Market News
BP Oil Spill Crisis Causes Another Slump in Share Value
Yesterday it was suggested that BP’s dividend payment will be reduced or cancelled due to the ongoing costs of the oil spill disaster. At the same time there were new reports on Sky News about the terrible impact the oil spill is having on people along the the Gulf coast in the USA. Today the... learn more »
Sir Terry Quits Tesco
Sir Terry Leahy, CEO of Tesco, has handed in his resignation. Sir Terry has lead Tesco for the past 14 years and seen it rise from a standard supermarket chain into a multinational supermarket, and overseen its diversification into fuel, banking, mortgages, Internet, credit cards, mobile phones, International money transfer and even flower deliveries... learn more »
Prudential Takeover Collapses
One week Prudential are in the news for organising Britain’s largest ever rights issue to pay for the takeover of AIG, now they are in the news for the collapse of talks as AIG says no to Pru’s offer. AIG made this statement: “After careful consideration, the company will adhere to the original terms of... learn more »
Apple Become’s The USA’s Second Most Valuable Share
Apple’s iPad has received a lot of criticism in the tech world with suggestions that it is simple an oversized touch screen mobile phone that cannot make calls. However, its share price has risen and the iPad is being launched across Europe today. The company is continuing to perform strongly and is now only... learn more »
BP Oil Distaster Could Affect Every Pension Plan in the UK
As the BP oil disaster in the Gilf of Mexico continues its share price continues to fall. BP’s dividend payments currently account for approximately 14% of every pension scheme in the UK. So many pensions have the “safe” equity as part of their portfolio, and they are all suffering. The BP oil... learn more »
Harrods Sold To Qatari Royal Family for 1.5 Billion Pounds
News just leaked is that Mohamed Al Fayed has sold Harrods through Lazarus Investment Bank. The buyer is the Qatari Royal Family. Harrods is considered a great trophy amongst the mega-millionaires in the Middle East and it is thought that it has been sold to another wealthy family. The Harrods store is on... learn more »
Price of Gold Crashes as US Dollar Climbs
For the first time since the beginning of the credit crunch gold is no longer the safe investment of choice. Prices crashed at the end of this week following a resurgence of the US dollar following positive news about America’s unemployment situation. On Friday 4th December the price gold fell by 5% to $1,161.4 an... learn more »
Yorkshire and Chelsea Building Societies Agree On Merger
The Yorkshire and Chelsea building societies have confirmed they will merge to create the UK’s second largest building society. The Yorkshire is currently the second largest and the Chelsea is the fifth largest. The deal would create a society with 2.7 million members, a network of 178 branches and assets of £35bn. The merger still needs to... learn more »
Bank Shares in Freefall as Dubai Nears Default
Shares in London, led by the banking sector, fell dramatically today as traders digested the news that government-owned Dubai World has asked for an extension on its debt repayments. Dubai World has total debts of £35bn, 10% of which was due to be repaid next month. This turn of events places the financial health of Dubai firmly in... learn more »
Lloyds Launches Record Rights Issue
Lloyds Banking Group today announced details of what will be the largest ever rights issue, to raise some £13.5bn in new capital from its shareholders. The rights issue is taking place in order to rebuild the group’s balance sheet, replacing capital that has been eroded following the takeover of HBOS, and will result in the group... learn more »