Glencore “mulling £10bn IPO” November 18, 2010 Commodities group Glencore is considering listing in the first half of next year with an initial public offering (IPO) that could raise around £10bn. Glencore, the world’s biggest commodity trader, has been preparing to go public after issuing a $2.2bn (£1.4bn) convertible bond last year. The group, which posted a strong jump in nine-month profit, [...]
OECD cuts UK 2011 growth outlook November 18, 2010 The OECD revised upwards its forecasts for growth in the British economy for 2010 but cut its outlook for 2011 following the announcement of deep spending cuts designed to tackle a record budget deficit. The Organisation for Economic Co-operation and Development (OECD) welcomed the coalition government’s “ambitious medium-term plan” to cut spending which it said [...]
Ireland concedes it is in line for massive bailout November 18, 2010 Ireland’s central bank chief said he expected the country to receive tens of billions of euros in loans from European partners and the IMF to help shore up its shattered banks and stabilise the economy. Central bank governor Patrick Honohan was speaking shortly before the start of talks with a joint mission of the European [...]
Retail sales in slim rise November 18, 2010 Retail sales volumes rose slightly faster than expected in October after two months of declines, with strength across most sectors, official data showed. Separate figures showed government borrowing came in at £9.7bn last month, broadly in line with expectations. The Office for National Statistics (ONS) said sales volumes rose 0.5 per cent last month after [...]
Investec posts stronger profit November 18, 2010 South African bank Investec posted stronger first-half profit – helped by growth in asset management and showing that its move away from plain lending continues to pay off. The asset manager and investment bank, which is also listed in London, said operating profit totalled £228.15m in the six months to end-September, up 5.6 per cent, [...]
Capita says cuts have hit harder than expected November 18, 2010 Outsourcing firm Capita said sales growth would be hit harder by government spending cuts than it previously expected – but said the measures would eventually create a climate that would benefit the business. “We indicated that pressures on public spending might potentially affect growth in the short term … This is now occurring and will [...]
National Grid profit jumps 45pc November 18, 2010 National Grid’s pre-tax profit has jumped by 45 per cent to £938m in the first six months of the year. The operator of the UK’s electricity and gas networks said the figures represented a bounce back after failing to recover last year. Chief executive Steve Holliday said: “We expect to deliver strong operational and financial [...]
Close Brothers upbeat after loan book rise November 18, 2010 Merchant bank Close Brothers grew its loan book and said its first quarter performance had been solid, despite a small loss in its asset management division. The bank said it was confident of delivering a “satisfactory” performance for its 2010/11 financial year to the end of July. Its first quarter bad debt ratio grew slightly [...]
LSE profit up 26pc November 18, 2010 The London Stock Exchange has shrugged off slower trading through the middle part of the year to report profit growth for the first half. The UK exchange, which owns the UK and Italian stock exchanges, as well as smaller bonds and derivatives markets, said its profit for the six months to the end of September [...]
UK unemployment in slight fall November 17, 2010 The number of people unemployed in the UK fell by 9,000 in the three months to September. That leaves total unemployment almost unchanged at 2.45m, according to the Office for National Statistics figures. The overall unemployment rate was also unchanged at 7.7 per cent. Claimant count – those out of work and receiving benefits – [...]
