Latest financial news from Reuters - MSN Money UK

Lloyds prices record £13.5 billion rights issue

2009-11-24T08:10:21

By Clara Ferreira-MarquesLONDON (Reuters) - Lloyds Banking Group Plc priced its record 13.5 billion pound rights issue at 37p per share, a smaller than expected discount, as it battles to escape a costly state-backed insurance scheme for bad debts.

Speedier stimulus may mean quicker exit

2009-11-24T06:07:14

By Christina FincherLONDON (Reuters) - The Bank of England has raced far ahead of its peers along the quantitative easing road, but it could overtake other central banks in the reverse direction when the time comes to tighten.

Inventories push up German GDP

2009-11-24T08:03:49

BERLIN (Reuters) - A build-up of inventories and rise in investment more than offset weakness in private consumption to push German gross domestic product (GDP) up 0.7 percent in the third quarter of 2009, data showed on Tuesday.The Federal Statistics Office said inventories added 1.5 percentage points to GDP and gross capital investment added 0.2 percent. Private consumption and net trade both subtracted 0.5 points.

Opel labour to see revamp plan Wednesday

2009-11-24T09:23:59

DUESSELDORF, Germany (Reuters) - General Motors will present labour leaders at European arm Opel a reorganisation plan on Wednesday that envisions cutting nearly a fifth of the workforce, GM's acting European head said.The plan calls for eliminating between 9,000 and 9,500 jobs, GM's Nick Reilly told reporters on Tuesday. GM has said in the past around 10,000 jobs would go at Opel and its British sister brand Vauxhall.

Pound slips on banking woes

2009-11-24T09:10:44

LONDON (Reuters) - Sterling fell on Tuesday after concerns about the European banking sector dented risk appetite, while traders awaited testimony from Bank of England Governor Mervyn King to see if he would continue to highlight the benefits of a weak UK currency.Traders sold the pound, which is considered a high-risk currency after reports that the majority owners of WestLB were threatening to withhold support for the struggling German regional bank underlined ongoing weakness of the global banking sector.

Europe shares lower in early trade

2009-11-24T08:29:27

LONDON (Reuters) - European shares fell in early trade on Tuesday after a strong rally in the previous session, with banking stocks retreating and commodity shares tracking weaker crude and metals prices.At 8:09 a.m., the FTSEurofirst 300 <.FTEU3> index of top European shares was down 0.8 percent at 1,014.94 points. Banks, major gainers on Monday, slipped back. BNP Paribas , Banco Santander , HSBC and Societe Generale fell between 1 and 2.2 percent.

Informa in talks to buy Springer Science

2009-11-24T08:00:39

LONDON (Reuters) - Media and events group Informa said Tuesday it was in talks to buy Springer Science and Business Media and that it was looking at the German academic publishers' accounts before making a takeover offer."Informa has been given access to due diligence materials to enable it to be in a position to make a formal proposal to shareholders," Informa said in a statement. "There can be no certainty agreement will be reached."

Topps Tiles profit down 45 percent

2009-11-24T07:48:10

LONDON (Reuters) - Tile and wood flooring retailer Topps Tiles on Tuesday posted a 45 percent fall in year profit but said signs of stability were returning to its markets.The firm also said it plans to place up to 17.1 million new shares with existing and new institutional shareholders.

Severn Trent says price hikes boost H1

2009-11-24T07:45:50

LONDON (Reuters) - British water company Severn Trent said on Tuesday profit and turnover rose as price hikes offset declining consumption.The company, which supplies water to more than 3.7 million homes and businesses in central England and mid-Wales, said it has continued to see demand falling off, echoing results from fellow utility Northumbrian Water on Monday.

China to keep yuan basically stable

2009-11-24T08:36:54

BEIJING (Reuters) - China will keep the yuan's exchange rate basically stable at a reasonable and balanced level, Vice Foreign Minister Zhang Zhijun said on Tuesday.Zhang's words were a restatement of China's long-standing policy towards the yuan, also known as the renminbi.

Condom maker SSL first-half profit up

2009-11-24T07:20:08

LONDON (Reuters) - Condom maker SSL International beat forecasts on Tuesday with a 46 percent jump in half-year operating profits and said it was on track to meet its target to grow earnings by 50 percent over three years.SSL, whose products include Durex condoms and Scholl footcare products, reported operating profit in the six months to September 30 of 57.1 million pounds compared with average forecasts of 50.5 million pounds according to Thomson Reuters I/B/E/S.

Cosmen family up National Express stake

2009-11-24T06:08:15

LONDON (Reuters) - Spain's Cosmen family, National Express's biggest shareholder, has increased its shareholding ahead of the transport group's rights issue meeting later this month, the Financial Times said.The Cosmens bought an additional 750,000 shares in the company, raising the stake to 19.46 percent, the newspaper said.

De La Rue H1 profit falls 6 percent

2009-11-24T07:33:06

LONDON (Reuters) - De La Rue , the world's largest non-government printer of banknotes, reported a 6 percent fall in first-half profit but said it expected banknote volumes to remain at similar levels next year.The company, which produces notes in over 150 national currencies, on Tuesday posted a pretax profit of 44.2 million pounds on sales 3 percent higher at 252.2 million pounds in the six months to September 26.

