CITY VIEWS: IS ENOUGH BEING DONE TO HELP VAUXHALL WORKERS? June 1, 2009 ROY SUDEEPTO INDEPENDENT BANKING ANALYST“This had to come, but its unfortunate that the industry didn’t see it coming. It’s really a natural reorganisation of supply and demand, a restructuring of the economy. I do feel for the workers who have lost their jobs but the car industry didn’t have a sustainable model. It has been [...]
Lloyds seeks Insight bids June 1, 2009 LLOYDS Banking Group is understood to be seeking bidders for Insight, the asset management group it acquired as part of the takeover of HBOS, as it continues efforts to rid itself of troublesome assets. Deutsche Bank, which advises HBOS, has been sounding out fund managers about the possibility of buying the unit, sources said yesterday, [...]
BBC fights back on local news sharing June 1, 2009 TALKS between the BBC and ITV to create a cost-cutting regional news partnership have hit a stumbling block, with the BBC disputing operating cost estimates provided by the broadcasting regulator, Ofcom. Ofcom has said that a basic schedule for the service would cost between £40m and £60m a year, with a fuller service costing up [...]
Lookers agrees refinancing deal to cut debt by 30m as car dealers struggle June 1, 2009 CAR dealer Lookers said yesterday it agreed a refinancing deal to slash its debt by around £30m, as it reported a slump in profits. Lenders agreed to the £210m refinancing deal on the condition that Lookers suspended its dividend payouts until June 2010. It added it would only return to a progressive dividend policy when [...]
KKR in $1.2bn loss as investments dive June 1, 2009 KOHLBERG Kravis Roberts (KKR), the US private equity giant founded by “buyout king” Henry Kravis, yesterday reported a $1.2bn (£729m) loss for last year, blaming the effects of the economic downturn on its investments. In its annual update to investors, the New York-based group said total annual fee income fell 27 per cent to $640m [...]
Asda’s staff cash in on shares June 1, 2009 Supermarket retailer Asda today has announced that over 16,500 colleagues will share in a £43m payout thanks to the company’s Sharesave plan. This years plan will be the largest ever payout since Wal-Mart acquired Asda in 1999. The current stock price means all investors will receive a 150 per cent return on their monthly investments. [...]
Rio Tinto settles iron contracts June 1, 2009 Mining giant Rio Tinto, the world’s second-biggest iron ore producer, said yesterday it had settled supply contracts with most major Asian customers on its iron prices. The deal comes about a week after a deal was reached with Japanese manufacturers. Rio’s Hammersley Iron unit also struck a deal with Taiwan’s Dragon Steel company. Negotiations continue [...]
Goldman to raise 1bn by selling part of ICBC stake June 1, 2009 GOLDMAN Sachs is selling up to about $1.9bn (£1.15bn) worth of shares in Industrial and Commercial Bank of China at a discount of between four and six per cent to the Chinese lender’s losing price yesterday. The shares represent nearly 20 per cent of Goldman’s 4.93 per cent stake in the Chinese bank, which is [...]
Posties vote for strike action June 1, 2009 Postal workers in London have voted overwhelmingly in favour of striking over job cuts and cost-savings, according to the Communication Workers Union. Members backed the strike action by 9-1, the CWU said. The news comes as the government presses ahead with plans to part privatise Royal Mail, despite opposition from backbenchers.
Arrears in prime mortgages are on the up, while house prices stabilise June 1, 2009 ARREARS in residential prime mortgage backed securities were on the up in the first quarter, Moody’s latest report showed yesterday. The data showed that arrears within prime securities have gone up in each quarter since 2007. In the first three months of 2009, 1.66 per cent of current balance of securitised mortgages were in arrears, [...]
