Morrisons is leading race for Iceland May 22, 2011 SUPERMARKET chain Morrisons is being touted as the frontrunner in the race to buy into rival Iceland, after majority owner Landsbanki officially launched a sales process for its holding in the company. The Resolution Committee for Landsbanki said last week that according to advisers UBS and Bank of America Merrill Lynch, “market conditions are currently [...]
Imagining tomorrow: possibilities, probabilities and potential in 2025 April 5, 2011 1 TRANSFORMATIVE TECHNOLOGY There’s been a lot of fuss about digital forming technology – that is physically printing anything from plates and cups to medical equipment and cars. But it is worth the fuss since it will radically impact on the world economy when it comes into fruition. The technology would give us the capability [...]
Commission mulls higher capital ratios April 3, 2011 BRITISH banks are braced for a week of share price volatility as the Independent Commission on Banking (ICB) readies its interim report for publication next Monday. The best outcome for banks could be a deal that allows them to avoid splitting up their operations if they hold more capital, with sources close to the commission [...]
Co-operative profit jumps after merger March 30, 2011 CO-OPERATIVE Financial Services saw pre-tax profit rise 5.5 per cent last year to £53.3m, with the bank attributing a steep drop in costs to synergies after its 2009 merger with Britannia. But earnings were dented by a sharp rise in claims due to weather-related chaos early last year, with the bank estimating a claims cost [...]
Big Society role for Co-op March 28, 2011 DAVID Anderson, former chief executive of Co-operative Financial Services, is to head up a non-profit organisation that will provide a major source of funding for David Cameron’s Big Society Bank, City A.M. can reveal. The Reclaim Fund, which will manage up to £400m in assets from “dormant” bank accounts that have not been accessed for [...]
Big Society role for Co-op March 28, 2011 DAVID Anderson, former chief executive of Co-operative Financial Services, is to head up a non-profit organisation that will provide a major source of funding for David Cameron’s Big Society Bank, City A.M. can reveal. The Reclaim Fund, which will manage up to £400m in assets from “dormant” bank accounts that have not been accessed for [...]
Takeover rule changes set to hurt M&A March 21, 2011 COMPANIES launching takeover bids will be subject to stricter timetables and increased disclosure requirements, under new proposals announced by the UK Takeover Panel yesterday. The reforms, which have been planned since criticism of the Kraft takeover of Cadbury in January last year, aim to make the bid process fairer on the target company, but could [...]
Thomas Cook in £20m blow from unrest February 8, 2011 TOUR operator Thomas Cook warned yesterday that political unrest in holiday destinations Egypt and Tunisia would dent second-quarter profits by around £20m. Cities in Egypt including Cairo, Alexandria, Luxor and Suez have become virtual no-go zones for tourists, starving the travel firm of valuable revenue from the area. The misery has been exacerbated after riots [...]
How to rob your bank January 19, 2011 SANTANDER has brought back its switching deal, giving new customers £100 when they move their main current account to its offering which pays 5 per cent interest for the first year. However, the bank has been voted worst for customer service in a string of surveys by organisations including Moneywise, MoneySavingExpert.com and consumer group Which? [...]
OFT to probe Thomas Cook and Co-op merger January 7, 2011 The Office of Fair Trading (OFT) is to probe a move by Thomas Cook and the Co-operative Group to merge their High Street travel businesses. The European Commission had studied the deal but decided the OFT was better placed to investigate because the merger would only affect UK business. Thomas Cook said it would “continue [...]