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On a mostly dull day for stocks, Balfour Beatty is giving the construction and materials sector a lift after a consortium including the contractor was named the preferred bidder for a £250m road scheme in Ireland. The road runs Gort and Tuam in the west of the Republic. Elsewhere in the sector, ho
Read moreBank of Ireland posted sharply higher underlying losses as bad debts continue to hurt the embattled Irish bank. Underlying losses in the half year to June rose to €1.25bn, up from €668m. Operating profits fell to €553m from €811m as UK-derived profits almost halved to €122m. Total income was 17%
Read moreBank of Ireland has received a take-up of 94.6% for the rights issue required by the Irish government to boost its capital base. The bank received valid acceptances in respect of 2.97bn shares out of a total 3.14bn on offer, although the €1.72bn cash call is fully underwritten. It also has the bac
Read moreBank of Ireland has set the price of the rights issue to repair its balance sheet at €0.55 with the Irish taxpayer likely to end up with a 36% stake once it completes. Terms of the issue are 3 new shares for every 2, with the price a 64% discount to the last closing price. It will raise €1.72bn. Th
Read moreBank of Ireland could see the stake owned by the Irish State rise slightly to 36% after it unveiled a well-flagged €3.4bn capital raising. The proposals include an institutional placing to raise €0.5bn, a placing to the Irish government worth €1.04bn and a rights issue of up to €1.89bn. The fund
Read moreBank of Ireland has started discussions with a number of potential institutional investors with a view to assessing interest in a capital raise. "Any such transaction may be effected through a combination of a rights issue, a firm placing to institutional investors, a conversion of part of the St
Read moreBank of Ireland says that it has come up with proposals to reduce the deficit on its defined benefits pension schemes. The bank says that the proposals have the support of its trade unions. Changes relating to future pension increases and how future salary increases qualify for pension will halve
Read moreBank of Ireland says the additional €2.7bn of capital the government has told it to raise will see it through the current recessionary crisis in Ireland as it revealed huge losses for the last nine months of 2009. "The bank believes raising this level of capital would result in its Equity Tier 1 an
Read moreLondon's blue chips recovered most of their losses in late afternoon trading and looked like they could be set for a positive finish before turning down again just before the close. Banks such as Lloyds Banking, Royal Bank of Scotland and Standard Chartered remained nervous about the debt situation
Read moreLeading share prices are still holding steady at lower levels as investors await further developments from Dubai. Banks such as Lloyds Banking, Royal Bank of Scotland and Standard Chartered remain nervous about the debt situation in emirate, though the morning's losses have been pared. HSBC defie
Read moreUK share prices are stabilising at lower levels after hopes of a continued rebound from the Dubai-inspired shake-out on Thursday were quashed by disappointing UK consumer confidence figures. Figures from market research firm Gfk NOP showed consumer sentiment fell to -17 from -13 in October. Middle
Read moreBank of Ireland is to join the National Asset Management Agency (NAMA) asset acquisition programme. The bank’s announcement follows hot on the heels of a similar announcement on Monday by its fellow Irish bank, Allied Irish Banks (AIB). As with AIB, the size of Bank of Ireland’s participation in t
Read moreA surge in bad debts sent Bank of Ireland deeper into the red in the first half of its current financial year. The bank, which is in the process of negotiation a deal to shunt €16bn of toxic loans into NAMA, the Irish government insurance scheme, posted losses of €979m in the six months to Septembe
Read moreThe third quarter production update from Swiss miner Xstrata contained ‘some solid numbers’ but FinnCap thinks investors will be better off switching to one-time Xstrata merger target Anglo American. FinnCap reckons that Anglo American has a higher quality asset portfolio and should be able to outp
Read moreNomura Securities is prepared to take a chance on the battered Irish banking sector on the assumption that the government’s proposals for its bail-out vehicle, the National Asset Management Agency (NAMA), do not undergo significant changes before implementation. The Japanese broker has upgraded Ban
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