EC could block Dutch state’s loan guarantee agreement with ING September 15, 2009 THEEUROPEAN Commission (EC) has prolonged its review of a €22bn (£19.5bn) loan portfolio guarantee between ING and the Dutch state, saying the government may have paid too much. ING and the Dutch state struck a deal in January, under which the government agreed to guarantee 80 per cent of a €27.7bn portfolio of so-called Alt-A [...]
Ex KPMG exec jailed for fraud September 15, 2009 A FORMER KPMG finance director who stole over £500,000 to fund his wife’s lavish lifestyle was yesterday sentenced to four years in jail. Andrew Wetherall, 49, started to abuse the global accountancy firm’s expenses scheme in 2002 after his wife’s previous partner reduced maintenance payments. Wetherall claims he was driven to crime by fears his [...]
Talks between BA and Iberia take off after summer break September 15, 2009 BRITISH AIRWAYS’ (BA) chief financial officer Keith Wiliams said yesterday that talks with Spanish flag carrier Iberia had stepped up a gear, over a year after a possible tie-up was first announced. In a weekly newsletter, Williams told staff : “We have met the Iberia management team on a few occasions now and the talks [...]
Waitrose benefits as shoppers return to high-end supermarkets September 15, 2009 UK FOOD shoppers are regaining confidence and returning to upmarket grocery chain Waitrose, according to the latest figures. TNS Worldpanel said yesterday that sales at Waitrose were up 11.2 per cent in the 12 weeks to 6 September, outperforming the supermarket sector, which grew by 5.5 per cent. Waitrose also grew its market share to [...]
Kraft can up its Cadbury bid by 20 per cent, say analysts September 15, 2009 KRAFT could raise its offer for Cadbury by at least 20 per cent thanks to a boost from sale synergies, according to brokers Sandford Bernstein, who will today host a conference with Cadbury chief executive Todd Stitzer. Kraft’s bid was originally worth $16.7bn (£10.2bn), which valued each share at 745p. Cadbury has rejected the offer, [...]
UK Coal plans a fundraising September 15, 2009 UK COAL, the biggest coal producer in the UK, is set to ask its shareholders to help raise around £100m to shore up its balance sheet. The announcement, due this morning, comes as the company seeks to address its pension deficit and a drop in the value of its land. UK Coal owns roughly 4,000 [...]
Debenhams lifts forecasts thanks to designer ranges September 15, 2009 DEPARTMENT store Debenhams yesterday said it expects to deliver higher annual profits, despite a slight drop in sales. Chief executive Rob Templeman said that he was happy with analysts’ forecasts of a ten per cent lift in profits to £122-124m, from £110m the year before. Like-for-like sales were down by 3.8 per cent in the [...]
Investment guru heads for RBS role September 15, 2009 ROBERT Waugh, the renowned fund manager at ScottishWidows Investment Partnership, is leaving the firm. Waugh, who has managed the UK equity team at the Lloyds Banking Group insurer for the last six years, is thought to be joining Royal Bank of Scotland. When he took over the UK fund range in 2003 it had a [...]
Official data indicates further stability for UK housing market September 15, 2009 HOUSE prices rose 1.9 per cent in July on the previous month but were still 8.3 per cent less than they were in July 2008, data from the Department of Communities and Local Government (DCLG) revealed yesterday. The less volatile measure of the three months to July showed that house prices rose 2.1 per cent [...]
Inflation slows by less than expected September 15, 2009 THE Consumer Prices Index (CPI) dropped to an annual rate of 1.6 per cent in August, compared to 1.8 per cent in July, according to official statistics released yesterday. But the Retail Prices Index, which includes mortgage interest payments and housing costs edged up from -1.4 per cent to -1.3 per cent. The City had [...]
