Reuters: Business News

Bank stake sales will take time

Mon, 13 Jul 2009 13:56:26 +0100

LONDON (Reuters) - Britain will need several years to sell its stakes in its two biggest banks, the body managing the holdings said on Monday, refusing to give much detail of an exit that could cost taxpayers billions of pounds.

Friends rebuffs Resolution proposal

Mon, 13 Jul 2009 12:26:39 +0100

LONDON (Reuters) - Friends Provident rejected a takeover proposal from Clive Cowdery's Resolution, saying the entrepreneur's terms were inadequate, his company was opaque and a tie-up would hobble the life insurer's management.

Venture investors oppose Centrica bid

Mon, 13 Jul 2009 13:56:19 +0100

LONDON (Reuters) - Britain's largest gas retailer, Centrica, faced a setback in its battle to take over Venture Production on Monday, when the North Sea gas producer's two largest investors backed management's rejection of the $2 billion (1.2 billion pound) bid.

U.S. judge approves delay in UBS tax case

Mon, 13 Jul 2009 14:18:05 +0100

MIAMI (Reuters) - A U.S. judge agreed on Monday to delay the start of a trial in which U.S. tax authorities hoped to force UBS AG to reveal the identities of thousands of Americans suspected of using the bank to evade taxes.

Barclays hires Citi's Todd for M&A

Mon, 13 Jul 2009 13:58:59 +0100

LONDON (Reuters) - Barclays has hired mergers and acquisitions banker Mark Todd from Citigroup, a person familiar with the matter said Monday, the latest in a string of hires as the bank beefs up in European M&A.

BA said to OK 50-50 ownership with Iberia

Mon, 13 Jul 2009 13:06:57 +0100

MADRID (Reuters) - British Airways is ready to accept close to a 50-50 ownership deal for a merger with Iberia , Spanish newspaper El Economista said on Monday, citing sources close to the talks.

RHJ in advanced talks to buy Opel

Mon, 13 Jul 2009 12:30:14 +0100

BRUSSELS (Reuters) - Belgian holding company RHJ International said on Monday it was in advanced talks to buy a majority stake in General Motors' European unit Opel.

FTSE flat in mid-session

Mon, 13 Jul 2009 13:42:39 +0100

LONDON (Reuters) - The FTSE 100 in mid-session on Monday was flat in light volume as gains in defensives and energy stocks, which shrugged off weaker oil prices, were offset by falls in banks and miners.

Darling confident of return to growth

Mon, 13 Jul 2009 13:55:01 +0100

LONDON (Reuters) - Britain should return to growth in 2009, although the fate of the global economy remains uncertain, Chancellor Alistair Darling said on Monday.

BP signs MOU to develop Azeri fields

Mon, 13 Jul 2009 14:20:16 +0100

LONDON (Reuters) - BP has signed a preliminary deal with Azerbaijan to develop oil and gas fields in the Caspian Sea, the company said on Monday.