Union climbdown saves Grangemouth refinery October 25, 2013 Sources have told Sky that the Grangemouth refinery will be saved in a last-minute deal. The Unite union confirmed that it has accepted the survival plan proposed by Ineos in a dramatic U-turn. On Friday Unite offered a two-year no-strike deal in an attempt to prevent the closure of the Grangemouth refinery, MP Michael [...]
New questions asked of Royal Mail sale price October 24, 2013 THE CONTROVERSY over the sale of Royal Mail erupted again yesterday when Sky News reported that JP Morgan had valued the company as highly as £9bn as part of a pitch to advise on the transaction. JP Morgan, which did not get taken on to advise on the flotation, declined to comment. In the end the bankers [...]
Move into the heart of city living October 24, 2013 Make a smart international investment or simply live among some of the world’s most famous landmarks There are certain things non-Londoners take for granted that seem like every-day miracles to those living in the capital. Walking to work is one of them – the morning commute is inescapable in the Big Smoke. You can also [...]
JP Morgan valued Royal Mail sale at up to £10bn October 24, 2013 JP Morgan told the government earlier this year that it thought Royal Mail could have an equity value of around £7.75bn to £9.95bn, according to Sky News City editor Mark Kleinman. The government floated the company at £3.3bn earlier this month, launching shares at 330p. Taking into account the company's approximately £800m of net debt, [...]
Barclays set to fight bonus cap October 23, 2013 TOP BANKERS could receive a different pay packet every month under a new scheme that Barclays is considering to side-step Europe’s bonus cap, it emerged yesterday. Sources at Barclays think they have found a way around the rule, topping up salaries with a monthly cash payment based on performance. They hope it may avoid the [...]
Inside Track: Co-op should hire a banker as chair to improve its name October 23, 2013 "PLAN A is dead, long live Plan A", was the phrase uttered by one Co-operative Group adviser as the details of its revised restructuring emerged on Monday morning. Er, not quite. As accustomed as the mutual’s new management has had to become to putting a brave face on an ugly balance sheet, this was a [...]
Metro Bank may float as it gains more customers October 22, 2013 METRO Bank reported a 75 per cent rise in customer numbers in the first three quarters of the year yesterday. The strong growth figures prompted the bank to write to shareholders to tell them it is considering floating on the stock market to raise more funds. Metro now has 238,000 current accounts across its business and [...]
Becker raises doubts over Federer’s Olympic ambition October 21, 2013 LONDON 2012 silver medallist Roger Federer hopes to play at the Rio Olympics in 2016, but former world No1 Boris Becker believes that ambition is “far fetched”. Federer reached the Swiss Indoors second round yesterday to maintain his charge towards the World Tour finals at the O2 Arena. But after a forgettable year for the [...]
Mutual to own just 30 per cent of Co-op Bank after rescue plan October 21, 2013 The Co-operative Bank will cease to be majority owned by its mutual parent after a drastic rescue plan is finalised, according to reports by Sky News City editor Mark Kleinman. After revealing a £1.5bn capital black hole in June the troubled bank has looked for investment to plug the gap. This morning it announced that [...]
Bank policymaker says rates can start to rise without problems October 20, 2013 THE Bank of England (BoE) has some leeway to raise record low interest rates without causing pain to borrowers who have entered the housing market with the help of government lending schemes, BoE policymaker Ben Broadbent said in an interview yesterday. “The Bank of England has been around for over 300 years and we’ve never [...]