Wednesday newspaper round-up: BP, Barclays, WPP
3rd Jun 2009 06:13
BP is preparing to shut its $18bn (£11bn) UK final salary pension scheme to new members, in the latest blow to generous retirement provision for Britain's workforce. BP was one of the few FTSE 100 blue-chip companies to maintain a final salary scheme for new recruits, the Times reports. Hugh Osmon
Read moreLondon close: Late rally not enough
2nd Jun 2009 16:46
A rally in the afternoon session was not enough to lift the Footsie out of negative territory, though second-liners were moderately firmer on balance. Bank Barclays was the day’s worst performing blue-chip after news of the sale by IPIC broke overnight. Khadem Al Qubaisi, managing director of IPIC,
Read moreTechnical Analysis: Banks still finding upside difficult
2nd Jun 2009 16:33
Since the beginning of March, the turnaround in the fortunes of the banking sector has been quite remarkable. The lows of 1,877 seem a distant memory now after a rise of over 100%, but this rally needs to be set into the context of the decline before it. Since the beginning of May the banking sec
Read moreLondon afternoon: Shares stuck in the red
2nd Jun 2009 14:40
Shares remain in the red after failing to find inspiration on Wall Street, which opened sluggishly. Bank Barclays is nursing a double-digit percentage decline after news of the impending sale by IPIC broke overnight. Khadem Al Qubaisi, managing director of IPIC, said that the sale did not represen
Read moreUpdate: Barclays drops on stake sale
2nd Jun 2009 13:47
Barclays is nursing a double-digit percentage decline after news that International Petroleum Investment Company (IPIC) is selling 1.3bn of the UK bank's shares. Credit Suisse is reported to have placed the shares at around 267p, equivalent to £3.5bn. Khadem Al Qubaisi, managing director of IPIC,
Read moreLondon midday: Profit takers move in
2nd Jun 2009 11:55
Profit taking was the theme of the morning as investors reduced equity exposure after yesterday's sharp rise while Barclays tumbled on the revelation that Abu Dhabi's International Petroleum Investment Company (IPIC) is to bank profits on its Barclays stake. Barclays is nursing a double-digit perce
Read moreFTSE 100 movers: Kingfisher boosted by bullish update
2nd Jun 2009 11:21
Kingfisher leads Footsie higher after an upbeat first quarter update this morning. Broker Charles Stanley reckons the jury is still out on the prospects of the DIY retailer, despite upgrading its recommendation on the stock to hold from reduce. 'A further weather related seasonal bounce is unlike
Read moreLondon open: Barclays divestment sinks Footsie
2nd Jun 2009 08:33
London has opened lower in the wake of the decision by Abu Dhabi's International Petroleum Investment Company to bank profits on its Barclays stake. Barclays is down by 13%. Khadem Al Qubaisi, managing director of IPIC, adding that the sale did not represent a lack of faith in Barclays, its managem
Read moreLondon pre-open: Sale of Barclays stake dampens mood
2nd Jun 2009 07:41
Despite the strong showing by Wall Street overnight London is set to open lower in the wake of the decision by the International Petroleum Investment Company (IPIC) to bank profits on its Barclays stake. City sources expect the FTSE 100 will open around 16 points lower than the previous close of 4,5
Read moreBarclays responds to IPIC divestment
2nd Jun 2009 07:02
Barclays said it hopes to expand its strategic and commercial relationship with the International Petroleum Investment Company (IPIC) despite IPIC’s professed intention to reduce its stake in the UK bank. IPIC has announced plans to offload 1,305m Barclays shares for which its entire holding of Man
Read moreTuesday newspaper round-up: Barclays, WPP, British Airways
2nd Jun 2009 06:14
One of Barclays' largest Middle Eastern shareholders announced plans on Monday night to offload its stake in the British bank, pocketing a large profit less than seven months after making its £3.5bn investment, reports the FT. International Petroleum Investment Corp, an investment vehicle of the Ab
Read moreSunday newspaper round-up: General Motors, Vauxhall/Opel, BSkyB
31st May 2009 10:25
General Motors, once the largest company in the world, is expected to file for bankruptcy in a New York court tomorrow. Executives and politicians on both sides of the Atlantic are spending the weekend finalising details ahead of the historic capitulation that comes after months of talks and billion
Read moreLondon midday: Financials drag Footsie down
20th May 2009 12:01
Leading shares remain mixed with the Footsie in negative territory thanks, in part, to weak performance by financial stocks. The share price of Lloyds Banking Group has been adjusted to take into account the fact that the shares no longer carry the right to participate in the group's compensatory o
Read moreLondon close: Miners and financials lead the way
19th May 2009 16:31
Strength among financial plays and miners guaranteed London gains Tuesday, although it had looked a close call following a weak start on Wall Street. A near-13% slump in US housing starts in April proved a drag mid-afternoon before US stocks regained their poise and moved higher. Anglo American fi
Read moreLehman seeks to probe Barclays deal
19th May 2009 14:30
Lehman Brothers is seeking court permission to probe whether its US brokerage unit was undervalued when it was acquired by Barclays last year. In documents filed in the US Bankruptcy Court in Manhattan, Lehman said it "has become aware of apparent material discrepancies relating to the liabilities
Read more