Time to shake up transport policies October 16, 2011 BRITAIN’S transport policy needs fixing; last week’s appointment of Justine Greening as the new transport secretary is an opportunity for change in a difficult area. Her first move ought to be to scrap the high-speed rail (HS2) project. The crippling costs of the proposal, which would see a £32bn ultra-fast railway line built from London [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 16, 2011 FINANCIAL TIMES CHOPPY MARKETS THREATEN EMI SALE Turbulent financing markets could derail Citigroup’s attempt to sell EMI, according to people close to the $3bn-plus auction who warned that the US bank could abandon the sale if it cannot squeeze higher offers from bidders. The bidding process remains fluid, with Citigroup expected to decide within two [...]
Hollande wins Socialist run-offs October 16, 2011 François Hollande yesterday became the French Socialist Party candidate who will try to unseat President Nicolas Sarkozy next April and return a Socialist to the Elysee Palace for the first time in 17 years. With well over two-thirds of close to three million votes counted, Hollande’s victory in a presidential primary election runoff against Martine [...]
Energy firms face dressing down October 16, 2011 The “big six” energy companies will today receive a dressing down at Downing Street amid warnings energy bills could climb even higher. Bills have doubled from just £740 five years ago to £1,345 for the average household. Cameron will meet with British Gas, EDF, Eon, Npower, Scottish Power and Scottish & Southern in a bid [...]
UK quarterly dividends top £20bn mark October 16, 2011 DIVIDENDS in the UK have broken through the £20bn-in-a-quarter barrier for the first time since 2008. Data for the third quarter from analysts Capita Registrars shows investors pocketed £20.1bn in dividends, a 15.9 per cent rise on the same period in 2010. Forecasts for total dividends this year have been hiked to £67bn – 18 [...]
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 [...]
