UK factory sector continues to drive recovery forwards December 7, 2010 BRITISH manufacturing has boosted the economy by growing for nine straight months, official data showed yesterday. The sector expanded by 0.6 per cent from September to October and was 5.8 per cent up on the same period last year, the Office for National Statistics (ONS) said. The rate of growth was the fastest since March [...]
US Treasury banks $12bn from Citi sale December 7, 2010 THE US Treasury has banked an estimated $12bn (£7.6bn) profit on the sale of its stake in bailed-out Citigroup. The government offloaded the remainder of its 27 per cent stake in the banking giant on Monday night, raking in $10.5bn from the sale of 2.4bn shares at $4.45 each. It acquired the shares in 2008 [...]
CAN THE UK MAKE A PROFIT ON ITS BANK STAKES TOO? December 7, 2010 The US Treasury invested a total of $45bn to bail out Citigroup (headed by Vikram Pandit), taking control of 27 per cent of the banking giant. The government has slowly whittled down its stake, with the bank paying back $20bn in preferred stock earlier this year. Last week the government sold 2.4bn shares for $10.5bn. [...]
Banks: retail sector is competitive December 7, 2010 LEADING banking industry figures yesterday defended the level of competition in the UK’s retail banking sector, in evidence to the Treasury Select Committee. Lloyds Banking Group chief executive Eric Daniels, whose bank faces the possibility of being broken up by the government, denied that the UK market was made uncompetitive by four of the top [...]
Spencer sells £31m of his ICAP shares December 7, 2010 ICAP founder and Tory party treasurer Michael Spencer has offloaded £31m worth of his shares in ICAP, which he holds through IPGL, a company run by his family trusts. IPGL also owns City Index, the spread betting firm, and the sale will enable IPGL to pay down some of its £130m loan from HSBC. The [...]
Cadbury asks for police advice over protesters December 7, 2010 CADBURY owner Kraft has asked for police advice to protect its factories from protesters after City A.M. revealed it may be targeted for moving parts of its business offshore. Kraft says parts of Cadbury will still be registered in the UK but that the ownership of most of the firm would move into line with [...]
Fat lady sings as Sky Songs plays last tune December 7, 2010 BSKYB has closed its iTunes rival Sky Songs after it failed to attract enough subscribers. One industry source told City A.M. the service could have had fewer than 10,000 subscribers. Sky Songs offered users unlimited streaming, plus download-to-own tracks and albums from £6.49 a month. A Sky spokesman said: “Although we are extremely proud of [...]
Bellway sees higher profit December 7, 2010 BRITISH homebuilder Bellway expects first-half profit to rise up to 20 per cent as it sells houses in more expensive parts of the country. It also said average prices would continue to rise in the second half. Bellway has 3,614 sales secured for this fiscal year, up nearly four per cent, and 400 for the [...]
Standard Life buys tech firm Focus Solutions for £42m December 7, 2010 SAVINGS and investments giant Standard Life yesterday agreed a £42m cash offer for software provider Focus Solutions, its third technology-focused acquisition in 18 months. The deal is equivalent to 140p per share, about a ten per cent premium on Monday’s closing price of 127.5p and relies on Standard Life acquiring 100 per cent of Focus’ [...]
WIKILEAKS FOUNDER DENIED BAIL December 7, 2010 WIKILEAKS founder Julian Assange, who has angered US authorities by publishing secret diplomatic cables, was remanded in British custody yesterday over allegations of sex crimes in Sweden. Assange, 39, appeared at Westminster Magistrates Court and was refused bail despite offers of sureties from John Pilger, Jemima Khan and Ken Loach. His lawyer Mark Stephens said [...]
