Firms back Ed’s plan to break open banking July 9, 2012 BUSINESSES yesterday welcomed Labour leader Ed Miliband’s call for more competition in the banking sector – though the Conservatives insisted the coalition is already addressing key problems in the industry. Miliband wants to break open the market, forcing the biggest banks to sell off more branches, allowing at least two more “challenger banks” into the [...]
CITY VIEWS | IF SWITCHING TO A NEW BANK WAS EASIER, WOULD YOU CONSIDER IT? July 9, 2012 GARY COOK ATKINS I would if it were easier. I think I’ve switched banks twice in about 30 years and it was difficult. I switched after I found a better deal – I think it was the mortgage incentive that persuaded me. I would consider switching out of the big five high street chains, if [...]
Bovis enjoys robust trading July 9, 2012 Homebuilder Bovis Homes yesterday reported robust trading during the first half of the year and said housing market conditions in the UK remained stable. The Kent-based group completed 944 homes in the six months to 30 June compared with 801 homes a year ago. Average sales price during the period increased one per cent to [...]
Alcoa just beats forecasts as US earnings begin July 9, 2012 US BELLWETHER Alcoa posted a second-quarter loss yesterday as a slump in aluminium prices to near two-year lows last night offset growing demand in the aerospace and automobile markets. Excluding items, however, Alcoa earned $61m from continuing operations, or six cents per share, which beat Wall Street estimates of five cents per share. The company’s [...]
PTT extends Cove bid deadline in race against oil major Shell July 9, 2012 PTT Exploration and Production yesterday extended for a second time the deadline for investors to accept its $1.9bn (£1.2bn) offer for gas explorer Cove Energy, as it waits for rival suitor Shell to make its next move. The Thai company has been fighting with oil major Shell to buy Cove since February. Cove has huge [...]
US firms price listings as market shows life July 9, 2012 SOFTWARE security company Palo Alto Networks, online travel service Kayak Software and legendary guitar maker Fender yesterday set the expected price ranges for their initial public offerings, prodded by a successful debut by IT software company ServiceNow. Palo Alto Networks expects to sell 6.2m shares between $34-$37 each. At the high end of the price [...]
ADVISERS UBS July 9, 2012 JONATHAN Rowley, managing director mergers & acquisitions, is one of the UBS team advising PTT on its pursuit of Cove Energy. Rowley has also advised Altimo, the telecoms arm of Russia’s Alfa group, on the sale of its 25.1 per cent indirect equity stake in Russia’s MegaFon for $5.2bn, and Vodafone on its £1bn cash [...]
British Airways launches bond July 9, 2012 British Airways said yesterday it is looking to raise up to £250m by selling an innovative bond secured against 31 of its Heathrow landing slots. Investors in the bond, the final terms of which will be determined by market demand, will be given access to the assets of a BA subsidiary shell – including the [...]
Lord Browne invests in North Sea July 9, 2012 Riverstone Holdings, the private equity firm run by former BP boss Lord Browne, has made a $150m investment in private North Sea oil and gas company Fairfield Energy. Fairfield said yesterday Riverstone also had the option of an additional $200m in conjunction with any future contributions from current investors led by Warburg Pincus.
Rolls-Royce wins helicopter deal July 9, 2012 Engineer Rolls-Royce said yesterday it had sealed a $183m (£118m) helicopter contract with the US army. The contract will support 500 M250 engines on more than 300 OH-58D Kiowa Warrior scout helicopters. The company also revealed it has agreed a deal with Malaysia Airlines to service the Trent 900 engines.
