. Daimler said it expects cash settlement of the deal in the third quarter, after it has received regulatory approval. With their offer for Tognum, which makes military and ship engines, Daimler and [...]
HSBC must wait to July for Madoff lawsuit decision June 24, 2011 HSBC will have to wait until the end of July to hear whether or not a $9bn (£5.63bn) lawsuit accusing the bank of enabling the massive fraud will go ahead. Lawyers for the bank argued in Manhattan federal court on Thursday evening that the law did not allow trustee Irving Picard – trying to recover [...]
RAB confirms delisting June 24, 2011 Hedge fund manager RAB Capital has outlined its plans to delist, as it sought to close a troubled chapter of tumbling assets and defecting clients. Shareholders are being offered 10 pence cash for each RAB share or have the option to swap them on a one-for-one basis for unlisted shares in NewCO, a company being [...]
LSE battle for TMX hots up June 23, 2011 The London Stock Exchange faces a nail-biting fight for Canadian peer TMX Group after aggressive rival bidder Maple trumped its sweetened offer by a whisker overnight. The British bourse, which had hoped to win over Canadian shareholders of TMX by boosting its agreed $3.3bn (£2bn) all-share bid with a $673.5m special cash dividend on Wednesday, [...]
FSA says RBS report will show regulatory deficiency June 23, 2011 A report on Royal Bank of Scotland will be published this year and show that regulators were “severely deficient” in how they supervised the bank, the top market regulator said. Britain had to step in and shore up the bank during the financial crisis. Financial Services Authority Chairman Adair Turner told the watchdog’s annual meeting [...]
Aviva sells RAC to Carlyle for £1bn June 23, 2011 Aviva is to sell its RAC roadside rescue business to private equity firm The Carlyle Group for £1bn, as the insurer continues scaling back from non-core areas to focus on its insurance operations. Aviva said it expected an accounting profit of £600m from the sale of Britain’s second-largest breakdown recovery group, and would use the [...]
Go Ahead raises profit forecast as passengers increase June 23, 2011 Transport group Go-Ahead said it expected its full-year operating profit to be ahead of its previous expectations as passenger numbers increased on its Southern, Southeastern and London Midland rail franchises. “The previous consensus was around £108m and we’re ahead of expectations,” finance director Keith Down told Reuters in an interview. The company, which operates commuter [...]
Dixons sales drop but says recovery plan on track June 23, 2011 Electricals retailer Dixons said today its recovery plan was on track despite a full year sales drop. Total Underlying Group sales were down two per cent to £8.154bn compared to £8.32bn in the previous year Total Group sales, including those from businesses to be closed and closed businesses, were £8.341bn (2009/10 £8.532bn). Group like for [...]