FTSE seen opening lower

2009-11-24T07:02:13

LONDON (Reuters) - The FTSE 100 <.FTSE> index is seen opening 23-25 points lower on Tuesday by financial bookmakers, giving back some of Monday's strong gains on profit-taking and after a weaker showing overnight in Asia.The UK blue chip index is seen opening down as much as 0.5 percent after it closed up 104.09 points, or 2 pct higher at 5,355.50 on Monday snapping a four-session losing streak, with commodity and banking stocks rallying strongly.

Lloyds prices £13.5 billion rights issue at 37p

2009-11-24T07:23:42

LONDON (Reuters) - Lloyds Banking Group has priced its record 13.5 billion pound rights issue at 37p per share, on the basis of 1.34 new shares for every existing share, a 59.5 percent discount to Monday's close.Lloyds' cash call, the world's largest to date, is part of a bumper 22.5 billion pound capital-raising effort intended to allow the bank to escape a costly UK government-backed insurance scheme for bad debts set up earlier this year.

MMC eyes HSBC's insurance arm

2009-11-24T04:11:44

LONDON (Reuters) - Marsh & McLennan , the second-largest global insurance broker by assets, is exploring a deal to buy part of HSBC's insurance business, the Daily Telegraph reported in its Tuesday editions.MMC is thought to be closing in on HSBC Insurance Brokers, which analysts have valued at between 150-200 million pounds, according to industry insiders, the newspaper said. The newspaper added that talks between the two groups are at an advanced stage. MMC and HSBC were not immediately available for comment.

Informa in takeover talks with rival - report

2009-11-24T04:12:44

LONDON (Reuters) - Media and events group Informa has held early stage talks with its rival Springer Science and Business Media over buying the German academic publisher, the Financial Times said.Informa, which is considering a cash bid, initiated talks with Springer three weeks ago, according to people close to the situation, the newspaper added.

Paragon Group pretax profit steady

2009-11-24T07:38:50

LONDON (Reuters) - Mortgage lender Paragon Group of Companies posted a 1 percent rise in pretax profit for the year, helped by wider margins and low redemption rates, and said it had gained confidence in its plans to resume lending.Paragon, which specialised in loans to professional landlords before higher funding costs forced it to stop new lending in early 2008, reported pretax profit of 54.3 million pounds for the year to end-September.

Gold eases, investors take profits after record

2009-11-24T07:44:25

By Chikako MogiTOKYO (Reuters) - Gold eased on Tuesday as investors took profits from the previous day's record high, but sentiment was underpinned by a weak dollar.

Gold eases, investors take profits

2009-11-24T06:14:13

By Chikako MogiTOKYO (Reuters) - Gold eased on Tuesday as investors booked profits after prices hit record highs the day before, but sentiment was underpinned by a weak dollar which makes bullion cheaper for holders of other currencies and boosts its appeal as an alternative asset.

Hitachi eyes UK high-speed rail

2009-11-24T02:00:20

TOKYO (Reuters) - Japan's Hitachi Ltd <6501.T> said on Tuesday it expects a delay of a few months in clinching a British high-speed railway deal worth over $5.6 billion (3.4 billion pounds) -- a deal it hopes will add momentum to its push into the overseas market for eco-friendly trains.Hitachi, which is headed for its fourth straight annual loss, is bidding to supply and maintain hybrid rail cars powered by lithium-ion batteries and diesel engines.

HP triples stock buyback plan

2009-11-24T06:21:45

By Gabriel MadwaySAN FRANCISCO (Reuters) - Hewlett-Packard Co tripled the size of its share repurchase programme to $12 billion (7.2 billion pounds) as China sales and better profit margins on its services boosted quarterly earnings.

HIgh oil price would hurt rebound - IEA

2009-11-24T02:13:31

By Edward McAllisterUNITED NATIONS (Reuters) - Oil prices would threaten a rebound in the global economy if they rise beyond current levels, the chief economist of the International Energy Agency said on Monday.

Cadbury shares hit new high

2009-11-24T06:24:35

By David JonesLONDON (Reuters) - Speculation about a bid battle for Cadbury among Kraft Foods and other rivals lifted shares in the confectioner to a new high on Monday but analysts doubt whether a competing bid will emerge.

Dollar stabilises, Asia shares slip

2009-11-24T03:44:30

By Susan FentonHONG KONG (Reuters) - The dollar stabilised in early trade on Tuesday after losing ground in New York, while Asian shares slipped as investors shrugged off upbeat U.S. home sale data and took a breather after recent gains.

Cadbury shares hits new high

2009-11-23T19:31:56

A speedier stimulus may mean a quicker exit

2009-11-23T18:30:01

Cosmen family increase National Express stake

2009-11-24T03:13:51

GM to present plan to fix Opel this week

2009-11-23T18:15:56

By Philip Blenkinsop and John O'DonnellBRUSSELS (Reuters) - General Motors will present a plan to European governments to save struggling carmaker Opel within days, a rescue set to cost 3.3 billion euros (3 billion pounds), those involved in talks said on Monday.

