The papers are looking forward to more earnings announcements from UK banks this week. The Sunday Times reckons that HSBC’s US arm has racked up a further $3.5-4 billion in bad debts, resulting in a loss of at least $1 billion. The same article expects Barclays to surprise the City with good results. By giving a higher value to many of its sub-prime mortgage securities the bank will show that it has no need to raise additional capital.
Good news for shareholders in Anglo Irish Bank. The Sunday Business Post reports that the bank has committed to a policy of raising dividends, despite uncertainty over bank funding.
The Telegraph is looking ahead to Wednesday’s release of the UK’s Quarterly Inflation Report. It expects the Bank of England to unveil new forecasts showing that inflation is set to rise above the target range over the next 6-months. The paper expects the Bank to warn of two years of rising prices and weak growth.
The Sunday Telegraph reveals that Vodafone is looking to splash the cash. Vodafone is thinking about paying £19 billion for South Africa’s MTN in its quest for world domination. But the paper warns that there may be regulatory and competition stumbling blocks ahead.
So, who was attracted to the yield on DSG? The Sunday times expects the retailer to cut its dividend, possibly by 50%, and announce further store closures. DSG International, owner of Currys and PC World, has already issued two profit warnings this year as the slowdown in sales of computers and electrical goods started to bite.
Last Friday’s bidding deadline for British Energy wasn’t really a deadline, merely a polite request. The Independent says that with the only firm bid coming in from EDF the government is happy to keep the date open until June, or until someone else makes an offer. Are you listening RWE, Centrica, Suez…
Ahead of its results on Thursday, BT is in talks with Hewlett-Packard. The Sunday Times reports that BT is selling off its British data systems for £1.5 billion in a move to strengthen ties with HP and increase profits in its global services division.
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'Spread Trading News w/c 12 May' by paddy power trader, updated 12-May-08
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