Editor's Picks
Cameron warns of "painful" cuts
Monday 07 Jun 2010
Prime Minister David Cameron warned “painful” cuts will be needed to tackle Britain’s budget deficit. Cameron said the country’s economic problems were “even worse” than thought and the cuts needed to correct it will affect everyone’s “way of life.” He blamed Labour for “reckless” spending and said unless action was taken, the UK would pay £70bn a year interest on its debt by 2015.
Prudential unveils bumper figures ahead of AGM
Monday 07 Jun 2010
Life group Prudential moved to head off likely calls for the replacement of its senior management at its AGM today by revealing strong trading figures for April and May. Sales for the first five months of 2010 rose 27% to £1.37bn, with Asia and the US the main drivers. Asia sales rose by 33% to £579m and US sales by 41% to £454m. The UK was steady, with sales up 4% to £322m
Hornby going for Olympic victory
Friday 04 Jun 2010
Train set-maker Hornby might not seem like the sort of company to benefit from the 2012 London Olympics, but it has a range of products that should enable it to tap into the excitement engendered by that much-anticipated sporting event.
G20 switches focus to deficits
Friday 04 Jun 2010
Finance minsters from the World's leading twenty countries have urged governments to make made tackling the sovereign debt crisis their top priority, switching the emphasis away from economic stimulus. “The recent events highlight the importance of sustainable public finances and the need for our countries to put in place credible, growth-friendly measures, to deliver fiscal sustainability,”
Hornby already enjoying Olympics boost
Friday 04 Jun 2010
Hornby, the toy company that owns the Scalextric, Corgi and Airfix brands, said it is already seeing significant interest in its London Olympics product range from retailers and consumers.
Rockhopper leaps again after Falkland upgrade
Friday 04 Jun 2010
Shares in Rockhopper Exploration have increased eight-fold over the last month and were on the rise again on Friday after the North Falkland Basin oil and gas exploration company gave an update on its Sea Lion prospect.
BP to brief coalition after latest attempt to stop leak
Friday 04 Jun 2010
BP is due to bring the British government up to speed on the oil spill in the Gulf of Mexico today as it waits to find out whether a capping device over the well has plugged the leak. BP’s director of security and public affairs and a former deputy head of MI6, will appraise officials from the No 10 Policy Unit this morning, according to reports
Pension funds fret over BP divi
Friday 04 Jun 2010
UK pension funds were on tenterhooks today, waiting for an indication on BP’s plans for future dividend payments, but they will have to stay on edge until July according to the oil giant’s chairman Carl Henrik Svanberg.
BP agrees to fund $360m barrier proposal
Thursday 03 Jun 2010
BP has agreed to fund the six sections of the Louisiana barrier islands proposal, which is estimated to cost the oil explorer $360m.
JP Morgan hit with record £33m fine
Thursday 03 Jun 2010
JP Morgan Securities, the UK arm of American investment bank, has been hit with a record £33.3m fine by the financial regulator after it mixed clients money with its own funds. The FSA said its rules state clearly that client money must held in segregated accounts with trust status to protect it in the event the firm becomes insolvent
Bad weather weighs on Kingfisher LFL sales
Thursday 03 Jun 2010
DIY retailer Kingfisher, which owns the B&Q chain in the UK, reported a 1.8% decline in like for like (LFL) sales in the first quarter in which adverse weather conditions across Europe and ongoing economic uncertainty impacted consumer demand.
Xstrata halts Australian investment on tax uncertainty
Thursday 03 Jun 2010
Xstrata has suspended A$586m of expenditure on Australian projects, saying neither will be viable under the government's proposed tax on super profits. The miner said it will stop spending the money on two of its major projects in Australia's Queensland state with immediate effect. Together these two projects in Queensland would have created 3,250 new jobs
Prudential pair defy mob after AIA bid fails
Wednesday 02 Jun 2010
With the collapse of Prudential’s overambitious bid to buy AIG’s Asian operations come the recriminations. Both the $35.5bn deal’s architect, chief executive Tidjane Thiam (pictured), and chairman, Harvey McGrath, face the wrath of the mob after their Asian adventure ended in embarrassment today. If the pair are still around next Monday, Pru's AGM in London should prove to be a lively affair
AG Barr cheers good start to the year
Wednesday 02 Jun 2010
Scottish soft drinks maker AG Barr said it has made a good start to the year, thanks to strong performances by its Irn Bru and Rubicon brands.
Criminal investigation into BP oil disaster begins
Wednesday 02 Jun 2010
BP saw billions wiped off its share price on Tuesday then found out late last night that US authorities have launched a criminal investigation into the Deepwater Horizon oil disaster.
Prudential abandons AIA deal
Wednesday 02 Jun 2010
Prudential was this morning facing calls for a clear-out of its senior management after it scrapped it contentious plans to buy AIG's Asian arm (AIA). In a statement, chairman Harvey McGrath said the Pru took the decision to withdraw after failing to negotiate a cut in the $35.5bn purchase price for AIA. The Pru's $21bn right issue to finance the deal will now also be scrapped.
House prices rally a touch
Tuesday 01 Jun 2010
House prices in England and Wales rose in April, reversing a slight fall in March, as house prices in London continued to pick up, according to the latest survey from the Land Registry.
AIG snub ‘kills’ Pru deal
Tuesday 01 Jun 2010
Prudential’s bid for American International Group’s Asian business is in disarray after the US insurer refused to renegotiate the $35.5bn offer. “We believe that it has effectively killed the deal,” said Panmure Gordon. “Unless AIG have a change of mind we believe that the deal will collapse as Pru will be unable to garner sufficient support to proceed with the acquisition.”
Premium broker tips: Daily Mail cheers JPM and Citi
Tuesday 01 Jun 2010
Last week’s ‘very reassuring’ full year results from DMGT prompted JP Morgan to lift its target price on the Daily Mail publisher to 615p from 585p.
Services sector shows worrying decline
Tuesday 01 Jun 2010
Fears that the UK's economic recovery may be faltering heightened as the latest survey from employers' organisation the CBI showed sales stalling across a range of service companies and sectors.
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