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Banking chiefs at Lloyds have been busy bees today, raising £9bn from a bond swap and sacking 800 staff to take the total number of job losses since the merger with HBOS to way over 15,000. The lender confirmed that 570 jobs at the life, pensions and investments administration centre in Aylesbury,
23 Nov 09 14:14Lloyds Banking Group prices its £13.5bn rights issue, the biggest cash call in history, tomorrow and the maths suggest investors will be offered the shares somewhere between 33 and 37p. The lender has said the final offer price will be either 15p, or a discount of between 38% and 42% to the theoret
23 Nov 09 12:13London shares are racing ahead as the dollar's recent strength wanes, prompting renewed interest in mining shares. Gold has hit new highs, and that has led to sharp mark-ups in the price of gold miner Randgold and silver and gold miner Fresnillo. Elsewhere in the sector ENRC, Lonmin, Xstrata, Rio
23 Nov 09 12:06Miners are driving Footsie higher again, with all of the top ten gainers metals groups. Xstrata, Rio Tinto and Randgold are the top risers, but the gains are sector-wide and strong. There's also good news at Lloyds Banking Group where the bank has the part-nationalised lender enjoyed "strong dema
23 Nov 09 08:51It looks like being a bright start to the week, with the leading index predicted to rise 50 points at the start of play and Wall Street showing early indications it will jump later today. There's also good news at Lloyds Banking Group where the bank has the part-nationalised lender enjoyed "strong
23 Nov 09 07:38Lloyds Banking Group's £21bn fundraising got off to a good start today, with the part-nationalised lender's offer to swap existing debt for contingent capital encountering "strong investor demand". Offers to exchange £12.51bn of existing securities were received, of which £8.78bn have been accepted
23 Nov 09 07:06New ITV chairman Archie Norman is expected to charge millions of viewers to watch all but the broadcaster's main channel, the Mail on Sunday reports. The ending of ITV's days as a free-to-air broadcaster is likely to happen soon after the former Asda boss joins as non-executive chairman in January
22 Nov 09 10:45ITN will reveal its first-ever loss on Thursday as the new chief executive outlines austerity measures aimed at putting the organisation back into the black. John Hardie, who came into the job in June, will tell his 800 journalists and commercial staff that the organisation lost "a significant amoun
19 Nov 09 06:16Two executive directors of asset manager Schroders have taken up options and sold most of them for large profits. Chief executive Michael Dobson took up options over 1,802,033 non-voting shares, of which 906,285 were at nil cost and the rest at prices of 705p, 483p and 398p a share. The total cost
17 Nov 09 15:51Bankers who are not prepared to forgo controversial contracts that flout new rules on bonuses should get out of the mainstream industry, Lord Myners has declared. The City Minister fired a warning shot ahead of the Queen's Speech tomorrow, which will outline plans to forbid guaranteed bonuses and o
17 Nov 09 06:32Mining heavyweights head the pack Monday, notching up strong gains on record gold prices and demand for other metals. Randgold is top of the pile after gold hit a new record high. Rio Tinto, Xstrata and Kazakhmys are also riding high. Even Lonmin is better despite reporting a full-year loss. The S
16 Nov 09 08:42The American investment bank JP Morgan is to trigger one of the City's biggest pay days by buying out the remaining 50% of Cazenove, the blue-blooded broker, for £950m. About £650m will be split between 80 former Cazenove partners, including a number of aristocrats and society figures, many of who
15 Nov 09 09:51British Airways and Iberia, the Spanish flag carrier, have announced a deal to create Europe's largest airline. The merger by the two loss-making companies is expected to set off another round of cost-cutting at both to save £360m a year. Jobs are likely to be lost at head offices in London and Ma
13 Nov 09 06:08Shares are inching higher in early deals as investors welcome second quarter results from BT, offsetting losses among insurers following results from Friends Provident owner Resolution. Telecoms giant BT reported second quarter revenue was in line with expectations and thinks it can cut costs by at
12 Nov 09 08:32Up to 14 per cent of Cadbury's share register is estimated by brokers to be controlled by hedge funds that are betting Kraft will raise its $16.2bn (£9.8bn) offer for the UK confectioner, increasing the likelihood that its hostile bid will succeed. Brokers predict that towards the end of the bid bat
12 Nov 09 06:03
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