Expenses scandal latest blow for sterling October 12, 2009 IT was no coincidence that sterling fell yet again yesterday as the expenses scandal flared up once more. The revelation that Gordon Brown is having to reimburse £12,400 – and many other MPs from all parties will have to pay back some of their expenses – can mean only one thing: Britain’s political establishment is [...]
JJBSports in rights issue October 12, 2009 JJB Sports yesterday revealed it was storming ahead with its £100m rights issue after shareholders were satisfied that rumours surrounding the financial dealings of its chairman Sir David Jones were unfounded. The ailing sportswear chain, which teetered on the brink of collapse earlier this year, said that it would issue 400m new shares at the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 12, 2009 FINANCIAL TIMES JPMORGAN TRIES TO CALM UK FEARSJPMorgan’s top executives have embarked on a charm offensive to allay fears by staff and regulators that the ousting of Bill Winters as co-head of the investment bank will mean a diminished role for its London operations. Jamie Dimon, JPMorgan’s chief executive, made a surprise visit to London [...]
Philips ups third quarter profit October 12, 2009 Dutch electronics giant Philips beat expectations and posted a net profit of €176m (£165m) in the third quarter of this year, treble the profit reported for the same period last year. Philips said in January it would cut 6,000 jobs worldwide to cope with the global slow down.
Extension plea for NatEx bid October 12, 2009 The Spanish-led consortium bidding for British bus and rail operator National Express is expected to seek a third extension to the formal offer deadline for its £765m bid, according to a source close to the group. Britain’s Takeover Panel had already delayed the deadline by three weeks until 16 October following a request from Spain’s [...]
FSA launches Cattles probe October 12, 2009 Britain’s financial services regulator, the Financial Services Authority, is investigating possible market abuse by former directors of subprime lender Cattles, which has £700m of bad debt, sources familiar with the matter said yesterday.
FSAplanning self-cert ban October 12, 2009 CITY regulator the Financial Services Authority (FSA) is expected to outlaw self-certification mortgages that don’t require borrowers to show proof of income. The FSA is to end the multibillion-pound “self-cert” industry by bringing in a legal requirement that will force lenders to insist on proof of income before handing out loans. The ban is expected [...]
City brokers ready to swoop to buy up rival KBC Peel Hunt October 12, 2009 INDEPENDENT City brokerages are circling KBC Peel Hunt after the stockbroking and corporate finance firm’s Belgian banking owner KBC put the division up for sale last month. Collins Stewart, Numis and Panmure Gordon are all understood to have given careful consideration to the idea of buying the firm, while the most likely buyer is thought [...]
FTSE100 hits a one-year high as S&P 500 puts in best day of ’09 October 12, 2009 THE FTSE100 index of blue-chip UKstocks closed at a one-year high yesterday as the energy and mining sectors rallied strongly. Firmer commodity prices and growing optimism on the corporate outlook and global economy were behind the boost. The FTSE 100 closed up 48.30 points, or 0.9 per cent, at 5,210.17, its highest close since September [...]
BANKS SET FOR LLOYDS FEES PAYOUT October 12, 2009 Six investment banks stand to split up to £300m in fees if Lloyds Banking Group, led by chief executive Eric Daniels, goes ahead with its proposed £25bn cash call. Swiss bank UBS and BoA Merrill Lynch are set to act as lead underwriters while Citigroup, Goldman Sachs, JP Morgan Cazenove and HSBC will act as [...]
