Sale of bond boosts ITV October 13, 2009 TROUBLED broadcaster ITV yesterday completed a £135m convertible bond offer, designed to bolster its balance sheet, and announced plans to plug a gaping hole in its pension fund. The Coronation Street broadcaster, which is struggling to appoint a chairman and chief executive, said it plans to use the proceeds to extend its average debt maturity [...]
FEES ROW HOLDS UP LLOYDS MOVE October 13, 2009 LLOYDS Banking Group’s chief executive Eric Daniels and the Treasury were last night embroiled in an increasingly bitter dispute over the bank’s bid to escape participation in chancellor Alistair Darling’s Asset Protection Scheme (APS). The government wants Lloyds to pay a break fee of £2bn to extricate itself, which the bank thinks is far too [...]
Gerrard injury forces England boss Capello to try Belarus experiment October 13, 2009 ENGLAND head coach Fabio Capello is used to being depicted as a strict headmaster, but tonight he is preparing to play the experimental scientist.With qualification for next summer’s World Cup already assured, the Italian has promised to tinker with selection and tactics when Belarus visit Wembley. His decision is made easier by the unavailability of [...]
Heidelberg to issue bond to cut bank debt October 12, 2009 HeidelbergCement plans to issue more than €1bn (£937m) in bonds, tapping the resurging junk-bond market to reduce its reliance on banks. The world’s fourth-largest cement maker will issue a five-year bond and a seven-year bond, each worth more than €500m, to repay parts of syndicated bank loans, the company said yesterday. While the move was [...]
Lloyds plans a 12.5bn share issue October 7, 2009 LLOYDS Banking Group will turn to traditional investors rather than a sovereign wealth fund to help it raise up to £25bn to exit the government’s Asset Protection Scheme (APS), City A.M. can reveal. Sources familiar with the bank’s plans said last night that it had submitted a proposal to the Financial Services Authority (FSA) that [...]
Sharks and Sabres eyeing a chance at world glory October 7, 2009 TWENTY20 kings Sussex Sharks and Somerset Sabres are preparing to take on the world’s best in India this week with the aim of becoming the first-ever Champions League winners. Over £3.6m is up for grabs as 12 teams from the world’s biggest cricketing nations lock horns over 23 games for the inaugural prize. Postponed last [...]
Sharks and Sabres eyeing a chance at world glory October 7, 2009 TWENTY20 kings Sussex Sharks and Somerset Sabres are preparing to take on the world’s best in India this week with the aim of becoming the first-ever Champions League winners. Over £3.6m is up for grabs as 12 teams from the world’s biggest cricketing nations lock horns over 23 games for the inaugural prize. Postponed last [...]
SocGen ready to repay aid October 6, 2009 SOCIETE Générale launched a €4.8bn rights issue yesterday as it seeks to repay €3.4bn (£3.1bn) worth of state aid and build a war chest for possible acquisitions. The bank joined French rival BNP Paribas in seeking to exit government support, saying that the cash call would allow it to pursue “external growth opportunities”. However, SocGen [...]
RBS closes the door on new credit cards October 5, 2009 ROYAL Bank of Scotland (RBS) has closed its credit card business to new customers in a bid to prevent a rise in bad debts. The lender, which is 70 per cent owned by the taxpayer, will limit new credit cards to existing banking customers, meaning that anyone who wants an RBS or NatWest credit card [...]
RBS closes the door on new credit cards October 5, 2009 ROYAL Bank of Scotland (RBS) has closed its credit card business to new customers in a bid to prevent a rise in bad debts. The lender, which is 70 per cent owned by the taxpayer, will limit new credit cards to existing banking customers, meaning that anyone who wants an RBS or NatWest credit card [...]