Nationwide in profit surge May 25, 2011 Nationwide, the country’s biggest customer-owned financial services group, posted higher underlying profits on Wednesday, helped by lower bad debt charges, and said it was well-placed for future growth. Nationwide said its underlying profits had risen 30 per cent from last year to £276m, and that charges for loans that have gone sour fell 35 per [...]
Airlines hit as ash cloud reaches UK May 24, 2011 A ROW between airlines and aviation officials broke out yesterday over fears the volcanic ash cloud blowing in from Iceland could cause a repeat of last summer’s mass flight disruptions. Planes due to fly to and from Scotland were grounded yesterday, including flights from London airports. However, late last night, UK air traffic control service [...]
Goldman Sachs: oil price will bounce back to $120 May 24, 2011 GOLDMAN Sachs, which caused a commodities sell-off last month when it predicted the short-term peak of the market, said yesterday that investors should pile back in. Analysts said “the risk/reward once again favours being long commodities” following a 10 per cent average dip in a basket of materials including crude oil, copper and platinum. A [...]
UK deficit hits an April high May 24, 2011 OUT of control government spending sent the deficit soaring to a record high for the month of April, official data exposed yesterday. Current spending by the central government (excluding capex) hit £54.1bn last month, a five per cent jump from the same point last year. Government borrowing for April struck £10bn, up from £7.3bn in [...]
Britain’s long journey back to sanity May 24, 2011 HERE is a little test for you, dear reader. How much do you think public spending has been cut over the past year? Five per cent? 10 per cent? Maybe 20 per cent? I’m afraid you will be disappointed. Total spending is up by well over four per cent in cash terms and by more [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 24, 2011 FINANCIAL TIMES POLL SHOWS MAJORITY OF INVESTORS USE VOTES Almost eight in 10 UK institutional investors exercise their voting rights in all the companies in which they own shares, according to a survey by the Investment Management Association. The finding, in a report setting out the extent of shareholder involvement in the early days of [...]
Olympic ticket warning May 24, 2011 LONDON 2012 organising committee chair Lord Sebastian Coe has implored the British public to steer clear of unofficial ticket websites as the clamour to attend high-profile Olympic events intensifies. Earlier this week it was revealed that British fans were attempting to utilise foreign-based websites in order to purchase tickets on a first-come-first served basis. But [...]
AIG share sale hands US $8.7bn May 24, 2011 The sale of shares in insurance giant American International Group (AIG) has raised $8.7bn (£5.3bn), taking the state-backed firm closer to independence after its 2008 bailout. A combined total of 300 shares of the company were sold by the US Treasury and AIG at $29 per unit. The government, which retains a majority stake in [...]
Diageo eyes Jose Cuervo for $2bn May 24, 2011 Drinks maker Diageo is in talks to buy tequila brand Jose Cuervo for more than $2bn (£1.2bn). Cuervo is in exclusive talks with Diageo, which has the first option to buy the company because of its international distribution rights to the brand. Casa Cuervo, the maker of the world’s best-selling tequila brand, is renegotiating a [...]
Greece pushed to sell assets May 24, 2011 GREECE could be forced to sell up to €50bn (£44bn) in state-owned assets by European officials, as the nation tries to mend its battered finances. European leaders want to push for measures to ensure the Greek government completes its promised €50bn privatisation drive, but believe a state asset sale programme could ultimately net it between [...]
