Retail banking is struggling to get off the canvas August 19, 2009 AS Britain’s retail banking sector fractures and polarises, it is beginning to resemble a boxing match: two heavyweight contenders are preparing to slug it out in the main event with the prize nothing less than commercial success. In the red corner are the grizzled veterans – the traditional banking groups HSBC, RBS, Lloyds and Barclays. [...]
C&G future uncertain as Lloyds stalls August 19, 2009 LLOYDS Banking Group said yesterday it was reviewing a decision to close all branches of its Cheltenham & Gloucester (C&G) unit, surprising employees and investors. Lloyds Banking Group, 43 per cent owned by the government, had said in June that the 164-branch network of C&G, which specialises in mortgages and savings, would be closed in [...]
INM in further standstill talks August 19, 2009 Independent News & Media (INM) is in the process of negotiating a fourth extension to its financial standstill with investors regarding the repayment of a €200m (£178m) bond. The current agreement is due to expire on 27 August, a day before the publisher reports its interim results.
Ofcom hunts for C4 chairman August 19, 2009 Ofcom has appointed headhunter Zygos Partnership to search for a successor to Channel 4 chairman Luke Johnson, whose tenure ends in January 2010 after six years. An ad for the job will be placed next month, and the watchdog hopes to have someone in place in time for Johnson’s departure. State-owned Channel 4 is still [...]
BATS to launch special tariff August 19, 2009 BATS Europe, the multi-lateral trading platform, said yesterday it will launch a special tariff in September, with the aim of grabbing market share from the London Stock Exchange. BAT plans to offer inverted pricing, whereby the rebate for adding liquidity is higher that the cost of removing it.
Aer Lingus set to streamline August 19, 2009 Irish flag carrier Aer Lingus is bracing itself for a cost-cutting drive under incoming chief executive Christoph Mueller, the company warned yesterday, as it seeks to streamline in anticipation of a third hostile takeover bid from budget rival Ryanair. Details of the cost cutting will be outlined in the carrier’s half-year results on 27 August. [...]
Shore Capital boosts profits August 19, 2009 BOUTIQUE investment bank Shore Capital signalled a cautious return to the good times yesterday, posting a 13.4 per cent rise in first half profit and adding it was on the lookout for acquisitions. Shore reported a pre-tax profit of £2.3m for the six months to end of June. Sales also rose 13 per cent to [...]
FirstGroup unveils new Greyhound buses August 19, 2009 FIRSTGROUP yesterday unveiled the iconic Greyhound buses it plans to use for journeys between London, Portsmouth and Southampton. The buses, which are named after women from American songs like “Peggy Sue”, will run hourly from Victoria to the south coast. They offer free Wi-Fi, power sockets for each passenger, air conditioning, free newspapers and leather [...]
Investor optimism rises despite mixed economic outlook August 19, 2009 INVESTOR optimism about the global economy has leapt to its highest level in nearly six years as asset managers pile their cash back into the equity markets. According to the Merrill Lynch fund managers survey for August, 75 per cent of respondents believe the world economy will strengthen in the coming 12 months – the [...]
KPMG warns Tories over plans for FSA August 19, 2009 BIG FOUR accountancy firm KPMG yesterday hit out at Tory shadow chancellor George Osborne’s plans to reform financial regulation, suggesting his pledge to scrap the Financial Services Authority (FSA) could be disastrous. KPMG’s head of regulatory services Marcus Sephton said the change could lead to the City treading water for 15 months as the transition [...]
