Friday newspaper round-up: Royal Bank of Scotland, Barclays, Twitter
The Government made a Ł1bn paper profit on its 70% stake in Royal Bank of Scotland yesterday on growing optimism that the lender will follow Lloyds today in predicting that the worst is over for the economy.But RBS, the UK’s biggest bank in balance-sheet terms, is likely to adopt a more cautious tone than Lloyds. It will probably say that it has broken even for the six months to June 30, with strong profits in its investment banking business wiped out by losses in the retail and corporate bank, the Times reports.
Energy companies have been called on by Ofgem, the regulator, to explain why their retail prices have not fallen further, given the steep drop in wholesale gas and electricity prices over the past year. Ofgem on Thursday published a letter from Alistair Buchanan, its chief executive, to the heads of the 'big six' energy suppliers, including British Gas, Eon and EDF, warning them that 'in a strong competitive market, we would expect prices to respond to such falls,' the FT reports.
Barclays may consider sweetening its controversial decision to close its final salary pension scheme to almost 18,000 existing members. Marcus Agius, chairman, said he recognised that the bank’s proposal to close its pension fund to future contributions was “disappointing” for employees. The UK’s second-largest bank has said that it believes the action is necessary because the current scheme is “untenable” after its Ł200m surplus ballooned into a Ł2.2bn deficit in the space of a year, the FT reports.
The social networking sites Twitter and Facebook came under a “denial of service” attack yesterday, locking out millions of users. Under such attacks, sites are deluged with traffic in an attempt to bring them down. It was the first time that Twitter had been attacked and the site was out of action for two hours in the afternoon. The motive remains unclear as does the identity of those responsible. Facebook users reported problems all day, the Times reports.
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Today's Headlines
Aviva (AV.) | Price: 375.40p | Change: 5.44%
Aviva cuts dividend and plans Dutch IPO
Telegraph | 07-Aug-2009
Aviva divi drop
Sun | 07-Aug-2009
Aviva lifts profits but cuts dividend
The Herald | 07-Aug-2009
Aviva’s U-turn disappoints
Times | 07-Aug-2009
City warms to Aviva plans despite cutting of dividend
The Scotsman | 07-Aug-2009
BT Group (BT.A) | Price: 129.20p | Change: 0.62%
BT has its speed limited in Muswell Hill
Times | 07-Aug-2009
Virgin Media losses narrow as customers spend more
The Independent | 07-Aug-2009
Barclays (BARC) | Price: 355.15p | Change: 5.20%
Barclays shows sign of concession in row over final salary pensions
The Herald | 07-Aug-2009
RBS plans big bonuses as it slips into black
Guardian | 07-Aug-2009
British Sky Broadcasting Group (BSY) | Price: 534.00p | Change: -0.19%
Virgin Media losses narrow as customers spend more
The Independent | 07-Aug-2009
HSBC Holdings (HSBA) | Price: 659.50p | Change: 5.39%
RBS plans big bonuses as it slips into black
Guardian | 07-Aug-2009
ITV (ITV) | Price: 42.56p | Change: 1.33%
ITV sells Friends as it makes Ł105m loss
Telegraph | 07-Aug-2009
ITV suffers Ł150m loss on Friends Reunited sale
The Independent | 07-Aug-2009
Michael Grade keeps distance as ITV sells Friends Reunited for Ł25m
Times | 07-Aug-2009
Record advertising low makes poor viewing as ITV slumps to Ł105m loss
The Scotsman | 07-Aug-2009
Virgin Media losses narrow as customers spend more
The Independent | 07-Aug-2009
Ladbrokes (LAD) | Price: 170.80p | Change: 2.15%
Bookie pay cut
Sun | 07-Aug-2009
Dividend cut as Ladbrokes joins list of battered bookies
The Scotsman | 07-Aug-2009
Ladbrokes plans offshore move as profits decline
The Independent | 07-Aug-2009
Lloyds Banking Group (LLOY) | Price: 105.50p | Change: 12.34%
Government makes Ł1bn paper profit as market bets on healthy RBS figures
Times | 07-Aug-2009
Merv: Bank will print more cash
Sun | 07-Aug-2009
RBS plans big bonuses as it slips into black
Guardian | 07-Aug-2009
Mecom Group (MEC) | Price: 103.00p | Change: -11.09%
Advertising downturn hits newspaper group Mecom
The Independent | 07-Aug-2009
Mecom cuts more costs as advertising drops
Telegraph | 07-Aug-2009
RSA Insurance Group (RSA) | Price: 126.80p | Change: -2.46%
Insurer RSA tops forecasts after raising premiums
The Scotsman | 07-Aug-2009
Royal Bank of Scotland Group (RBS) | Price: 54.25p | Change: 9.75%
Government makes Ł1bn paper profit as market bets on healthy RBS figures
Times | 07-Aug-2009
RBS joins fresh bank surge
The Scotsman | 07-Aug-2009
RBS plans big bonuses as it slips into black
Guardian | 07-Aug-2009
Royal Bank chief to warn of challenges despite profits hike
The Herald | 07-Aug-2009
Stagecoach Group (SGC) | Price: 142.00p | Change: 1.07%
Stagecoach hit by regulator’s ruling over bus operators’ deal
The Herald | 07-Aug-2009
Thomson Reuters (TRIL) | Price: 1,990.00p | Change: 6.07%
Thomson Reuters says profits are booming as it prepares to delist
Telegraph | 07-Aug-2009
Unilever (ULVR) | Price: 1,628.00p | Change: 5.44%
Eva has got sales licked
Sun | 07-Aug-2009
Promotions lift Unilever's global sales
The Independent | 07-Aug-2009
Unilever boss: shoppers will stay price-sensitive after the slump
Times | 07-Aug-2009
Unilever undeterred by trading downturn
The Scotsman | 07-Aug-2009
Unilever warns of a tough five years ahead
The Herald | 07-Aug-2009
William Hill (WMH) | Price: 170.20p | Change: 1.98%
The Independent | 07-Aug-2009
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