FTSE dips as banks come under pressure February 8, 2011 The FTSE 100 dipped this morning despite strong results from Xstrata and BG Group. The index has gained in four out of the last five trading sessions – regularly surpassing the 6,000 barrier, but banking stocks were among the poorest performers today. Commodities dipped as the price of copper came down after a record high [...]
Consumer credit spikes in US February 7, 2011 American consumers boosted their credit card debt in December for the first time since August 2008, official data showed yesterday. Revolving credit card debt climbed by $3.5bn (£2.16bn), while total credit outstanding climbed $6.1bn, well above the expectations of most economists. “We expect the headline series to increase further in the coming months,” said Barclays’ [...]
Rexam stock jumps on talk of £200m sale deal February 7, 2011 SHARES in Rexam soared yesterday after the British can maker confirmed plans to sell its beverage and specialties arm in a deal that could be worth £200m. The shares rose nearly five per cent in early trading, before closing the day up 3.4 per cent from Friday’s close at 368.9p. Rexam is believed to have [...]
Qinetiq secures early refinancing to aid growth during defence spending cuts February 7, 2011 DEFENCE technology group QinetiQ said yesterday it has completed the early refinancing of its £275m credit facility to help the firm advance amid looming cuts to government defence budgets and an ongoing restructuring. FTSE 250-listed QinetiQ has renewed the revolving facility, which was due to mature in August 2012, with a syndicate of banks made [...]
Hunger for mining shares sees FTSE stay above 6,000 level February 7, 2011 MINERS lifted Britain’s top share index higher yesterday, driven by record metal prices and results from Randgold. The FTSE 100 closed 53.65 points, or 0.9 per cent, firmer at 6,051.03, its highest finish since 18 January and marking the fourth gain in the past five trading days. “A fresh year high is being eyed with [...]
Berggruen to float cash shell on LSE February 6, 2011 THE “homeless billionaire” Nicolas Berggruen is to float a cash shell on the London Stock Exchange. He will seek £700m from investors for his Justice investment vehicle, which he plans to use to make an acquisition worth between £1bn and £5bn. It is understood Lord Myners, who was appointed City minister in 2008 under the [...]
Time running out for Merlin February 6, 2011 THE Treasury is anxious to get banks to agree to an industry-wide lending commitment under “Project Merlin” before earnings season starts. But time is running out for the initiative to improve the industry’s image. Barclays will kick off the major UK banks’ full-year results season next Tuesday, with its new chief executive Bob Diamond expected to receive [...]
Barclays joins £115m Daisy loan syndicate February 6, 2011 BUSINESS telecoms group Daisy has secured an additional £40m credit facility to help fund further acquisitions, the firm will announce today. AIM-listed Daisy has brought in Barclays as the fourth lender in its syndicate, which also includes Lloyds TSB, Yorkshire Bank and HSBC. Daisy now has access to £115m through the credit facility. Chief financial [...]
Rexam may sell beverages arm February 6, 2011 BRITISH can maker Rexam has appointed Barclays Capital to sell its beverage and specialties arm in a deal that could be worth £200m. Final bids for the business, which makes lids for drink and food containers, are expected this week. A Rexam spokesman said that the company was considering options for the unit. Shares in [...]
BEST OF THE BROKERS February 6, 2011 BG GROUP Deutsche Bank rates the oil explorer “buy” with a target price of £13.34. The broker expects BG to report upstream production growth when it brings out fourth quarter results tomorrow, with a predicted 12 per cent rise in profit for the division. DB also forecasts stellar reserves growth given recent finds in Tanzania [...]