Phone hacking scandal hangs over Sky deal April 10, 2011 RUPERT Murdoch’s planned takeover of BSkyB should not be affected by his UK news arm admitting a long-running phone hacking scandal, politicians said yesterday, but the scandal threatened to overshadow the prospective deal. News International, parent company of the News of the World tabloid, said on Friday it would admit liability and pay compensation in [...]
Findus in talks over building war chest April 10, 2011 FINDUS Group, the frozen foods company that makes Crispy Pancakes, is in discussions with banks with a view to funding a possible £1bn acquisition war chest. The private-equity owned food group confirmed it has met with its banking syndicate, which includes Lloyds, RBS and JP Morgan. It added that it is considering all options, including [...]
Laxey: Many investors support us in Alliance battle April 10, 2011 ACTIVIST shareholder group Laxey Partners yesterday claimed it is winning investor support in its battle against the management team of Alliance Trust, the UK’s largest investment trust, led by Katherine Garrett-Cox (pictured). Laxey has accused the management team of running the company contrary to shareholders’ interests, ahead of full year results to be published tomorrow. [...]
UK business output rises April 10, 2011 BUSINESS output soared at the end of the 2011’s first quarter, marking a positive development for the UK’s economic recovery, a leading survey revealed today. Output jumped to 99.3 in March, the index showed, up sharply from 94.8 in February – “one of the largest monthly increases since the report began in 1996,” according to [...]
Worries over price pressures heighten April 10, 2011 CONSUMER price inflation in March could have edged closer to five per cent, economists expect. Official data released tomorrow will show whether inflation has moved further upwards from its 28-month high of 4.4 per cent in February. Factory gate inflation data out last week showed an annualised rate of 5.4 per cent — its highest [...]
Real wage drop hits fastest rate since the 1920s April 10, 2011 THE UK faces the biggest squeeze on household incomes for 90 years, according to the Centre for Economic and Business Research (CEBR). Disposable incomes, allowing for inflation, are likely to fall by two per cent over the course of 2011, the CEBR has forecast. On top of a 0.8 per cent fall in real incomes [...]
CHINA REPORTS A SURPRISE TRADE DEFICIT April 10, 2011 China yesterday revealed a rare trade deficit during the first quarter of the year, on the back of domestic economic strength and rising global commodity prices. From January to March, China imported $1.02bn (£623m) more than it exported, marking its first quarterly trade deficit since 2004 according to the General Administration of Customs.
ANALYST VIEWS: WILL INFLATION CONTINUE TO RISE IN THE UK? April 10, 2011 GEOFFREY WOOD | CASS BUSINESS SCHOOL Yes, and it is already too high, after the Bank yet again made the mistake of keeping rates at 0.5 per cent. For years they have gravely underestimated external price influences, and so consistently missed its two per cent inflation target for CPI. IAN STEWART | DELOITTE Most people [...]
Three bankers defect from Barclays Wealth April 10, 2011 THREE Barclays Wealth bankers have quit the firm to join boutique wealth management service Vestra Wealth. Andrew Palmer, Bandish Gudka and Oliver da Cunha have all been hired as portfolio managers in Vestra’s London office in a move that will be seen as a slap in the face for the bigger bank. The team managed [...]
Production restarts at Longbridge April 10, 2011 The former MG Rover plant at Longbridge is to produce its first big order of cars in almost six years this week. Chinese owner SAIC Motor Group will see its first batch of MG6 cars roll off the production line on Wednesday, though most of the work will have taken place in China and only [...]
