US Treasury sells AIG shares May 25, 2011 The Treasury is barely breaking even on its investment in beleaguered insurance giant American International Group, according to an early litmus test of market interest in the firm’s stock. The Treasury sold 200m shares of AIG at $29 per share, a slight discount from their closing price and not far above the $28.73 average price [...]
JJB recovery plan hit by £181m loss May 25, 2011 JJB Sports, the struggling retailer rescued by a deal with landlords in March, said annual losses ballooned to £181m and it could take five years to fix the business. The company said on Wednesday trading in the first quarter of its new financial year had met its expectations and it planned to revamp 150 stores [...]
Nationwide in profit surge May 25, 2011 Nationwide, the country’s biggest customer-owned financial services group, posted higher underlying profits on Wednesday, helped by lower bad debt charges, and said it was well-placed for future growth. Nationwide said its underlying profits had risen 30 per cent from last year to £276m, and that charges for loans that have gone sour fell 35 per [...]
Retail sales growth slows May 24, 2011 Retail sales grew more slowly in May, although they beat expectations, and firms are cautious about the outlook for growth next month, a survey by the Confederation of British Industry showed. The figures came as Bank of England policymaker Paul Fisher said he was “nervous” about the strength of household demand against a backdrop of [...]
Miners buoy FTSE but ratings threat casts shadow May 24, 2011 Mining stocks put the FTSE 100 on the front foot in early trading as metal prices rose – boosted by Goldman Sachs recommending investors to buy into commodities. Commodities trader Glencore made its full market debt and rose slightly from its price on the so-call grey market, but remained below the 530p offer price of [...]
Public borrowing in new blow May 24, 2011 Britain recorded its worst April public sector net borrowing on record last month as a fall in tax receipts got the new fiscal year off to a disappointing start, official data showed. The public sector posted a net cash requirement of £3.259bn last month after a repayment of 5.834 billion pounds in April 2010. The [...]
Obama in London May 24, 2011 President Barack Obama begins a visit to Britain where he and Prime Minister David Cameron will review NATO action to help end conflict in Libya and Western policy towards uprisings in the Arab world. He and Cameron will also launch a joint US-British group to tackle national security challenges together. As a precautionary measure Obama [...]
Glencore edges up – but below offer price May 24, 2011 Shares in commodities trader Glencore ticked higher in their first day of official trade but remained well below the offer price, dashing hopes shares would rise after it set a mid-range flotation price. Sources close to the matter had said Glencore, the world’s largest diversified commodities trader, felt it had left “money on the table” [...]
Moody’s in threat to cut rating of 14 UK financial groups May 24, 2011 Credit rating agency Moody’s said it may cut its rating on 14 British financial groups, including Lloyds and Royal Bank of Scotland, following a reassessment of the level of systemic support they need. The companies which could be downgraded by Moody’s included Bank of Ireland UK, Co-Operative Bank, Coventry Building Society (A3); Lloyds TSB Bank [...]
M&S profit up 13pc May 24, 2011 Retailer Marks & Spencer plans to test new store formats more tailored to their localities, it said, as it posted a 13 per cent rise in annual profit. The country’s biggest clothing retailer, which also sells upmarket foods and homewares, said it would start testing the new formats from October, as part of a series [...]
