After more banks signed up to Funding for Lending, is it likely to help UK business? September 25, 2012 YES Corin Taylor Funding for Lending – the scheme run by the Bank of England which seeks to stimulate the economy by making cheaper loans available to firms and individuals – is fine as far as it goes. But we must be sure not to overstate its likely benefits. Those companies that would already qualify [...]
Rapid Responses September 25, 2012 The shale debate [Re: Britain needs to embrace the global shale revolution, Friday] Britain must position itself at the forefront of the shale revolution. The US has had a head start because, firstly, its government has allowed extraction. Secondly, its main shale fields are in remote locations away from residential areas. Thirdly, it’s been developing [...]
BBA to give up Libor supervision September 25, 2012 The British Bankers’ Association (BBA) is poised to give up its responsibility for setting Libor should the Financial Services Authority propose a move. Martin Wheatley, managing director at the City watchdog, will unveil changes to the way the interbank lending rate is supervised on Friday, which is expected to see the BBA relieved of its [...]
FTSE 100 steady on worries over global growth September 25, 2012 The FTSE 100 was modestly up in early deals this morning, as a rally in natural resources and property stocks pulled the index higher, although worries over global growth and Spain’s economy continued to dampen stocks. Spain is due to present its draft budget plan for next year later on this week. Property group Morgan [...]
Diageo in talks to buy stake in United Spirits September 25, 2012 Spirit group Diageo this morning confirmed it is in talks to acquire a stake in United Spirits. It is understood that Diageo, the world’s largest spirits maker, is trying to buy a 15 per cent stake from Indian billionaire Vijay Mallya’s group, to ramp up its presence in the Indian spirits market. In 2008, the [...]
Cairn Energy nets $910m from Cairn India stake sale September 25, 2012 Cairn Energy has sold eight per cent of its shareholding in subsidiary Cairn India, it said today, netting $910m (£560m). The oil and gas exploration company will retain a 10 per cent stake in Cairn India, after selling over 150m shares yesterday. The proceeds from the sale will be used to fund Cairn’s capital programme, [...]
Daily Mail boosted by B2B operations September 25, 2012 Daily Mail and General Trust (DMGT) said this morning that full-year results would be in line with expectations, driven by strength in the business-to-business operations. DMGT, which publishes the Daily Mail and the Mail on Sunday, said underlying revenue for the year to the end of August was up three per cent on the previous [...]
Glencore agrees new deal for Kazzinc stake September 25, 2012 Glencore has watered down its plans for an increased stake in zinc producer Kazzinc, announcing today it to acquire an extra 18.91 per cent of the firm from Verny Capital. The commodities giant, which already owns 50.7 per cent of Kazzinc, was targeting an acquisition of up to 48.73 per cent from Verny Capital. Glencore [...]
Foxconn factory reopens after riot September 25, 2012 A Foxconn factory in China, which makes parts for the iPhone 5, opened this morning after a riot involving 2,000 workers forced it to close. The factory, which employs nearly 80,000 workers, erupted on Sunday night in a riot that started as a dispute between a worker and security guards. The violence continued into Monday [...]
Hodgson: Terry’s retirement is a big blow to my England plans September 25, 2012 ENGLAND manager Roy Hodgson has admitted the loss of John Terry to international retirement is a significant disappointment. The central defender and former England captain on Sunday announced the immediate end of his international career and blamed the Football Association’s disciplinary hearing into his role in the Anton Ferdinand race row, which began yesterday, for [...]
