Lansdowne Partners, GLG in talks for £1bn bid to buy 316 RBS branches

Written on:April 9, 2013
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RBS Birmingham branch

RBS plans to rid itself of 316 branches as a condition of the European Commission’s rescue deal

Two hedge funds Lansdowne Partners and GLG, which is a branch of Man Group, are among the 20 potential bidders who have expressed interest in joining the £1bn bid for 316 RBS branches. These hedge funds are likely to cause a stir with their participation in the bid as they were among those investors who profited from bets that banks’ share prices would fall during the delirious period which resulted in taxpayers’ rescue of lenders including Northern Rock and RBS.

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General Electric to acquire Lufkin for £2.17bn to boost energy business

Written on:April 8, 2013
GE to acquire Lufkin

General Electric (GE) has announced that it will acquire oilfield services provider Lufkin Industries for $3.3 billion (£2.17bn) to boost its presence in the energy industry. Lufkin will broaden GE’s artificial lift capabilities beyond electric submersible pumps. Lufkin shareholders will receive $88.50 (£58.11) per share in cash, and the deal is expected to be completed in the second half of 2013. The proposed takeover is among the three largest of…

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Manchester United signs £180m sponsorship and training ground deal with Aon

Written on:April 8, 2013
Manchester United badge

Manchester United have agreed an eight-year deal worth £180m with Aon to sponsor the club’s training kit and rename Carrington as the Aon Training Complex. The eight-year deal, which starts in July, gives the American insurance giant the right to display its logo on training kit for friendly and competitive domestic fixtures. AON will also become United’s “presenting” partners for overseas tours starting with this summer’s trip to the Far…

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Axminster Carpets saved by local consortium, 100 jobs in Devon secure

Written on:April 8, 2013
Axminster rescue deal

Axminster Carpets has been saved from collapse by a consortium of local business people in Devon led by private investor Stephen Boyd, chairman of leather-maker Pittards, to resurrect the 258-year-old business and brand which supplied carpets for government and loyalty. Although the price paid to save Axminster has not been disclosed, the move has effectively saved 100 jobs, although 300 were made redundant last month. Axminster was saved after thousands…

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Japan’s Nikkei rallies to reach 13,225 after bumper central bank stimulus

Written on:April 5, 2013
Japan's Nikkei hits five-year high

Nikkei, Japan’s stock market, has hit a five-year high after the country’s central bank announced an economic stimulus. The main Nikkei 225 stock index surged as much as 4.7% to 13,225.62, its highest since August 2008. Bank of Japan (BOJ) had earlier stated that it would double the country’s money supply to accentuate growth and halt falling prices. The aggressive move caught the investors’ fancy in Japan and overseas.

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HBOS top 3 former executives likely to face ban for designing bank’s downfall

Written on:April 5, 2013
HBOS bank in Edinburgh

Three top former HBOS executives have been blamed for the bank’s catastrophic collapse and a parliamentary committee suggests financial regulatory to ban these three executives from future roles in the financial sector. The Banking Standards Commission said former bosses Sir James Crosby, Andy Hornby and Lord Stevenson were largely to blame for the bank’s collapse. The scathing report blamed these executives for gargantuan failure of the bank which collapsed in 2008.

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HMV not closing down as Hilco chalks out rescue deal to save shops and jobs

Written on:April 5, 2013
HMV saved by Hilco

HMV will be salvaged by Hilco in a £50m deal which would see the restructuring firm acquire about 140 stores and effectively saving 2,500 jobs at the UK’s last major high street DVD and CD chain. Hilco is all set to sign a deal this morning which will see it taking over around 130 HMV-branded stores and nine outlets that trade under the cut-price music brand Fopp.

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Savings calculator: 5 best apps to help calculate savings

Written on:April 5, 2013
Use savings calculator

A savings calculator is a tool that helps one calculate the amount of money which can be saved over a period of time. The most basic of all the types of saving calculator that is available on the internet is the financial savings calculator to calculate the money present in your bank after a specific time period, the rest being retirement, term loan, home loan savings calculator, etc. The five…

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Cisco acquires Ubiquisys for £205m to strengthen mobile services portfolio

Written on:April 4, 2013
Cisco acquires Ubiquisys

Cisco has taken over Ubiquisys, a small-cell technologies provider, for $310m (£205m) to strengthen its mobile services portfolio. Ubiquisys is the latest company to be acquired by a larger US participant. Through the cash and retention-based incentives deal, Cisco plans to expand its wireless portfolio and couple Ubiquisys’ technology with its own mobility and Wi-Fi offerings.

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Domino’s Pizza reports 12.3% rise in Q1 sales boosted by online orders

Written on:April 4, 2013
Domino's Pizza sales rise

Domino’s Pizza has reported a strong rise in first quarter sales, boosted by new offerings and promotions, as Britain’s cold snap led people to stay indoors. Domino’s Pizza said that new product launches such as the ‘Hit Dog Stuffed Crust’ has persuaded customers to order in, pushing sales to £164m for the 13 week period to March 31. The fast food chain also reported a whooping rise of 38.4% in online orders…

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