Charter investors press board over Melrose bid July 31, 2011 LEADING shareholders in Charter International have called on the firm to open its books to Melrose, the takeover specialist pursuing a £1.4bn bid for the engineer. A number of investors including Schroders – the engineering group’s second biggest shareholder – have urged the board to allow Melrose to conduct due diligence. Charter has refused to [...]
City blames Republicans for delay on US debt July 31, 2011 REPUBLICAN members of the US House of Representatives are to blame for the difficulty in agreeing a deal on raising the country’s debt ceiling, according to members of the City A.M./PoliticsHome.com Voice of the City Panel. Forty-one-and-a-half per cent of respondents said that Republicans in Congress were most to blame for the delay in reaching [...]
CBI upbeat on prospects for 2012 growth July 31, 2011 IN spite of the lacklustre backdrop provided by the UK economy this year, the Confederation of British Industry (CBI) has stuck to its forecasts for growth in 2012, predicting a modest 2.2 per cent rise in GDP. But the squeeze on household incomes from higher commodity prices and an erosion of business confidence means that [...]
Balls brands government’s NI holiday scheme a washout July 31, 2011 SHADOW chancellor Ed Balls has branded the government’s National Insurance holiday scheme a “total flop,” saying it has cost more to run than it has delivered in savings to new businesses. The scheme was launched with the hope it would help create 400,000 new companies over three years. The government last night said it is [...]
Business confidence down in July but up from start of year July 31, 2011 BUSINESS confidence fell back in July after rebounding in June to a 13-month high, according to the latest Lloyds Bank Corporate Markets Business Barometer. Less than half (46 per cent) of companies were more optimistic regarding economic prospects, a reduction from 51 per cent in June. The number who were less optimistic nearly doubled last [...]
HSBC will cut 10,000 jobs July 31, 2011 HSBC is expected to announce a stagnation in group profits this morning and a massive round of lay-offs that could see 10,000 jobs cuts globally. Analysts expect the bank’s full-year pre-tax profits to be around $11bn (£6.7bn), versus $10.9bn last year. Investec predicts a 14 per cent drop in net profit from $4.4bn in the [...]
Lansdowne sells out of entire £850m Goldman Sachs stake July 31, 2011 HEDGE fund Lansdowne Partners has sold its $850m (£517m), stake in Goldman Sachs, amid fears that increased regulation in the US could stunt the investment bank’s proprietary trading arm. Lansdowne has sold almost 5m shares in Goldman – just under one per cent of the bank’s total share capital – having previously been one of [...]
Prudential hopes bumper profit will help investors forget AIA July 31, 2011 PRUDENTIAL is set to increase its half-year dividend to 7.95p when it announces robust results later this week. The firm will hope bumper profits of around £970m will help investors move on from its collapsed £22bn bid for rival AIA last year. The second quarter results will build on a strong performance in Pru’s first [...]
LSE’s Rolet warns of shift in power from UK to Europe July 31, 2011 THE proposed merger between Deutsche Borse and the NYSE Euronext could jeopardise London’s position as a global finance hub, according to London Stock Exchange (LSE) boss Xavier Rolet (pictured). Rolet told the Financial Times he fears foreign financial centres could become more prominent in the investment decision-making process. He warned that the threat of power [...]
Job cuts show bonus benefits July 31, 2011 THE announcement that Credit Suisse is to cut 2,000 jobs follows an accelerating trend of redundancies in the banking industry, with some commentators speculating the total job losses across the sector could total over 50,000 this year. Many will arise as banks reassess business models in the light of changes to the economic climate and [...]
