Editor's Picks
More US banks to sell shares
Monday 11 May 2009
Four more US banks have announced plans to issue shares to pay back loans they received under the government's Troubled Asset Relief Program.
Centrica takes 20% stake in British Energy
Monday 11 May 2009
UK gas supplier Centrica has agreed to buy a 20% stake in EDF-owned British Energy for £2.3bn.
Companies follow rights flurry
Monday 11 May 2009
The predicted second flurry of cash-calls is well under way with Lonmin and Travis Perkins announcing rightss, while there are rumours that Debenhams will follow soon.
Tullow says outlook 'very positive'
Monday 11 May 2009
Ireland-based Tullow Oil has performed strongly in 2009 to date and said the outlook for the rest of the year remains 'very positive'.
Enterprise calls time on its dividend
Monday 11 May 2009
Pubs group Enterprise Inns has called time on its dividend as it seeks to pay down its debt pile. The company announced an interim pre-tax profit of £103m, in line with market expectations but down from £132m a year earlier. The profit figure excludes exceptional items principally relating to a reduction in the value of the pub estate; statutory pre-tax profit was £9m, versus £122m a year earlier.
Travis Perkins raises £300m
Monday 11 May 2009
Building materials supplier Travis Perkins has launched fully underwritten 7 for 10 Rights Issue to raise £314m gross and £300m net.
Lonmin in $457m cash call
Monday 11 May 2009
Platinum miner Lonmin has announced a rights issue to raise $457m after seeing its cash position hit hard by sliding prices for the precious metal.
Lonmin in $457m cash call
Friday 08 May 2009
Platinum miner Lonmin has announced a rights issue to raise $457m after seeing its cash position hit hard by sliding prices for the precious metal.
Banks resist management overhaul
Friday 08 May 2009
As Royal Bank of Scotland this week completed the clearout of the old executive board, which under chief executive Fred Goodwin brought the now state-owned lender to its knees, other UK banks continue to resist major boardroom changes.
90%ers stage impressive rally
Friday 08 May 2009
It used to be the least fashionable club in town, where membership stemmed from bad luck, bad management, bad timing or in some cases all three.
Centrica takes 20% stake in British Energy
Friday 08 May 2009
UK gas supplier Centrica has agreed to buy a 20% stake in EDF-owned British Energy for £2.3bn. As part of the deal, France's EDF will buy Centrica's 51% in Belgian generation and supply business SPE for £1.3bn. EDF and Centrica will also form an 80/20 joint venture to pursue a planned programme to build four new nuclear power stations in the UK.
BoE to pump extra £50bn into economy
Thursday 07 May 2009
Few were surprised by the Bank of England’s decision to keep interest rates at a record low of 0.5% today, but the additional £50bn set aside for its programme of quantitative easing (QE) was unexpected. Policymakers voted to increase the size of the QE programme, aimed at boosting the supply of money into the system, from £75bn to a total of £125bn.
Taylor Wimpey confirms £510m cash call
Thursday 07 May 2009
Beleaguered housebuilder Taylor Wimpey is to raise over £500m through a heavily discounted placing and open offer.
Ten US banks need extra $75bn
Thursday 07 May 2009
Ten of the US's largest banks need a further $74.6bn to meet the government's stress test for withstanding the current recession.
FTSE recovery passes 1,000 points
Wednesday 06 May 2009
The FTSE 100 took its rally to more than 1,000 points, or 30%, this week, a feat achieved in a little under two months. Who’d have thought we’re in the middle of a recession?
RBS concludes management overhaul
Wednesday 06 May 2009
The impending departure of Gordon Pell concludes the recent clearout of the old executive board that under chief executive Fred Goodwin brought the now state-owned Royal Bank of Scotland to its knees.
Market welcomes Aviva's reduced offer
Wednesday 06 May 2009
Policyholders’ champion Clare Spottiswoode has approved a new orphan assets distribution deal for one million Aviva customers, even though the terms are significantly lower than a deal the insurer originally proposed in July 2008. Aviva expects to pay out around £400m in incentive payments to policyholders, less than half the amount it was originally preparing to pay out.
House prices and services survey offer hope
Wednesday 06 May 2009
Further signs have emerged that Britain’s economy is shaping up for a recovery, with a more modest drop in house prices last month and another improvement in the services sector.
BofA faces $35bn capital shortfall
Wednesday 06 May 2009
Bank of America has reportedly been told by US regulators that it will have to raise up to $35bn to cover potential future losses based on results of the government's “stress test.”
Next raises forecasts after better Q1
Wednesday 06 May 2009
Fashion retailer Next has upped first half sales and profit forecasts following a better than expected first quarter that saw sales at Next Retail fall less than feared. Like for like sales there dropped 2.3% in the 14 weeks to 2 May versus estimates for a fall of between 6% and 9% for the first six months. Like for like sales are now seen down by 4-7% at the interim stage
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