BHP eyes bid for Brazilian iron ore miner October 16, 2011 MINING giant BHP Billiton is close to making a £2bn bid for Ferrous Resources, the Brazilian iron ore miner that made a failed attempt to float on the London Stock Exchange last year. Ferrous is understood to be the latest target for Marius Kloppers, BHP’s chief executive, who announced in August that the company was [...]
Activists vow to stay in City indefinitely October 16, 2011 PROTESTERS vowed to occupy the City indefinitely as they vented their anger at bankers and politicians over the global economic crisis. Around 250 campaigners remained pitched outside St Paul’s Cathedral for a second day yesterday after police thwarted their attempts to take over the area outside the London Stock Exchange. They said they were inspired [...]
NBNK set to crash state sale of Rock October 16, 2011 NBNK Investments, headed by chief executive Gary Hoffman, has approached the board of Northern Rock about making a bid for the bank, which Hoffman used to run. The board and UKFI, the state agency that manages the government’s investment in the Rock, have given Hoffman permission to join the first round of bidding despite NBNK [...]
Barclays seeks Spanish state guarantee to buy caja assets October 16, 2011 BARCLAYS is considering a bid for assets owned by three recently nationalised Spanish savings banks (cajas). Following its preliminary bid for the nationalised Caja Mediterráneo, Barclays is now leafing through the portfolios of CatalunyaCaixa, NovaCaixaGalicia and Unnim. All three were all taken over by the Bank of Spain last month after failing to raise enough [...]
RBS mulls cuts in finance jobs October 16, 2011 RBS is planning a strategic review of its business that could see thousands of jobs cut at its investment bank, many of them in the City. Senior management at the bank are mulling the continuing onslaught of regulation with an eye to paring down its global banking & markets (GBM) division. Chief executive Stephen Hester [...]
New retail bank targets SMEs October 16, 2011 SHAWBROOK Bank, a new retail savings bank, is targeting £250m in new gross lending to small and medium-sized enterprises (SMEs) this year, the bank’s managing director Philip George told City A.M. The bank, bought by RBS Equity Finance in January and relaunched under the Shawbrook brand today, also plans to mop up £350-400m in new [...]
Manufacturing body in call for carbon tax relief October 16, 2011 THE manufacturers’ organisation EEF has added its name to the growing list of bodies calling on the chancellor to introduce a package of tax reliefs for companies who are about to be hammered by the government’s £3.2bn stealth tax on carbon. In a set of demands ahead of George Osborne’s autumn statement next month, the [...]
Mayor’s plea to Cameron over airport October 16, 2011 BORIS Johnson has risked a fresh row with David Cameron by warning that Britain will become a “bit part player” in the global economy unless a new hub airport is built in the south-east. The Mayor of London said Britain risks becoming an “aviation backwater” and losing out in the battle for emerging markets contracts [...]
Adam Werritty could face fraud probe over Fox business card October 16, 2011 FOREIGN secretary William Hague has dismissed claims that Liam Fox and his best man were trying to run their own foreign policy operation as it emerged that Adam Werritty could be investigated for fraud. Hague told the BBC it was “fanciful” to suggest one minister could run a separate policy. It came as police confirmed [...]
WHO’S WHO: CABINET RESHUFFLE October 16, 2011 JUSTINE GREENING TRANSPORT SECRETARY PHILIP HAMMOND DEFENCE SECRETARY CHLOE SMITH ECONOMIC SECRETARY SAJID JAVID GEORGE OSBORNE’S PPS Promoted to the cabinet from the junior economic secretary role, Greening faces several challenges. She has to continue the high-speed rail argument, tackle London’s airport problems – having opposed a new Heathrow runway – and establish her place [...]
