The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksALBK.L Share News (ALBK)

  • There is currently no data for ALBK

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Friday newspaper round-up: Tote, Sterling, Rolls-Royce...

Fri, 10th Dec 2010 06:33

The former chief executive of Ladbrokes is being tipped as a frontrunner in the race to buy the Tote after saddling up with partners prepared to back a bid of at least £200m.The Times understands that Chris Bell, who left Ladbrokes in January after almost 20 years at the bookmaker, has joined forces with GI Partners, the transatlantic private equity firm, and Royal Bank of Scotland. His team includes Piers Pottinger, the racehorse owner and the deputy chairman of Chime Communications, as well as former Ladbrokes colleagues.Pimco boss Mohamed El-Erian upgraded his growth forecast for America on the same day 10-year yields hit a six-month high. The chief executive of Pimco, which manages the world's biggest bond fund, said on Thursday that he sees the US economy growing 3% to 3.5% in the fourth quarter of next year from the same period of this year, the Telegraph reports.Campaigners accused the Government of "going soft" on banks as it unveiled details of its £2.5bn banking levy. The proposed new tax, to be paid by up to 40 banks and building societies, will be 0.05% of their global balance sheets in its first year. This is more than the initially proposed level of 0.04%. In subsequent years it will be charged at 0.75%, rather than the planned 0.7%, the Independent reports. However, other aspects of the levy have been tweaked to make it easier on banks, which will also benefit from a steep cut in corporation tax planned by the Government.The pound could be set to surge back to heights last seen during the 2008 banking bailouts as rate increases loom, according to City forecasts issued after the Bank of England's latest policy decision. Sterling may reach $1.82 against the dollar by the end of next year compared with $1.57 yesterday, amid stronger economic growth, Coalition budget cuts and the prospect of rising interest rates, Barclays Capital said in its annual Global Outlook, the Times reports.The Government of Iceland has been given more than 35 years to repay the UK and Dutch governments for the money they forked out to reimburse savers who lost money after the collapse of Landsbanki. Britain and the Netherlands refunded about £3.5 billion to 400,000 people who had savings in Landsbanki's online Icesave account in 2008 when the Icelandic bank failed, the Times reports.Plans to make Britain a world leader in a key new environmental technology were dealt a blow last night after the company behind one of only two remaining UK "clean coal" projects collapsed into administration. Powerfuel, the group founded by Richard Budge, the northern mining entrepreneur, which had planned to build the world's largest clean coal power station at Hatfield colliery in Yorkshire, called in KPMG to act as administrators, the Times reports.The government threw a sop to wealthy investors yesterday by confirming plans to scrap the rule that forces them to buy an annuity when they reach 75. Now they will be able to defer the decision indefinitely as long as they have the resources to maintain an income of at least £20,000 a year, the Independent reports.More than 50,000 high earners face a crackdown on offshore trusts used to avoid tax on bonuses, in a move tax planners said could disrupt the current round of bankers' bonuses.The plans, unveiled by the Treasury on Thursday, are expected to raise £500m a year and will affect about 5,000 businesses, ranging from big banks to companies with a single employee, the FT reports.Rolls-Royce could face costs of $500m (£380m) over the next few years to deal with the consequences of an explosion last month in one of its Trent 900 engines, according to some aviation experts. The estimates, which include the cost of redesigning key parts of the engine and potential compensation to customers, are considerably higher than the $66m that the company believes will be the approximate reduction in its profits this year that can be attributed to the mishap, which took place on a Qantas Airbus A380 flight out of Singapore on November 4, the FT reports.Allied Irish Banks was under fire from politicians and senior business figures after it emerged that staff are to receive €40m ($53m) in bonuses in spite of the fact the bailed out Irish lender has taken €3.5bn in state support and could end up with the government as 90% shareholder by early next year, the FT reports.
More News
28 Jun 2021 07:44

NatWest sells Irish commercial loan book to AIB for €4.1bn

(Sharecast News) - UK bank NatWest Group said it was selling most of its Irish commercial lending business to Allied Irish Banks as part of its exit from Ireland.

Read more
19 Feb 2021 06:36

NatWest to pull out of Ireland as results beat forecasts

(Sharecast News) - NatWest said it was pulling out of the Republic of Ireland as the bank reported a smaller than expected annual loss and restored its dividend.

