Editor's Picks
Marston's wrong-foots income investors
Sunday 21 Jun 2009
It is only a month since pub group Marston’s maintained a dividend payment which many observers believed it could not afford. Perhaps the sceptics were right, seeing as Marston’s announced today that it would be asking shareholders to support a chunky rights issue.
Stanford arrested over fraud allegations
Friday 19 Jun 2009
Sir Allen Stanford has handed himself to the US authorities and is expected to appear in a federal court in Virginia on Friday.
Xstrata confirms Anglo merger approach
Thursday 18 Jun 2009
Swiss-based mining giant Xstrata has confirmed an approach to rival Anglo American over a possible merger, but so far has received a lukewarm response from the London-based, but South African dominated group. In a statement, Xstrata said a merger was “highly compelling” and would provide “enhanced scale and financial flexibility to fund future growth”.
More lenders hike fixed-rate deals
Thursday 18 Jun 2009
More big mortgage lenders this week announced plans to hike the cost of their fixed rate home loans, making it far more expensive for homeowners reaching the end of their current deal to buy into the security of a fixed deal.
Public borrowing at new record high
Thursday 18 Jun 2009
The recession has left Britain’s public finances in a worse state than expected, with public borrowing soaring to a record £19.9bn in May. Public sector net borrowing now stands at over £30bn just two months in to the financial year. Borrowing was an upwardly revised £10.6bn in April. This year’s figure to date is more than twice the number recorded at the same stage in 2008
£9.6m pay deal for new RBS chief
Thursday 18 Jun 2009
Royal Bank of Scotland chief executive Stephen Hester is set to be awarded a £9.6m pay and incentives package.
BoE chief seeks more powers
Thursday 18 Jun 2009
Governor of the Bank of England Mervyn King called for more powers to clamp down on banks, which seemed to be at odds with the views of chancellor Alistair Darling.
Marston's announces £176m rights
Thursday 18 Jun 2009
Pub group and real ale brewer Marston’s announced a fully underwritten 11 for 10 rights issue to raise gross proceeds of approximately £176m.
Investors find cash to invest in rights
Thursday 18 Jun 2009
With two more companies joining the rights rush this week, taking the total raised above £35bn, questions are being asked as to where the money is coming from.
Unemployment hits 12-year high
Wednesday 17 Jun 2009
UK unemployment hit 12-year highs in May but fewer people than expected claimed jobless benefits. The Office for National Statistics said UK unemployment rose to 2.26m in the three months to April, the highest since November 1996. The jobless rate rose to 7.2% in the same period but it was less than expected. People claiming unemployment benefit rose by 39,300
Darling to tone down bank regulation
Wednesday 17 Jun 2009
Alistair Darling is expected to emphasise it is the role of the bank directors to control their behaviour in his annual Mansion House speech this evening rather than advocate new heavyweight regulation.
Sainsbury's prices placing at 310p
Wednesday 17 Jun 2009
J Sainsbury has raised £242m from a placing of 78.1m shares at 310p each just hours after announcing plans to speed up growth. Britain’s third-largest supermarket had wanted £445m from a placing and offering of convertible bonds. It wants to increase its planned gross space growth over the next two years from 10% to 15%, adding 2.5 million sq ft of additional selling space by March 2011
Sainsbury's raising £445m to accelerate growth
Wednesday 17 Jun 2009
Supermarket chain J Sainsbury is raising £445m via a placing and offering of convertible bonds to speed up growth and take advantage of the weak property market. It will pull in £255m from a placing and £190m from the bond offer. Sainsbury’s wants to increase its planned gross space growth over the next two years from 10% to 15%, adding 2.5 million sq ft of additional selling space by March 2011
BBC licence fee surplus to fund 'Digital Britain'
Tuesday 16 Jun 2009
Part of the BBC licence fee will be used to fund universal broadband access and ITV regional news services, the government confirmed today as it unveiled its Digital Britain report. The report also proposed a 50p-a-month levy on all fixed telephone lines to help fund high speed broadband across Britain. The government will discuss with the BBC Trust how the expected £200m
BA asks staff to work month unpaid
Tuesday 16 Jun 2009
British Airways boss Willie Walsh has asked 40,000 staff to consider working for nothing for a month to aid the company's "fight for survival". Walsh had already asked BA staff to accept a pay freeze or take unpaid leave, but this latest plea goes a step further. Walsh, who along with finance director Keith Williams, has publicly waived his salary for July, made the remarkable request
GM selling Saab to Koenigsegg
Tuesday 16 Jun 2009
General Motors has agreed to sell Saab to Swedish luxury sports car maker Koenigsegg, it’s been revealed today.
Tullow strikes again in Uganda
Tuesday 16 Jun 2009
Tullow Oil’s Kigogole-3 exploration well in the Butiaba region of Uganda Block 2 has found oil.
Punch may temper pub sales after cash-call
Monday 15 Jun 2009
Having seemingly distanced itself from a rights issue a month ago, Punch Taverns has today announced plans to raise around £350m, via a placing and open offer, to pay off some of its debt.
Setanta gets deadline for Premiership cash
Monday 15 Jun 2009
Troubled sports broadcaster Setanta has been given until Friday to come up with the £30m it owes the English Premier League, or lose next season’s games.
Scrappage scheme attracts 60,000 car buyers
Monday 15 Jun 2009
The UK government’s car scrappage scheme has attracted over 60,000 orders since it began at the end of April, according to figures out today.
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