Fears of an overshoot grow as budget deficit jumps unexpectedly to £16.2bn October 20, 2010 PUBLIC borrowing unexpectedly rose to a record high for September, demonstrating the sheer scale of the challenge facing the coalition government as it yesterday unveiled deep spending cuts. Excluding the temporary effects of financial intervention, net borrowing was £16.2bn, well above the consensus forecast of £14.3bn. Including the effects of this intervention, net borrowing was [...]
Qatar Holding snaps up 5pc stake of Santander in Brazil October 18, 2010 QATAR will take a five per cent stake in the Brazilian unit of Spanish lender Banco Santander, with a $2.7bn (£1.7bn) investment that adds to its big bank deals in recent years. Santander, the Eurozone’s biggest bank, will issue bonds to Qatar Holding – the direct investment arm of the Qatar Investment Authority – that [...]
Over a million riders have used Mayor Boris’ bikes October 7, 2010 LONDON Mayor Boris Johnson’s flagship cycle hire scheme passed the million journey milestone yesterday – ten weeks after its launch. More than 90,000 people have signed up as members, with around 20,000 journeys being made every weekday, with the average journey made under 30 minutes. Johnson said: “A million thank yous go to Londoners for [...]
Laing to float fund on LSE to raise £270m October 14, 2010 Infrastructure group John Laing yesterday unveiled plans to list an infrastructure fund in London raising up to £270m. Laing, owned by asset manager Henderson Group, will sell up to £256m of infrastructure schemes to the newly formed John Laing Infrastructure Fund (JLIF), in a move flagged up earlier this month. The fund will use the [...]
Mining firms haul FTSE 100 to highest level in five weeks December 13, 2010 Strong miners pushed Britain’s top share index to a five-week closing high on Monday, buoyed by firmer metals prices on strong economic data from China, while sector consolidation moves gave oil services firms a fillip. The FTSE 100 closed up 47.80 points, or 0.8 per cent, at 5,860.75, its highest close since 9 November, albeit [...]
Hester to join commission’s public debate September 26, 2010 STEPHEN Hester, the chief executive of the Royal Bank of Scotland, at the weekend became the first of the UK’s biggest bank bosses to commit to playing a role in the independent banking commission’s upcoming public debates. The debates, five of which will be held before the New Year, are designed to engage the general [...]
Terry Smith stands aside to focus on fund business October 13, 2010 City veteran Terry Smith is retiring as a director and deputy chairman of stockbroker Collins Stewart to focus on his new asset management venture Fundsmith. Smith, one of the UK’s best-known investment bankers who led the management buyout of Collins Stewart after becoming chief executive in 2000, will remain chief executive of inter-dealer broker Tullett [...]
Aviva hunts for Sharman’s replacement September 16, 2010 INSURANCE group Aviva has begun its search for a new chairman in time for Colin Sharman’s planned departure in 2013, people close to the company confirmed yesterday. Potential candidates for the job include former Aviva chief executive Richard Harvey, outgoing Barclays chief executive John Varley and ex-financial services minister Paul Myners. Myners declined to comment, [...]
Barclays on hunt to buy US banks March 9, 2010 BARCLAYS is seeking to buy a large US retail bank in a bid to bolster its high street presence in the US, bringing it in line with the booming performance of its investment banking division Barclays Capital. Antony Jenkins, chief executive of global retail banking, is heading up an internal team charged with building on [...]
THE FAMOUS FIVE – ENGLAND’S FOES February 2, 2011 Italy NICK MALLETT’S Italy remain a work in progress, and will have their work cut out again to not collect the wooden spoon, as they have done for the past three years. But there are some positives, and the Azzurri are becoming more competitive, thanks in part to domestic powerhouses Benetton Treviso and Aironi Rugby’s [...]