Informa in takeover talks with Springer Science - report

2009-11-24T00:06:01

Marsh & McLennan eyes HSBC's insurance arm

2009-11-24T03:21:34

Stocks gain, dollar eases further

2009-11-23T23:31:13

By Herbert LashNEW YORK (Reuters) - Gold scaled a record high on a weak dollar and global stocks jumped on Monday after better-than-expected U.S. home sales data and rosy economic news in the euro zone bolstered appetite for riskier assets.

Brown calls for plan on global imbalances

2009-11-23T15:53:51

By Adrian Croft and Fiona ShaikhLONDON (Reuters) - Prime Minister Gordon Brown pledged on Monday to keep emergency support measures for the economy in place and appealed to world leaders to work together to tackle global imbalances that could hamper recovery.

FSA sees tougher trading supervision

2009-11-23T17:30:57

By Huw JonesLONDON (Reuters) - The UK financial services sector must face a "profound shift in regulatory philosophy" that includes tougher curbs on trading to cut risk, Britain's financial watchdog said on Monday.

Gold hits record above $1,170/oz

2009-11-23T19:52:44

By Frank Tang and Jan HarveyNEW YORK/LONDON (Reuters) - Gold scaled a record high at $1,173.50 an ounce on Monday as a weaker dollar boosted buying in gold as a hedge against depreciation of paper currencies.

Rising oil price would hurt economic rebound - IEA

2009-11-23T21:52:23

Heritage sells fields to Eni

2009-11-23T17:39:11

By Tom BerginLONDON (Reuters) - British oil explorer Heritage Oil agreed to sell its Ugandan interests to Italian Eni for up to $1.5 billion (902,000 pounds), enabling Heritage to back out of a planned Kurdish tie-up which Iraqi political disputes made increasingly unattractive.

Lloyds bond exchange paves way for record cash call

2009-11-23T13:52:39

By Jane MerrimanLONDON (Reuters) - Lloyds Banking Group got strong demand for a 9 billion pound bond exchange, an indication of possible appetite for the bank's record share issue due to price on Tuesday.

Stocks gain, gold hits new high as dollar eases

2009-11-23T21:45:01

M&S's CEO sees foundation for recovery

2009-11-23T15:18:30

LONDON (Reuters) - Britain's economy has hit bottom and there are secure foundations for a recovery, the chief executive of one of the country's top retailers said on Monday."I think we have got to the bottom and we have some fairly secure foundations" for recovery, Marks & Spencer Chief Executive Stuart Rose told the CBI business lobby.

FTSE breaks losing streak

2009-11-23T17:45:05

By David BrettLONDON (Reuters) - The FTSE 100 index <.FTSE> ended sharply higher on Monday, snapping a four-day losing streak, with commodity and banking stocks rallying after comments by a senior U.S. Federal Reserve official.

EU executive to propose major markets law -sources

2009-11-23T12:56:13

By Huw JonesLONDON (Reuters) - A major draft EU law on market infrastructure will be tabled next July to make share and derivatives trading less risky for investors and the broader financial system from late 2012, industry sources said on Monday.

Cadbury hits new high as bidders circle

2009-11-23T18:04:23

By David JonesLONDON (Reuters) - Speculation about a bid battle for Cadbury among Kraft Foods and other rivals lifted shares in the British confectioner to a new high on Monday but analysts doubt whether a competing bid will emerge.

Opel union to discuss restructuring plan

2009-11-23T13:02:32

FRANKFURT (Reuters) - Union representatives hope the future of Opel's 50,000 workers in Europe will become clearer when they meet on Wednesday with General Motors' interim regional chief Nick Reilly to discuss restructuring plans."It's of crucial importance to us that there is a complete financing until 2014. We do not want at all to find ourselves in the situation that they cancel once again (investments in) models and new development work," Lothar Sorger, Opel's deputy labour leader at its Kaiserslautern site in Germany, said on Monday.

FTSE up 1.7 pct, fuelled by commodities

2009-11-23T13:24:54

By Jon HopkinsLONDON (Reuters) - The top share index was up 1.7 percent at midday Monday, fuelled by strength in miners and energy stocks thanks to firmer commodity prices, while improved risk appetite also boosted banks.

Economy in holding pattern - IMF chief

2009-11-23T09:44:37

WASHINGTON (Reuters) - The global economy is in a holding pattern and vulnerable to more upheaval, the head of the IMF said on Monday, adding a lasting recovery will depend on policymakers taking the proper steps in the coming months.Dominique Strauss-Kahn, the International Monetary Fund's managing director, said the top priority in rich countries should be making plans to clean up the fiscal mess left by more than a year of crisis-fighting efforts, although he thought it was still too early to remove such emergency supports.

M&S's CEO sees secure grounds for recovery

2009-11-23T15:03:22

Microsoft, News Corp mull web pact

2009-11-23T06:54:32

NEW YORK (Reuters) - Microsoft has had talks with News Corp about a tie up, which would involve News Corp getting paid to take its news websites off Google, a source familiar with the matter said on Sunday.News Corp, which owns such papers as the Wall Street Journal and the Sun, started the discussions, which were at an early stage, the source said.