Editor's Picks
Government mulls Northern Rock disposal
Tuesday 09 Jun 2009
Nationalised bank Northern Rock could be returned to private ownership as soon as the autumn, reports today suggest. According to the Times, the government is eager to sell Northern Rock to the private sector at a profit to prove to voters that prime minister Gordon Brown has overcome the financial crisis.
Treasury approves ten banks to repay TARP
Tuesday 09 Jun 2009
The Treasury Department has approved ten US banks to start repaying the bailout money they received last Autumn.
BSkyB shrugs off competition again
Tuesday 09 Jun 2009
Setanta looks to be on its last legs; another sports broadcaster that tried to take on BSkyB and seemingly failed.
C&G joins High Street graveyard
Tuesday 09 Jun 2009
There’s little room for sentimentality in business, especially in the middle of the worst recession for decades, so Lloyds’ decision to close all 164 Cheltenham & Gloucester (C&G) branches by November should come as little surprise.
Lloyds axes 1,660 jobs in C&G closures
Tuesday 09 Jun 2009
Lloyds Banking confirmed it is axing a further 1,660 jobs and close the branch network of Cheltenham & Gloucester. The part-nationalised bank will close all 164 of the C&G's branches across the UK in November as part of a deep retrenchment programme following the disastrous acquisition of HBOS. That process has seen nearly 3,000 jobs go already.
Thomas Cook owner Arcandor in bankruptcy
Tuesday 09 Jun 2009
German retail giant Arcandor, which owns department-store chain Karstadt and a majority stake in UK holiday firm Thomas Cook, has filed for bankruptcy after the German government rejected calls for state aid.
C&G joins High Street graveyard
Tuesday 09 Jun 2009
There’s little room for sentimentality in business, especially in the middle of the worst recession for decades, so Lloyds’ decision to close all 164 Cheltenham & Gloucester (C&G) branches by November should come as little surprise.
Retail sales fall in May
Tuesday 09 Jun 2009
Retail sales fell in May against strong comparatives last year, according to a survey from the British Retail Consortium.
Interest in property nears 10-year high
Tuesday 09 Jun 2009
A sharp increase in the number of potential new buyers and lack of homes for sale has slowed the slump in house prices in England and Wales to a 1½ year low. In further evidence that the housing market may have bottomed out, the Royal Institution of Chartered Surveyors' monthly house price balance rose to -44.last month from -58.7 in April. That’s the strongest read since November 2007
Heritage Oil shares Turkish merger delight
Tuesday 09 Jun 2009
Heritage Oil is merging with Turkish exploration and production group Genel Energy to create an oil company big enough to join London’s FTSE 100 index. The UK firm, worth £1.5bn before its shares were suspended last week pending an announcement, will issue 260m shares, or 100% of its value, in exchange for Genel
Sterling keeps sliding after Labour rout
Monday 08 Jun 2009
Currency movements are usually explained by rather dry data such as purchasing managers’ index readings, consumer confidence figures and mortgage approval rates.
Hornby returns to take top job
Monday 08 Jun 2009
Eyebrows were raised this morning when Andy Hornby was confirmed as the new chief executive of healthcare chain Alliance Boots.
Van firm LDV collapses
Monday 08 Jun 2009
Van maker LDV has gone into administration, putting 850 jobs at risk, although the figure could be nearer 5,000 including its dealership and supply network.
Van firm LDV in administration
Monday 08 Jun 2009
Van maker LDV has gone into administration, putting 850 jobs at risk, although the figure could be nearer 5,000 including its dealership and supply network.
Van firm LDV in administration
Monday 08 Jun 2009
Van maker LDV has gone into administration, putting 850 jobs at risk, although the figure could be nearer 5,000 including its dealership and supply network.
Van firm LDV in administration
Friday 05 Jun 2009
Van maker LDV has gone into administration, putting 850 jobs at risk, although the figure could be nearer 5,000 including its dealership and supply network.
Sterling under the cosh as Brown holds on
Friday 05 Jun 2009
When political developments start to influence financial markets, you can tell that something really important is afoot.
Lloyds' open offer gets 87% acceptances
Friday 05 Jun 2009
Part-nationalised bank Lloyds Banking said its compensatory open offer received acceptances in respect of 87% of the shares on offer. The joint book-runners of the issue will now attempt to place the unsold shares in the market at a price of not less than 38.3p, being the price at which the shares were offered to Lloyds’ shareholders.
Rio Tinto launches $15.2bn rights after ending Chinalco deal
Thursday 04 Jun 2009
Rio Tinto has scrapped its controversial $19.5bn refinancing deal with Chinese firm Chinalco and instead launched a $15.2bn rights issue and a merger of its West Australia iron ore assets with those of bitter rival BHP Billiton. Terms of the rights are 21 New Rio Tinto plc Shares for every 40 existing shares at 1,400 pence per share, a 48% discount.
UK new car sales fall 24.8%
Thursday 04 Jun 2009
UK car sales fell 24.8% in May, the 13th straight decline in monthly new car sales, as the industry continues to suffer from the poor economic conditions, according to industry figures.
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