Co-op board meeting to mull legal overhaul for Lloyds bid April 15, 2012 THE MANAGEMENT of Co-operative Financial Services (CFS) will discuss the pros and cons of overhauling the group’s legal structure in order to continue with its attempt to buy 632 Lloyds branches this week. Among the concerns expressed by the FSA over the Co-op’s bid is a question as to whether the group’s legal structure is [...]
City panel says Boris Johnson will beat Livingstone in Mayoral contest even though polls point to close race April 15, 2012 BORIS Johnson is highly likely to be re-elected Mayor of London next month, according to our readership panel, even if opinion polls show the race to occupy City Hall is remarkably close. Ninety per cent of the Voice of the City panel, run in conjunction with PoliticsHome, said they expected Johnson to win, compared to [...]
Ken makes a pledge of new Tramlink route April 15, 2012 KEN Livingstone has today promised to extend the Croydon Tramlink if elected mayor of London on 3 May. Labour’s Livingstone, who has made cutting travel costs a cornerstone of his manifesto, said the “sheer size of the surpluses at Transport for London” will make the extension possible if he returns to City Hall. He claimed [...]
Tesco to unveil shake-up amid dismal figures April 15, 2012 TESCO is expected this week to reveal further dismal trading in the fourth quarter of this year as Britain’s largest supermarket unveils plans for its strategic overhaul of the business. In its full-year results on Wednesday, the retailer is expected to reveal a one-1.7 per cent fall in UK like-for-like sales in the three months [...]
Manchester United take second shot at a listing in Singapore April 15, 2012 MANCHESTER United’s proposed share listing in Singapore could be revived in a bid to raise up to £600m. Members of the American Glazer family, who own the club, flew to the UK last week, attending two of United’s games as well as visiting the club’s London headquarters in Mayfair. The Glazers are believed to value [...]
Food will help Marks & Spencer post fourth quarter sales rise April 15, 2012 MARKS & SPENCER is expected to post a modest rise in fourth quarter sales tomorrow, as strong food sales help to offset more subdued growth at its general merchandising division. Analysts predict Britain’s biggest clothing retailer, whose clothes are modelled by the ‘60s supermodel Twiggy, to reveal a 1.6 per cent lift in like-for-like food [...]
Retailers race to refinance £7bn of debt April 15, 2012 RETAILERS will struggle to refinance debts of as much as $11.2bn (£7bn) due for maturity at the end of this year, leaving some firms at the mercy of their lenders and putting others in danger of insolvency, an industry report has warned. Some 46 UK based retailers hold bank debt totalling $50bn due for maturity [...]
Insurers under fire over cost of policy changes April 15, 2012 INSURERS face a new threat to their profits after Which launched a campaign against the fees charged on car and home policies. The industry, parts of which paid out large sums last year following a string of natural disasters around the world, stands accused of charging “exorbitant fees” for simple changes to policies. Consumer group [...]
Politicians must be more open about their tax affairs April 15, 2012 POLITICIANS have begun lining up to declare their willingness to publicly reveal their personal tax details. The practice will never result in true financial “transparency,” and the word shouldn’t even be used when talking about political leaders’ tax statements. Still, it’s a step in the right direction. Both established office holders and candidates for office [...]
Small businesses are lodging more complaints about loans April 15, 2012 SMALL COMPANIES are becoming increasingly frustrated at the strings attached to their loans and overdrafts, claims new research. The number of small firms lodging complaints with the Financial Ombudsman Service about their finances jumped 10 per cent in the last year from 394 to 435, figures from Syscap claim. This is a big jump from [...]
