The father of the UK’s transport business sees recovery on the way July 25, 2010 Stagecoach’s chief executive Brian Souter has seen it all in the 30 years since he founded the bus and rail operator – but even he admits the industry is undergoing a difficult period. The transport sector, which is only just emerging from a painful recession, is about to face more pain. Chancellor George Osborne’s emergency [...]
Metro Bank targets 10pc of London market July 23, 2010 METRO Bank, which will be Britain’s first new High Street lender to launch in more than 100 years, has a long-term goal to grab up to 10 per cent of the capital’s retail and commercial banking market. “It is a reasonable aspiration to say that, after 10 years, we will have between five and 10 [...]
Bank and industry stocks up as FTSE 100 breaks 5,300 July 22, 2010 The FTSE 100 index jumped 1.9 per cent yesterday, boosted by strong banks ahead of today’s European stress test results, and by firmer miners and oils as US stocks rallied on earnings and data. Britain’s top share index closed up 99.17 points at 5,313.81, ending above 5,300 for the first time since 18 May, the [...]
Development Securities eyes £100m rights issue July 22, 2010 BRITISH property firm Development Securities yesterday said it planned to raise about £100m through a share placing and rights issue to fund future projects. The company, which specialises in office and retail development projects, said it would place about 4.1m shares at 250p a piece, a discount of 8.8 per cent to their closing price [...]
Land Secs set to restart its £350m mall July 21, 2010 THE UK’S largest real estate investment trust Land Securities will restart work on a £350m shopping centre in Leeds next month, in the biggest retail project seen outside of London since the recession. The property group said it waited until 47 per cent of the Trinity Leeds mall was let before agreeing a construction contract, [...]
CITY MOVES | WHO’S SWITCHING JOBS July 21, 2010 BANK OF IRELAND The bank has appointed Bill Greaves to the position of head of corporate banking in the UK. Greaves previously led the bank’s technology, media and telecoms team, which he established in early 2005 upon joining the group. Prior to that, he led the media team at Barclays. In his new role, he [...]
BANK CHIEF ‘OGRE’ GETS AN IMAGE OVERHAUL July 20, 2010 FAIRFAX chief executive Stefan Allesch-Taylor is on the blower following a story in this column yesterday about the boutique bank scouting around for a new investor – a move which could potentially usurp the big man’s family trust as the firm’s largest shareholder. Not that Allesch-Taylor’s particular beef is with the story itself, mind. He’s [...]
International Power in GDF merger talks July 19, 2010 BRITISH energy firm International Power (IP) confirmed it had revived merger talks with GDF Energy yesterday, sending its share price soaring. The companies have restarted long-running talks over France’s GDF buying up new shares in IP. Previous talks collapsed in January after the firms failed to agree terms. GDF, already one of the world’s largest [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 18, 2010 FINANCIAL TIMES MANDARINS TO BE OFFERED EARLY REDUNDANCY PAYOUTS Thousands of senior civil servants are being offered voluntary redundancy ahead of big cuts in their severance terms, sparking fears that some of Whitehall’s most talented officials could walk before the terms are reduced. The offers are less to do with the coalition’s plans to tackle [...]
London shops boom but UK sales stutter July 18, 2010 LONDON shops enjoyed June sales 14.4 per cent higher than a year ago, according to research out today. The shopping boom far outstrips the rest of the UK, where like-for-like growth was just 1.2 per cent, and represents the strongest sales growth in the capital since October 2006. Research by KPMG and the British Retail [...]