Sunday paper round-up: RBS/Lloyds, Prudential, Desire Petroleum
28th Mar 2010 08:25
Advisers to the government are working on a secret plan that could allow the state to start cutting its shareholdings in British banks just weeks after the general election. The plot would see the Treasury create "convertible gilts" ? government bonds that could be exchanged for shares in the banks
Read moreFormer UKFI boss buys Lloyds shares
23rd Mar 2010 16:38
Glen Moreno has bought his first shares in Lloyds Banking Group since he was appointed senior independent non-executive director of the company on 1 March. He has bought 50,000 ADRs, which is the equivalent of 200,000 shares, at $3.69 each. That is equivalent to just over 61p a share, making the c
Read moreSunday newspaper round-up: Budget, RBS, Sainsbury
21st Mar 2010 11:03
Alistair Darling will next week endorse plans for a global tax on investment banks and other institutions that pose a "systemic risk", but will rule out using the proceeds to create an insurance fund against future bank failures. The chancellor will use his Budget to give detailed backing to a glob
Read moreFriday paper round-up: Tories to unveil Green Investment Bank
19th Mar 2010 06:39
A Conservative government would put a carbon tax on electricity generation to encourage investment in renewables and nuclear power, David Cameron will say on Friday as he sets out his party's long-awaited energy strategy. The plan will be included in a consultation paper published on Friday, setti
Read moreLondon close: Weak finish as banks retreat
18th Mar 2010 16:35
London closed in the red after a mixed opening on Wall Street as banks and miners ran into profit taking. Among the big caps, GlaxoSmithKline was the best performer, after rival drug group, Switzerland's Novartis, had to hand back US rights of a drug widely considered a generic copy of Glaxo's top
Read morePru boss Thiam declines SocGen post
18th Mar 2010 16:15
Prudential chief executive Tidjane Thiam has now declined a non-executive directorship at French bank Société Générale after fierce criticism from the UK insurer's institutional shareholders. In a brief statement the Pru said Thiam would not now be joining SocGen as a non-executive director at the
Read moreThursday newspaper round-up: UBS, British Airways, ITV
18th Mar 2010 06:15
Four banks were charged with fraud on Wednesday for their roles in a €1.7bn ($2.3bn) financing package for the Italian city of Milan in a case that will fuel the global debate about the use of complex derivatives. UBS, JP Morgan Chase, Deutsche Bank and Germany's Depfa will face trial in Milan aft
Read morePru's Thiam set to join SocGen board
17th Mar 2010 14:43
Prudential chief executive Tidjane Thiam looks set to join the board of Societe Generale, France's second-largest bank. Thiam is to become a non-executive director of the Paris-based lender for a four-year term, subject to the approval of the French bank's shareholders at the 25 May annual sharehol
Read moreSunday newspaper round-up: Lloyds, EMI, Vedanta
14th Mar 2010 11:01
Lloyds Banking is believed to be considering plans to hive off a portion of its giant commercial property portfolio into a separate, tax-efficient company. Senior figures within the bank are thought to have put forward the idea, which would see some of the £50bn to £75bn worth of assets and loans in
Read moreStandard Life executives add to holdings
11th Mar 2010 17:08
Life insurer Standard Life's executive directors have added to their shareholdings following Wednesday's full year results. Chief executive David Nish's wife Caroline has bought 75,000 shares at 206.05p each. This investment of nearly £155,000 takes the Nish family stake to 261,981 shares. Nish
Read moreExperian non-exec improves his finances
10th Mar 2010 16:52
Experian non-executive director Roger Davis has raised just over £700,000 from the sale of shares in the credit checking firm. Davis sold 110,199 shares at 638.5p each. This leaves him with 110,000 shares in Experian. Davis joined the Experian board at the beginning of 2007. He has an army backg
Read moreLondon close: Shares end with small gains
8th Mar 2010 17:14
London's top stocks ended the day with small gains after trading in a very tight range all day as shares paused for breath following last week's good gains. Oil fabrications giant Petrofac was one of the day's major bright spot after it made a bit more than expected last year, with after tax profit
Read moreLondon afternoon: Footsie still seeking direction
8th Mar 2010 14:56
Footsie continues sitting around the 5,600 point mark as shares pause for breath following last week's good gains. Oil fabrications giant Petrofac is today's major bright spot after it made a bit more than expected last year, with after tax profit up 37%, and hiked the dividend by an impressive 41%
Read moreSector movers: Prudential plans boost insurance sector
8th Mar 2010 09:37
The life insurance sector is higher after investors gave a warm reception to Prudential's acceleration of its plans for a listing on the Hong Kong Stock Exchange. The Pru now wants the listing effective before its $20bn rights issue to help fund the purchase of AIG Asia. Peers Legal & General, Res
Read moreLondon open: Footsie edges higher
8th Mar 2010 08:24
Footsie has edged past the 5,600 point mark in early dealings, having already reached that level for the first time in 18 months late last week. Oil fabrications giant Petrofac made a bit more than expected last year, with after tax profit up 37%, and hiked the dividend by an impressive 41%. Profit
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