Royal Bank of Scotland wins EU support for restructuring
THE EUROPEAN Commission approved a restructuring and impaired asset relief scheme for Britain’s Royal Bank of Scotland yesterday, saying the measures fell within state aid rules. The Commission, the executive arm of the European Union, said RBS’s restructuring proposals should create a sustainable future for the bank, one of Europe’s largest financial services groups, which faced a severe liquidity crisis in late 2008.
BA in winter of discontent
BRITISH AIRWAYS (BA) is facing hundreds of thousands of pounds of losses after its cabin crew voted overwhelmingly in favour of a 12-day strike, threatening to paralyse the airline over the peak Christmas and New Year period.
Cadbury says Kraft is trying to steal firm
CADBURY came out guns blazing against the hostile takeover from Kraft yesterday, warning the US giant that its £10bn bid would be “fiercely resisted” and telling shareholders they must not let Kraft “steal” their company on the cheap.
Exxon moves into gas with £25bn deal
EXXON Mobil, the world’s largest oil group, expanded in to the natural gas market yesterday, buying XTO Energy in an all-stock deal valued at about $41bn (£25bn).
Minerva seals deal for law firm’s London base
DEVELOPER Minerva has secured a deal for a 20-year lease on one of its City projects with international law firm Clyde & Co. The move comes as Minerva fights a £84.5m takeover bid form South African shareholder Nathan Kirsh.
Gartmore in disappointing share debut
GARTMORE’s shares made a disappointing debut yesterday, falling by as much as 10p in morning trading after the firm was forced to cut the value of its initial public offering. The stock closed 1.4 per cent down at 217p in its first day of listing, giving Gartmore a market capitalisation of £666.8m
Neighbourly handout helps global markets
MARKETS breathed a sigh of relief yesterday after news of Abu Dhabi’s $10bn (£6bn) lifeline to Dubai. The Dubai stock exchange closed more than 10 per cent higher while the Abu Dhabi market climbed nearly eight per cent.
LLOYDS POISED TO PAY £100M IN BONUS TAX
LLOYDS Banking Group, which yesterday successfully completed a record-breaking £13.5bn rights issue, is preparing to pay out its bonus pool in full.
