Bank of America refutes charge September 27, 2009 Bank of America Corp formally denied US Securities and Exchange Commission claims accusing it of misleading shareholders about bonuses it let Merrill Lynch pay employees before their merger at the start of the year. It is seeking an order dismissing the complaint.
Blacks to put itself through CVA September 27, 2009 Blacks Leisure Group, the outdoor goods retailer, is intending to go through a company voluntary arrangement (CVA) to secure its survival. The move would include cutting around 400 jobs, and losing 80 of its 400 Blacks, Millets and Free Spirit stores. KPMG will lead the CVA process as Blacks looks to secure its future.
Rugby club plans to float shares September 27, 2009 Rugby Union champions Leicester Tigers are planning to float next year. The club is making plans for a dual listing on the Channel Islands stock exchange and either London’s Aim or Plus market. The club’s shares are currently valued at over £10m, but the business is expected to generate a higher value when it floats.
Swedish firm to bid for Saab September 27, 2009 Koenigsegg’s chief executive said on Saturday that the Swedish luxury sport car marker still aimed to finalise a deal to buy Saab Automobile from General Motors by the end of October. However, the deal can only go ahead if the company secures loans from the European Investment Bank by Wednesday.
Time Warner to sell its Time unit September 27, 2009 Time Warner Inc is expected to sell the Time magazine unit, as well as spinning off America Online. The group is thought to be planning to sell off all sections of its business other than Warner Brothers, HBO and the Turner Networks. Time Inc’s magazines include titles such as People and Sports Illustrated.
Markets awaiting USdata September 27, 2009 There could be an eerie sense of trepidation about the markets this week as tomorrow brings us the first anniversary of the Dow’s biggest ever one-day points loss of 777 points, triggered by the failure of the financial bailout bill in the House of Representatives. Wall Street ended last week with its biggest weekly drop [...]
THE LONDON REPORT September 27, 2009 After the recent mixed performance from the High St, all eyes will be on Marks & Spencer on Wednesday as it reports its second-quarter sales. The company’s shares have added 16 per cent over the past three months, and a less-than-positive update could lead to a bit of profit taking on the day. Societe Generale [...]
Excess supply and low demand mean that crude oil could touch a low of $58 September 27, 2009 SEPTEMBER has been a good month for major oil exploration and production companies, with a number of giants such as BP and Tullow striking black gold in recent weeks, sending their share prices soaring. BP’s share price rose more than 4 per cent following the announcement, while Tullow saw a similar gain. But while the [...]
THE TIPSTER ALL EYES ON GDP FIGURES THIS WEEK September 27, 2009 A LOT of bullish confidence is riding on the expectation that the UK will exit recession in the third quarter and so investors will be keenly interested in the final second quarter GDP figures for the UK, which are released tomorrow. Cable (sterling-dollar) could move on the back of any surprises and the pair has [...]
Brown and out in Brighton, but the bets are still on September 27, 2009 WITH the prime minister Gordon Brown being asked on television yesterday whether he is on “pills” on the day the Labour Party conference began, the pressure is mounting on the PM. Although he doesn’t have too many close friends at the moment (except Peter Mandelson, naturally) the chances that he will stand down before the [...]
