British firms denied credit February 15, 2010 Nearly 60 per cent of businesses seeking bank finance last year were rejected, a survey from Britain’s Institute of Directors, published today, showed. The survey of 1,045 directors showed a quarter tried to access funds from their banks during 2009. Of these, 57 per cent were declined, a proportion the business group said contradicted banks’ [...]
EU has been hiding its debt for years February 15, 2010 IT is astonishing how short our collective memories have become. It was once well-known that Greece, Italy and other countries had used dodgy tricks to embellish their public finances prior to the launch of Economic and Monetary Union to meet the entry requirements; yet now everybody is pretending to be surprised or even shocked. Even [...]
Supergroup flotation is on February 15, 2010 Fashion retailer Supergroup yesterday confirmed it was pressing ahead with plans for an IPO despite several major flotations being called off in the last week. The company hopes to raise £125m from the listing, valuing it at £400m. Chief executive Julian Dunkerton yesterday began a roadshow to drum up investor support for the IPO before [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 15, 2010 FINANCIAL TIMES UNITED REMAINS KEEN TO COURT RIVAL CONTINENTAL The head of United Airlines has hinted at the benefits of renewing merger talks with Continental Airlines, saying the market had judged in favour of rival Delta’s takeover of Northwest. “The market capitalisation of Delta is approximately twice the combined market capitalisation of United and Continental,” [...]
EMI looks to sell Abbey Road February 15, 2010 EMI has put Abbey Road studios on the market so that it can raise funds to release itself from Terra Firma’s proposed restructuring of the Group. The studios were made famous by the Beatles but have since been used by the likes of Blur, Radiohead and the Manic Streett Preachers. EMI bought the property for [...]
JP Morgan to seal Sempra deal February 15, 2010 JP Morgan is near to closing a deal to buy RBS Sempra for $1.7bn. The deal, which could be announced as soon as today, excludes the more valuable North American parts of RBS Sempra Commodities. JP Morgan had been in exclusive talks to buy all of RBS Sempra, but US plans to stop proprietary trading [...]
Credit card rates soar to 12–year high February 15, 2010 CREDIT card rates have reached a twelve-year high as providers become wary of borrowers inability to repay debts during the recession. The average credit card rate now stands at 18.8 per cent, a four per cent rise from 2006 when increased competition between providers drove rates down. Banks and credit companies face higher pricing for [...]
Malcolm Calvert’s insider trader trial is postponed February 15, 2010 Former banker Malcolm Calvert appeared for the opening of his insider trading trial yesterday. He is charged with 12 counts of insider dealing after he left Cazenove in 2000. The Financial Services Authority, which has brought the charges, claims he illegally traded shares in six companies including HP Bulmer and RAC between 2003 and 2005. [...]
Crown Estate to sell Regent St February 15, 2010 The Crown Estate is sounding out foreign investors over a potential sale of its £1.4bn swathe of property on Regent Street, it emerged yesterday. The Queen’s property group is considering a number of possibilities, including selling a stake in the entire street, a stake in a joint venture for a new development or a limited [...]
City property market surges February 15, 2010 London’s banks and other financial institutions are leasing floorspace at a rate not seen since the top of the last market boom, according to research for Financial News. The research shows financial occupiers carried out 1.43m sq ft of lettings in the City of London’s core banking district during the second half of last year. [...]
