London black cab maker bought by China’s Geely February 1, 2013 Black cab manufacturer Manganese Bronze has been bought by China’s Geely Automobile Holdings, its administrator said this morning, in a deal thought to be worth around £11m. PricewaterhouseCoopers said the deal will safeguard the production of the iconic taxis in the UK. Chinese Geely, which owns 20 per cent of the firm, said this morning [...]
China manufacturing indicates muted recovery February 1, 2013 China’s giant manufacturing sector continued its modest recovery in January, according to official data out this morning, although growth slowed over the month. China’s official purchasing managers’ survey (PMI) released this morning showed that factory output at the world’s second-largest economy rose in January, but at a slower pace than the month previously. The index [...]
Strong broadband demand boosts BT February 1, 2013 Strong demand for broadband boosted BT’s pre-tax profits in the three months to December, it said this morning. Pre-tax profit jumped seven per cent to £675m in the third quarter, compared to forecasts of £632m. Over the nine months to December, profits soared eight per cent to £1.8bn. BT said it was adding around 100,000 [...]
Fresh scandal to cost banks £2bn January 31, 2013 THE FINANCE watchdog yesterday opened the floodgates to tens of thousands of compensation claims from small firms who may have been missold interest-rate fixing products, representing another major headache for the scandal-struck industry. The four biggest banks will now review the 40,000 interest rate swap transactions made since 2001 in a bid to identify any [...]
Crunch talks to save Seymour Pierce as City broker scrambles for cash January 31, 2013 THE FUTURE of 130-year-old brokerage Seymour Pierce was hanging in the balance last night as its board met to consider administration unless a last-minute investor comes forward. Seymour Pierce, which has been in talks with several potential investors in recent months, is believed to have put Grant Thornton on notice as administrator. The small-cap broker, [...]
FTSE finishes best January since 1989 January 31, 2013 LONDON’S blue chip market has enjoyed its best January since 1989, despite slipping on the final day of the month, yesterday. The FTSE 100 lost 46.23 points to close 0.73 per cent down at 6,276.88. Yet despite this final day dip, the index has nonetheless gained a considerable 6.43 per cent since the start of [...]
Rail firms hit back as new franchise auction is axed January 31, 2013 TRAIN companies have reacted furiously after the government said it will not pay back money they spent on the Great Western rail franchise contest, which was axed yesterday. National Express, one of the firms that was competing for the 15-year contract, said yesterday it is taking legal advice after “the unfair and inconsistent decision not [...]
Seven reasons to like the plc model of company ownership January 31, 2013 BACK in the 1980s, when the cult of the equity was at its peak, nobody had a bad word to say about listed companies. Three decades later, scandals and poor stock market performance have badly damaged their reputation, January’s FTSE 100 bounce notwithstanding. Many now prefer private equity. I was tasked by the Chartered Institute [...]
What the other papers say this morning January 31, 2013 FINANCIAL TIMES Barclays in Qatar loan probe UK authorities are probing an allegation that Barclays loaned Qatar money to invest in the bank as part of its cash call at the height of the financial crisis in 2008, which enabled the bank to avoid a UK government bailout. Neither Sheikh Hamad bin Jassim bin Jabr [...]
Watchdog fears chaotic bank risk modelling January 31, 2013 BANKS set aside such different amounts of capital against the same assets that investors cannot be certain how safe the institutions are and the authorities may have to step in to set standards, a top group of regulators warned yesterday. The Basel Committee tested 15 major international banks, giving them each a hypothetical portfolio of [...]
