Lloyds set for deep discount in cash call… November 22, 2009 LLOYDS Banking Group is tomorrow set to announce that its record-breaking £13.5bn rights issue will be priced at a deep discount of around 60 per cent, ahead of a meeting later this week to seek approval for the fundraising from its shareholders. Lloyds, which is 43 per cent owned by the taxpayer, plans to raise [...]
..as it holds talks on tie-up with broker Execution November 22, 2009 STOCKBROKER Execution is in talks with Lloyds Banking Group about a deal which could create a joint venture between the two parties, it emerged last night. Meetings between Lloyds, which already holds a small stake in the broker, and Execution, are at an early stage, but executives at the latter group were in discussion last [...]
End is nigh for free banking as OFT ruling looms November 22, 2009 THE UK faces an end to free banking this week, as the Supreme Court makes its final ruling over whether customers have been unfairly charged on their overdrafts. The government has piled the pressure on banks to settle the matter quickly rather than appeal, and millions of customers could be eligible for a payout after [...]
Investors told to query pay November 22, 2009 CITY grandee Sir David Walker will this week echo calls from City minister Lord Myners for institutional investors to wrest some vestige of power back from the government and regulators by clamping down on wayward bank remuneration policies. The recommendation is expected to be added to Walker’s final report on corporate governance at UK banks [...]
Banks to vote on abolishing payment by cheque by 2018 November 22, 2009 BANKS are drawing up plans to abolish cheques and instead demand payment by plastic or electronic transfer. If the proposals are approved, cheques could disappear from as early as 2018. The Payments Council, a panel drawn from the major banks, will vote on December 16 on whether to stop accepting the 300-year-old method of payment. [...]
Water groups warn the regulator on price limits November 22, 2009 WATER companies are set to cut dividend payments and thousands of jobs if Ofwat goes ahead with planned price restrictions this Thursday, they warned yesterday. Regina Finn, chief executive of Ofwat, has come under political pressure to keep prices down for customers but equally this weekend there were signs there could be some sort of [...]
Indian PM backs US dollar November 22, 2009 Indian Prime Minister Manmohan Singh has voiced confidence that the US economy will make a strong recovery and poured cold water on talk of dropping the dollar as the key global currency. On a state visit to the United States, the 77-year-old trained economist said: "As far as I can see, right now there is [...]
Rio Tinto to earn $741m in IPO November 22, 2009 The global mining group Rio Tinto expects to receive at least $741m (£449m) from the flotation of its US coal-mining unit, Cloud Peak Energy, on the New York Stock Exchange, Rio said today. Cloud Peak Energy shares fell in their debut on Friday after its shares priced below expectations in the initial public offer. Rio [...]
Reliance aims high with a $12bn offer November 22, 2009 AINDIAN-BASED Reliance Industries has made an initial offer for bankrupt chemical company LyondellBasell. Sources say the cash offer for a controlling interest in the company would be for around $12bn (£7.26 bn), making it one of the largest foreign acquisition by an Indian company to date. LyondellBasell spokesperson David Harpole said Reliance’s offer represented “an [...]
Borders in talks to sell off more stores November 22, 2009 BORDERS, the ailing bookseller, was showing further signs of floundering yesterday, as it entered into rescue talks and looked to sell off further stores. As the threat of failure looms, the private equity-backed retailer is understood to be in talks with record store HMV and stationers WH Smith to buy up its stores. Borders wants [...]