Read more
24 Dec 2010 06:35

Friday newspaper round-up: JJB Sports, Euro crisis, John Lewis...

JJB Sports, the beleaguered sports retailer, is poised to announce a £30m fund-raising and the departure of its chairman, to safeguard its future. It is thought that big shareholders, including Harris Associates and the foundation of Bill Gates, are backing the call. John Clare, the chairman, will

Read more
22 Dec 2010 06:02

Wednesday newspaper round-up: Vince Cable, Citigroup, UK banks

Vince Cable was stripped of key roles on the media and telecoms tonight after he told undercover reporters he had "declared war on Rupert Murdoch" and planned to block his efforts to take full control of BSkyB. Dr Cable survived as Business Secretary on the insistence of Nick Clegg. But in a humilia

Read more
16 Dec 2010 06:03

Thursday newspaper round-up: BP, Virgin Atlantic, Flybe

The United States Government filed a civil lawsuit last night against BP and eight other companies implicated in the Deepwater Horizon oil rig explosion that killed 11 workers and led to America's worst oil spill. The lawsuit would leave the British oil company liable for significant fines under the

Read more
14 Dec 2010 11:39

Allied Irish Banks told to scrap €40m bonus pot

Allied Irish Banks (AIB) has backed down in the row over bonuses it still wanted to pay staff despite being saved by £3bn of Irish taxpayers' money. The lender today confirmed employees will not now share the pot of about €40m (£34m) for work done in 2008 before the financial crisis brought down th

Read more
14 Dec 2010 06:38

Tuesday newspaper round-up: City fees, Stanford, RGI...

Companies should force City investment banks to compete to underwrite their rights issues in an effort to drive down the costs of cash calls, according to a much-awaited report. The report, by the Institutional Investor Council, finds that fees on British capital raisings, which have roughly doubl

Read more
22 Nov 2010 16:33

Irish banks slide afer bail-out

Worries that the European debt crisis could spread to other countries following Ireland's acceptance of a bail-out sent shares in banks lower Monday. While markets initially moved higher as investors breathed a sigh of relief when the Irish government put an end to lingering uncertainty about accep

Read more
19 Nov 2010 14:56

Allied Irish funding deteriorates

Allied Irish continues to be affected by the problems plaguing Ireland's economy and banking sector, it said in an update today. The bank's funding position has deteriorated as a result of increasingly challenging market conditions in recent months. Debt securities and customer accounts have redu

Read more
18 Nov 2010 16:36

London close: Good day for blue chips

Blue chips had a good day buoyed by the response to General Motor's record breaking US float and hopes for a deal in Ireland. Patrick Honohan, the head of Ireland's central bank, confirmed a loan is likely, with brokers suggesting it could be as much as €85bn, including €20bn to provide support for

Read more
18 Nov 2010 15:28

London afternoon: Stocks extend gains

A positive start by Wall Street has given renewed impetus to Footsie's rise this afternoon. As in Europe, stocks are rising in the US on the hope that a package to take the steam out of the Irish debt crisis is imminent. Patrick Honohan, the head of Ireland's central bank, has confirmed a loan is

Read more
18 Nov 2010 12:05

London midday: Shares buoyant as updates impress

With some kind of resolution to the Irish crisis in sight and many of today's updates impressing the market, shares have moved sharply higher. The Bank of Ireland chief has confirmed a loan is likely with brokers suggesting it could be as much as €85bn, including €20bn to provide support for the co

Read more
12 Nov 2010 17:11

Irish bonds recover on bail out hopes

Having reached around 9.25% on Thursday Irish 10-year bond yields have fallen back as Ireland is in talks with the EU about emergency funding. This was despite earlier denials from the Irish government, which had been saysing an EU rescue would not be needed. Proposals for the rescue package are

Read more
11 Nov 2010 16:53

Irish bond yields rise above 9%

The 10-year Irish bond yield has risen above 9% as Irish bonds fall for the 13th day in a row. Traders continue to offload Irish bonds, concerned over the ability of the country's government to pay its debts. That pushed the difference between the returns investors demand to lend money to the Iris

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.