State-owned banks lag their peers February 21, 2010 BANKS were the star performers in the FTSE 100 last week, after Barclays reported its best ever profit of £11.6bn in 2009, an increase of 92 per cent in just 12 months. This week the focus shifts to RBS and Lloyds Banking Group, who will announce earnings on Thursday and Friday respectively. After the turmoil [...]
Retail sales down by 1.8pc February 19, 2010 UK retail sales fell by 1.8 per cent between December and January – the biggest drop in 18 months – according to official figures. The reduction in sales volumes in the month after the Christmas period plunged three times faster than analysts had forecast. The Office for National Statistics (ONS) report said unusually heavy snow [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 18, 2010 FINANCIAL TIMES RIPOSTE BY 60 ECONOMISTS TO CALL FOR CUTS More than 60 leading economists have backed Alistair Darling’s decision to delay spending cuts until 2011, creating a dividing line within the profession on the crucial general election issue of how to tackle the UK’s huge public debt. Two letters in today’s Financial Times warn [...]
Lloyds Banking Group to dole out £200m to staff February 18, 2010 LLOYDS Banking Group is set to dish out around £200m to staff in its upcoming annual bonus round, it emerged yesterday. The bonus pool is significantly lower than the pot at Barclays and RBS, due to the fact that most of Lloyds’ 120,000 UK staff work in the retail and commercial bank and earn an [...]
Firms look to offload pension liabilities as burden intensifies February 18, 2010 ALMOST two fifths of UK firms plan to offload some of their dangerously bloated pension scheme liabilities within the next three years, paying a massive premium to insurance companies to take them off their books. One in ten expect to completely shift their pension pots to an insurance firm by 2013, according to the research [...]
New directors on board at Pearl as it heads for UK float February 18, 2010 FUND management and insurance group Pearl yesterday said it was pressing ahead with a London stock market flotation despite its well-publicised wrangle with bondholders. The company, which is being renamed as Phoenix, is not raising any new capital at the time of its listing. Shareholders Liberty Acquisitions and Hugh Osmond, the group’s founder, do not [...]
CPP hopes to buck the trend of IPO failures in March listing February 18, 2010 INSURANCE firm CPP will brave choppy IPO waters with a March flotation. It has not announced how much it plans to raise but City A.M. has learned the firm hopes to issue up to £30m from new shares, valuing it at £450m. It is believed owner and founder Hamish Ogston will also sell a £150m [...]
London hits one-month high led by miners and oil stocks February 18, 2010 BRITAIN’S top share index hit a one-month closing high yesterday, extending its advance into a fourth consecutive session, led by commodity stocks on firmer metals and oil prices, and with banks also in demand. The FTSE 100 index closed up 48.45 points, or 0.9 per cent, at 5,325.09, its highest close since Jan. 21, after [...]
MPC in unanimous decision to pause QE programmes February 17, 2010 THE Bank of England’s Monetary Policy Committee (MPC) was united in its decision to pause its quantitative easing programme earlier this month, but minutes of the meeting indicated that for some members, the decision was a difficult one. The minutes showed that all nine members voted in favour of holding rates at 0.5 per cent and [...]
Man Group rises on bid talk February 17, 2010 SHARES in Man Group jumped 5.2 per cent yesterday as rumours of a takeover bid from American money manager BlackRock swirled through the City. The British hedge fund’s paper gained 11.8p to close at 239.6p, although analysts were sceptical about the prospects of an offer. BlackRock has pulled off large deals in the past, merging [...]