Barclays clocks largest UK exposure to Greece April 28, 2010 BARCLAYS is likely to be hit the hardest of all the UK banks in the event of a Greek debt default, according to estimates released yesterday. Analysts at Evolution Securities calculated Barclays’ exposure to Greek bonds at €4.6bn (£4.0bn), or 10 per cent of tangible net asset value (tNAV), due to Barclays Capital’s position as [...]
Marwyn makes Tarmac offer April 22, 2010 ACQUISITIONS vehicle Marwyn Materials has approached mining giant Anglo American with an offer to buy Tarmac and spin it off in a listing. The miner has wanted to sell off the building materials company for years, but waited for the economic recovery to get a good price. “As we have said, we will divest of [...]
Australian mining tax and Greece’s EU bailout drag FTSE to a two-month low May 4, 2010 BRITAIN’S top share index fell sharply yesterday to a two-month closing low as Eurozone debt contagion fears grew, hurting banks, and with miners hit by an Australian mining tax and concerns over tightening in China. The FTSE 100 closed down 142.18 points, or 2.6 per cent, at 5,411.11, its lowest close since early March. The [...]
How to learn from Capello’s mistakes June 30, 2010 POOR defending, non-existent marking, a lack of passion – there are numerous reasons for England’s horrible World Cup performance. Interestingly, though, many have argued that all the problems on the field were symptoms of troubles off it. The team, it appears, didn’t get on with the manager. Capello’s boot-camp culture clashed with the laid-back attitude [...]
FTSE falls for fourth day as fears over scale of Greek crisis continue to weigh May 6, 2010 BRITAIN’S leading shares fell for the fourth straight session yesterday, led by banks and miners weighed by uncertainty over euro zone debt concerns, as Britain’s electorate went to the polls. The FTSE 100 index closed down 80.94 points, or 1.5 per cent, at 5,260.99 just above a support level of 5,259 given by analysts. The [...]
Miners and banks help FTSE overturn three days of losses May 24, 2010 BRITAIN’S top shares broke a three-day losing streak yesterday as miners spurred by upbeat comments from China, outpaced falls in oils led by BP as concerns lingered over the Gulf of Mexico oil disaster. The FTSE 100 ended 6.68 points or 0.1 per cent higher at 5,026.44, in choppy trade. The index is down more [...]
FTSE 100 hit by falling banks as fears over Eurozone debt contagion continue May 5, 2010 BRITAIN’S top shares index shed 1.3 per cent yesterday laid low by weaker banks, as Eurozone debt contagion concerns intensified and Moody’s warned that Portugal’s debt could be downgraded. The FTSE 100 ended down 69.18 points at 5,341.93, a fourth consecutive session of falls, closing at a level not seen since 25 February. The FTSE [...]
FTSE boosted by strong results from UK companies and Greek debt rescue April 29, 2010 BRITAIN’S top share index rose yesterday, buoyed by consensus beating results from UK corporates and as anxiety over the Eurozone’s debt crisis eased, though BP sank as a major oil spill worsens. The FTSE 100 closed up 31.23 points, or 0.6 per cent, at 5,617.84, but the index remains down 1.9 per cent on the [...]
Why Pru’s chair and CEO must resign June 1, 2010 WHAT a mess. Prudential’s entire strategy lies in tatters, its supposedly transformative $35.5bn bid for AIG’s Asian operations all but over. The firm’s last-ditch attempts at cajoling the US government, AIG’s majority shareholder, into cutting AIA’s price never got off the ground. The deal’s demise is a victory for shareholders and London’s long-suffering institutional investors, [...]
National Grid unveils £3bn rights issue May 20, 2010 UTILITIES giant National Grid yesterday shocked the market by revealing plans to tap investors for £3.2bn to keep up with investment demands in a rapidly-changing energy landscape. The firm will issue 2 new shares per 5 existing shares, at a price of 335p – a 43.7 per cent discount to Wednesday’s closing price. Shares in [...]