Thomas Cook losses widen May 31, 2012 Debt-laden British tour operator Thomas Cook posted a steep first-half loss but said its turnaround plans were making good progress and that bookings had picked up in recent months. Thomas Cook, which secured a £1.4bn rescue package from its lenders earlier this month, on Thursday reported a pretax loss of 328.3 million pounds for the [...]
RBS calls for more freedom for turnaround plan May 30, 2012 Royal Bank of Scotland’s chief executive needs to be given the freedom to complete his five-year turnaround plan without excessive interference, the part-nationalised UK bank’s chairman said. “There are … still risks on the horizon and the task of rebuilding RBS has some way to go,” Philip Hampton said on Wednesday at the bank’s annual [...]
FTSE lurches towards worst month since August May 30, 2012 The FTSE 100 dipped this morning as the Eurozone’s debt woes continued to cast a shadow and hopes that China would trigger further fiscal stimulus were dealt a blow. Investors are awaiting the European Commission’s economic strategy on how austerity measures can be introduced without quashing the growth required for recovery. Concerns about Spain’s ability [...]
Glencore takeover given green light by Viterra shareholders May 30, 2012 Shareholders of Canada’s largest grain handler, Viterra, have voted overwhelmingly in favor of a friendly takeover bid by Swiss commodities trader Glencore International, pushing the biggest deal in years for the global agricultural sector closer to reality. The deal was supported by 99.8 per cent of shareholders, far more than the required two-thirds majority. Glencore [...]
RBS names adviser on Direct Line IPO May 30, 2012 Royal Bank of Scotland has picked UBS to help with the listing of its Direct Line insurance arm this year, one of the biggest planned listings in London, people familiar with the matter said. RBS has said it wanted to list a minority stake in Direct Line in the fourth quarter. The eurozone crisis and [...]
Coulson detained over perjury allegations May 30, 2012 Prime Minister David Cameron’s former spokesman has been detained on suspicion of committing perjury after he denied any knowledge of phone hacking by News of the World reporters in a court case in 2010. Scotland’s Crown Office said on Wednesday that Andy Coulson had been held by police officers investigating allegations of perjury following his [...]
Mortgage approvals rise May 30, 2012 UK mortgage approvals for house purchase and mortgage lending were at their highest since January last month, but Britons repaid their credit card bills at the fastest rate in more than five years, Bank data showed on Wednesday. The central bank said mortgage approvals numbered 51,823 in April, up from 51,067 in March. Analysts had [...]
BG sells Philippines plant stake for $360m May 30, 2012 UK gas producer BG said it had agreed to sell its 40 per cent stake in two gas-fired power generation plants in the Philippines to free up cash to invest in more lucrative gas and oil production. The sale, to BG’s partner in the plants, First Gen Corporation, will be for $360m (£231m) cash. The [...]
Booker to buy rival Makro for £139m May 30, 2012 German retailer Metro said it would sell its Makro UK stores to Booker Group in a deal valued at £139.7m. Metro and Booker will combine their wholesale businesses to form a strategic partnership in the United Kingdom. The German retail group will receive 9.99 per cent of Booker’s current issued share capital plus £15.8m in [...]
Spanish yields rise May 28, 2012 Spanish debt yields jumped and shares in fourth-largest lender Bankia plunged to record lows, highlighting a lack of confidence in government efforts to stabilise the finances of Spain and its ailing banks. The yield on benchmark 10-year government bonds rose to 6.46 per cent, the highest since November. Despite a 23.5bn euros rescue, Bankia shares [...]
