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UK banks and the State
Government gives the UK banks it part-owns four years to shrink their businesses
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Heritage to sell Ugandan fields to Eni
Heritage, the UK-listed oil company, has agreed to sell its Ugandan oil fields to Eni, the Italian energy group, in a deal worth about $1.3bn
Hershey weighs $17bn bid for Cadbury
The charitable trust that controls Hershey has encouraged the US confectioner’s management to pursue a $17bn bid for Cadbury, topping Kraft Foods’ hostile $16.2bn offer
ASB urges bond pensions benchmark
Company pension liabilities should be discounted by an interest rate equal to that on risk-free government bonds
Rio Tinto bolstered by US coal sale
Gobal mining company that faced huge debt burden a year ago continues recapitalisation drive and nets $741m by spinning off US coal assets
Nationwide lashes out at rescued banks
The head of Nationwide, Britain’s biggest building society, accuses government-backed companies of seriously distorting the savings market as its profits fall more than 60%
L&G set to appoint John Stewart as chairman
The UK’s third largest life and pensions company is on the verge of appointing John Stewart, the former head of National Australia Bank, as its new chairman, pending FSA approval
Mortgages before current accounts at Tesco
The supermarket chain, which has pledged to become the ‘people’s bank’, has indicated that it could look to introduce mortgages by the end of next year, but may not begin offering current accounts until 2011
Gartmore to cut debt with £250m IPO
The asset management group says the offering will cut net debt to £150m. Managers are expected to sell up to 20% of their shares
Fullers highlights sector split
Fuller Smith & Turner provided further evidence that the pub sector is split between successful managed operators and struggling leased and tenanted ones after it delivered robust first-half results
Discounters rush to grab Woolies inheritance
Discount retailers have been the major beneficiaries of Woolworths’ collapse, with 39% of stores now let taken by Poundland, B&M Bargains and other value chains
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