Rescue plan falls flat July 15, 2008 American mortgage giant Freddie Mac passed its first test of investor confidence yesterday as buyers flocked to its $3bn (£1.5bn) sale of securities just hours after the US government announced sweeping measures to prop-up the country’s largest mortgage finance companies. However, shares in Freddie Mac and its sister company Fannie Mae, which together own or [...]
Santander secures British expansion July 15, 2008 Standard Life, one of Alliance & Leicester’s largest shareholders believes the bank is being sold to Abbey National owner Santander at a “giveaway” price. Santander’s offer represents a 36 per cent premium to A&L’s share price on Friday, but it’s still well below the stock’s 1200p peak a year ago. Despite assurances from A&L chief [...]
Inflation surge bites July 15, 2008 Bank of England rate setters face another tough decision as fresh evidence emerges that soaring inflation and sluggish high street sales continues to put pressure on consumer’s pockets and the wider economy. Prices charged by manufacturers at the factory fate rose by 10 per cent in June – the highest rate since comparable records began, [...]
Alliance & Leicester snapped up as bid fever returns to the City July 15, 2008 A frenzy of merger and acquisition activity, spearheaded by Spanish bank Santander agreeing to buy Alliance & Leicester for £1.3bn, returned to the markets yesterday causing stocks to rally. The oil and gas sector was the centre of much of the bid action, with Imperial Energy, the developer of Russian oil reserves, soaring 18 per [...]
Fire sale likely at Dawnay Day as £2bn empire teeters July 14, 2008 Dawnay Day, the privately owned financial services and property giant, faces the fire sale of many of its assets to plug a cash flow crisis. The £2bn empire, run by Guy Naggar and Peter Klimt, has called in Ernst & Young to restructure several companies within the group following a massive loss incurred last week [...]
US authorities move to rescue Freddie and Fannie July 14, 2008 Support from US Treasury comes minutes before far east markets open for trading US Treasury Secretary Hank Paulson moved to calm nerves about stricken American lenders Fannie Mae and Freddie Mac last night, saying the government would be willing to take an equity stake in the two banks. His eagerly awaited statement came just minutes [...]
Treks Appeal July 14, 2008 The early summer is the only time of year to visit Marrakesh, reckons Victoria Bates A shimmering wall of heat welcomes you as you step out of the plane onto the tarmac at Marrakesh Menara Airport. And although it’s a dry heat, rather than the smothering humidity of the tropics, the first thing that strikes [...]
City workers get creative with life drawing twenty-seven storeys up July 14, 2008 Timothy Barber joins Citigroup employees indulging their artistic sides It’s easy to forget the noise and melee of Canary Wharf’s evening rush hour when you’re standing in the light filled open space of the 27th floor of Citgroup’s headquarters. Down below, thousands of tired workers are flooding from their offices into the tube and DLR [...]
Chambers ban is death sentence, says Moses July 14, 2008 Drugs-cheat sprinter Dwain Chambers’ bid to overturn his lifetime Olympic ban has received support from an unlikely source – track legend and staunch anti-doping campaigner Ed Moses. The only barrier to Chambers competing in Beijing this summer is now the British Olympic Association’s suspension, after the 30-year-old won the 100m at the National Championships, which [...]
Smith frustrates England as defiant Proteas scent draw July 14, 2008 England will this morning redouble their efforts to seal victory in the first Test after South Africa produced a defiant performance to force the match into the final day at Lord’s. Having dismissed the tourists for 247 on Saturday and forced the follow-on, England were confident of getting the four-Test series off to a winning [...]
