Thursday newspaper round-up: Cadbury, Vauxhall, BoE
24th Sep 2009 06:07
Todd Stitzer, chief executive of Cadbury, has appeared to concede that a combination with Kraft makes "strategic sense". Bank of America/Merrill Lynch revealed that Mr Stitzer had told a conference organised by the investment bank that he did not expect Kraft would walk away and that his 'job is to
Read moreWednesday newspaper round-up: Magna/Vauxhall, Barratt, BP
23rd Sep 2009 06:38
Magna is preparing to cut between 1,100 and 1,200 jobs at Vauxhall in a move which would wipe out almost a quarter of the car maker's British workforce. The potential job cuts, set to be across the Ellesmere Port and Luton plants according to a source, caused unions to accuse Magna of a "political
Read moreLloyds non-execs quit
22nd Sep 2009 17:34
Lloyds Banking announced today that two of its non-executives have decided to stand down due to the increasing time demands required by their roles. Carolyn McCall, chief executive of Guardian Media Group (GMG), has decided to stand down from the board at the end of this year. Meanwhile, Philip G
Read moreTuesday newspaper round-up: Cadbury, G20, Royal Bank of Scotland
22nd Sep 2009 06:16
Cadbury has approached the UK Takeover Panel to ask Kraft to "put up or shut up" on the unsolicited £10.2bn takeover offer from the US food group three weeks ago. Cadbury approached the panel on Monday to ask Kraft either to make a formal takeover proposal or walk away for six months, said people c
Read moreLondon close: End of road for winning run
21st Sep 2009 16:21
London's six-day rally ended Monday after banks were sold on fundraising talks and as miners retreated on weaker metal prices. Part-nationalised lender Royal Bank of Scotland (RBS) was the biggest faller on reports it is mulling a share issue of between £3-4bn to reduce its dependence on the UK gov
Read moreLondon afternoon: RBS's rights plans disappoint
21st Sep 2009 14:26
Share prices are drifting lower as investors take stock following the market's recent strong run. Royal Bank of Scotland (RBS) is lower on reports that it is mulling a share issue of between £3-4bn to reduce its dependence on the UK government's toxic asset protection scheme (APS). Lloyds confirmed
Read moreLondon midday: Miners in a hole
21st Sep 2009 12:24
Investors took an opportunity to bank profits in what has been a quiet session for news, with miners wearing the worst of the losses. Weaker metal prices have Fresnillo, Xstrata, Kazakhmys, Vedanta and Rio Tinto deep in the red. Even Antofagasta is lower now despite a positive note from Goldman Sac
Read moreLondon open: Footsie slips in early dealings
21st Sep 2009 08:38
London's blue chips have made a sluggish start to the week with corporate activity limited to a bit of asset and balance sheet tidying up by Punch and LandSecs. Punch Taverns has bought back another tranche of convertible debt due for redemption next year, reducing the amount outstanding to just ov
Read moreRBS mulls cash call to avoid toxic debt scheme
21st Sep 2009 07:32
Royal Bank of Scotland is mulling a share issue of between £3-4bn to reduce its dependence on the UK government's toxic asset protection scheme (APS). The move echoes similar moves by Lloyds, as, increasingly, the APS scheme is seen as too expensive a form of insurance by bank shareholders and dire
Read moreSunday newspaper round-up: Rolls-Royce, G20, Lloyds
20th Sep 2009 10:52
Rolls-Royce is fighting a last-ditch battle to stop Barack Obama axing a military-engine contract that could see it share an estimated $50bn (£30.7bn) in sales over the next two decades. The aero-engine maker was last week lobbying in Washington to prevent funding being withdrawn for its engine for
Read moreLondon close: Footsie winning streak continues
18th Sep 2009 16:38
London's rising streak continued but it was a bit of a struggle with the absence of economic news and a flat start on Wall Street keeping activity at low levels. Banks provided what little excitement there was, with Lloyds Banking, RBS, HSBC and Barclays the most widely traded blue-chips, with the
Read moreLondon afternoon: Shares remain becalmed
18th Sep 2009 13:28
Banks are providing what little excitement there is in the market today, with Lloyds Banking, RBS, HSBC and Barclays the most widely traded blue-chip, with the exception of Vodafone. Despite the number of shares changing hands part-nationalised bank Lloyds Banking Group is little changed, down less
Read moreLondon midday: Shares lack direction
18th Sep 2009 12:23
Leading shares still lack direction with the constituents of the FTSE 100 virtually evenly divided between risers and fallers while the index itself is little changed. Part-nationalised bank Lloyds Banking Group is attracting plenty of comment after it confirmed it is in talks with the government
Read moreLondon open: Flat start as markets catch breath
18th Sep 2009 08:44
Footsie has made a slow start after Wall St paused for breath overnight on concerns the recent equity market surge may have got ahead of itself. Part-nationalised bank Lloyds Banking Group is making the headlines. It has confirmed talks with the government about changes to the terms of it joining a
Read moreUpdate: Lloyds at odds with FSA over APS
18th Sep 2009 07:58
Improving economic conditions have prompted part-nationalised bank Lloyds Banking Group to renegotiate its possible participation in the government asset protection scheme (APS). The company issued a statement in response to intense media speculation about its participation in the scheme, with repo
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