Friday newspaper round-up: Dubai fall-out, Ofwat, LSE
The FTSE 100 suffered its worst one-day fall since March closing down 3.2%. Companies with big Middle Eastern shareholders led the rout, on the back of concerns that high-rolling emirate Dubai would be forced to sell stakes to raise capital.Barclays Bank tumbled 7.9% and the London Stock Exchange fell 7.4%. There were similar scenes across European stock markets with the French CAC-40 down 3.4p% and the German DAX index down 3.3%. In America, markets were closed for the Thanksgiving holiday, but electronic trading of the benchmark S&P 500 equity futures contract showed a potential drop on Wall Street of 2.2%, the Telegraph reports.
Millions of British households are facing rises of up to a third in their water bills over the next five years after Ofwat, the industry regulator, rowed back on its tough stance against the water companies. Worst hit will be the more than 14m households in England and Wales without a water meter. More than half a million unmetered South West Water customers can expect bills to rise by 29 per cent from Ł723 now to Ł935 by 2015. Its 1.1m customers with meters face arise of only 1%, to an average of Ł407, the Times reports.
Alistair Darling will admit in next month’s pre-Budget report that the recession has been much deeper than he forecast in March, the Financial Times has learnt. The chancellor is expected to say that the economy contracted by 4.75% in 2009, shrinking at least one percentage point more than predicted in the Budget. But he will also say that the UK has at last turned a corner and is on the road to recovery, ahead of a probable general election in May.
The London Evening Standard, which went free last month in an attempt to lift revenues, has axed its early edition with about 20 jobs set to go. The 182-year old newspaper is to cease printing its "News Extra" edition, published at midday, and will print all 600,000 copies as the later "West End Final" from 4 January. The move is understood to have been accelerated by the closure of rivals thelondonpaper and London Lite, the Independent reports.
Today's Headlines
BAE Systems (BA.) | Price: 327.60p | Change: -2.30%
BAE Systems to cut more than 600 UK jobs
Telegraph | 27-Nov-2009
BAE to shed 642 UK posts as orders fall
The Independent | 27-Nov-2009
BAE’s Insyte cuts 642 jobs as defence contracts near end
Times | 27-Nov-2009
Barclays (BARC) | Price: 288.00p | Change: -7.97%
Dubai debt default fears hit bank shares
The Scotsman | 27-Nov-2009
Dubai in deep water as ripples from debt crisis spread
Times | 27-Nov-2009
Traders 'panic' as LSE hit by double whammy
The Independent | 27-Nov-2009
DSG International (DSGI) | Price: 37.00p | Change: 1.18%
DSG offers hope but losses stand at Ł17.6m
The Scotsman | 27-Nov-2009
Daily Mail and General Trust (DMGT) | Price: 425.40p | Change: -2.99%
Battle lines drawn for independent TV news contracts
The Scotsman | 27-Nov-2009
Daily Mail group cuts ease fall in profits
The Independent | 27-Nov-2009
HSBC Holdings (HSBA) | Price: 705.60p | Change: -4.80%
Dubai debt default fears hit bank shares
The Scotsman | 27-Nov-2009
Dubai in deep water as ripples from debt crisis spread
Times | 27-Nov-2009
Johnston Press (JPR) | Price: 24.00p | Change: -8.57%
Battle lines drawn for independent TV news contracts
The Scotsman | 27-Nov-2009
Lloyds Banking Group (LLOY) | Price: 88.61p | Change: -5.75%
Dubai debt default fears hit bank shares
The Scotsman | 27-Nov-2009
Dubai in deep water as ripples from debt crisis spread
Times | 27-Nov-2009
Lloyds shareholders in a cash-call fury
The Scotsman | 27-Nov-2009
Lloyds’ chief Daniels faces investor wrath over HBOS buy
The Herald | 27-Nov-2009
Santander seeks to capitalise on troubles at RBS and Lloyds
The Herald | 27-Nov-2009
Shareholders give Lloyds go-ahead for Ł22.5bn fund-raising package
Telegraph | 27-Nov-2009
Traders 'panic' as LSE hit by double whammy
The Independent | 27-Nov-2009
United but still smarting, Lloyds investors get behind Ł13.5bn rights issue
Times | 27-Nov-2009
London Stock Exchange Group (LSE) | Price: 755.50p | Change: -7.37%
Dubai debt default fears hit bank shares
The Scotsman | 27-Nov-2009
Glitch halts LSE trading as Dubai woes trigger sell-off
Times | 27-Nov-2009
Traders 'panic' as LSE hit by double whammy
The Independent | 27-Nov-2009
Mitchells & Butlers (MAB) | Price: 253.90p | Change: -1.36%
M&B takes a hit on 24% profits slump and cautious outlook
The Scotsman | 27-Nov-2009
National Express Group (NEX) | Price: 339.20p | Change: -0.38%
Adonis backtracks on threat to take back franchises from National Express
Telegraph | 27-Nov-2009
Adonis punishes National Express
The Scotsman | 27-Nov-2009
National Express loses East Anglia line
Guardian | 27-Nov-2009
Royal Bank of Scotland Group (RBS) | Price: 33.05p | Change: -7.75%
Dubai debt default fears hit bank shares
The Scotsman | 27-Nov-2009
Dubai in deep water as ripples from debt crisis spread
Times | 27-Nov-2009
Santander seeks to capitalise on troubles at RBS and Lloyds
The Herald | 27-Nov-2009
Traders 'panic' as LSE hit by double whammy
The Independent | 27-Nov-2009
STV Group (STVG) | Price: 63.75p | Change: -8.40%
Battle lines drawn for independent TV news contracts
The Scotsman | 27-Nov-2009
Tesco (TSCO) | Price: 430.45p | Change: -1.25%
Times | 27-Nov-2009
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