Private sector regains growth in the new year February 10, 2013 THE UK private sector surged back into growth in the first month of 2013, according to the results of a business survey out this morning. The Lloyds TSB purchasing managers’ index (PMI) climbed to 52 during January, the bank said, up from 49.9 in December and therefore through the crucial 50 barrier, into territory indicating [...]
Premier skips breakfast after £200m sell-off August 23, 2012 PREMIER FOODS yesterday said it had sold some of the UK’s best-known breakfast table staples including Hartley’s jam and Gale’s Honey to an American food group, in its latest efforts to pay down debts. Hain Celestial, the US organic products company, known for its Earth’s Best and Celestial Seasonings Brands, has agreed to pay around [...]
RBS traders sacked following investigation into Libor fixing July 1, 2012 FOUR traders at the Royal Bank of Scotland (RBS) have been sacked following an internal investigation into accusations that the company rigged the Libor interest rate, it emerged yesterday. It is understood that the dismissals took place in October and November last year. A spokesman for the bank confirmed that four people have left the [...]
RBS changes pension terms June 11, 2012 MORE THAN 48,000 staff at the Royal Bank of Scotland will have to work up to five years longer to qualify for their full pension unless they contribute five per cent of their savings, it emerged yesterday. The taxpayer-owned bank told staff it wants to raise the retirement age from 60 to 65 “to ensure [...]
Deal due next week for three Stansted suitors January 16, 2013 THREE suitors have made final bids for Stansted, valuing the north east London airport at around £1bn, two sources said yesterday. Macquarie, Malaysia Airport Holdings and Manchester Airports Group with its partner IFM are the three bidders left in the contest for the airport. A deal to buy the leisure travel-focused airport from Heathrow Airport [...]
RBS axes financial planner jobs as cuts under Hester hit 36,000 June 19, 2012 STATE-BACKED lender Royal Bank of Scotland is making more than 600 staff redundant as a result of legislation due to come into force at the end of the year, bringing total staff reductions at the bank since its 2008 bailout to around 36,000. RBS, 82 per cent owned by the government, said the jobs would [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 25, 2012 FINANCIAL TIMES Man Utd pauses US listing plans Manchester United has temporarily paused plans to launch its $300m initial public offering in the US, where market volatility has soared in recent days as macroeconomic fears hit share prices. The English football club had been looking to begin its investor roadshow as early as Monday of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 1, 2012 FINANCIAL TIMES Nationalising RBS on the table Senior government figures are discussing the possibility of fully nationalising Royal Bank of Scotland amid mounting frustration at banks’ failure to lend to British businesses. Cabinet ministers are having conversations about whether to spend around £5bn buying up the 18 per cent of the bank the government does [...]
RBS gears up to sell Direct Line May 29, 2012 ROYAL Bank of Scotland (RBS) yesterday appointed UBS to advise on the sale of Direct Line Group, the insurance division that it is preparing to take public. Although Direct Line Group would not comment on the appointment of UBS, City A.M. understands the bank have been appointed as joint bookrunners alongside Goldman Sachs and Morgan [...]
Jefferies profit falls but fixed income shines June 19, 2012 INVESTMENT bank Jefferies Group posted a lower profit yesterday on weak equity trading volumes and lower earnings from its underwriting business, but the company’s bond trading business recorded a robust quarter. As the first US investment bank to report earnings, Jefferies is often viewed as an indicator for larger Wall Street banks such as Goldman [...]