Tuesday newspaper round-up: Lloyds Banking, Tesco, Informa
Lloyds Banking Group will on Tuesday launch the UKs largest rights issue to raise Ł13.5bn ($22bn), offering investors new shares at 36p each, a huge discount, ahead of a shareholder vote on Thursday.The rights issue is part of a Ł22.5bn capital raising that aims to repair the banks balance sheet after its ill-fated 2008 takeover of HBOS. The bank is expected to price the new shares at just over 36p, allocating about four shares for every three that investors currently own, the FT reports.
Standard & Poor's has given warning that nearly all of the world's big banks lack sufficient capital to cover trading and investment exposure, risking further downgrades over the next 18 months unless they move swiftly to beef up their defences .Every single bank in Japan, the US, Germany, Spain, and Italy included in S&P's list of 45 global lenders fails the 8pc safety level under the agency's risk-adjusted capital (RAC) ratio. Most fall woefully short, reports the Telegraph.
The Conservative Party would scrap home information packs (Hips) in a matter of weeks after coming to power, the Shadow Housing Minister said yesterday. Grant Shapps, housing spokesman for the Conservatives, told The Times that it would be his first task, should his party win the next general election.
Tesco charges up to 3p a litre more for petrol than its rivals in areas where it faces no local competition, according to data seen by The Times. A snapshot of petrol prices across Britain reveals that Tesco charged 109.9p a litre for unleaded petrol at 164 locations. Only two Morrisons and eight Sainsburys charged as high a price. No branches of Asda did. The effect is even more pronounced with diesel: Tesco charges 6p a litre more at its most expensive store than at its cheapest.
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