TalkTalk on Defensive
Chairman of TalkTalk–Charles Dunstone, has denied suggestions that the company is spying on its 4.2 million internet users after confirming that it will launch a mobile phone service this year.
TalkTalk is under fire for launching techonology that monitors what websites customers visit in order to identify pages that carry viruses or malware.
Tesco Looks East
Tesco is among retailers that will examine a bid for Carrefour’s stores in Malaysia, Singapore and Thailand.
The French retailer is trying to focus on markets where it has a bigger presence. Tesco is interested in acquiring the stores but is believed to be reluctant to get drawn into a bidding war.
Casino Group, the French retailer that is strong in Latin America, has hired Deutsche Bank for a possible bid.
Tomkins Shares Surge on Takeover Talks
The the engineering group—Tomkins announced that the takeover talks were at an advanced stage with a Canadian consortium, which has provisionally offered GBP 2.9 billion for the business.
Afterwards, the shares of the company soared by 28% as a result.
Share Placing Lifts French Connection
Fashion retailer French Connection was in focus after Numis Securities placed the near 18% holding, which once belong to the Icelandic investment group–Baugur.
The traders said that the 16.9 million shares were placed with institutional investors at 36.5p. Relief that the over-hang had been cleared saw French Connection, which currently has a market value equal to its cash balance, which rise 13.1% to 41.75p.
Arts Told to Adopt US-Style Funding
Coalition ministers have told Britain’s leading arts figures to embrace US-style fundraising techniques to make up for a sharp reduction in public subsidy, as they intensify their search for spending uts of up to 40%.
The government wants ministers in all unprotected departments to come up with radical plans to cut costs by the middle of July.
Coats to Hang Out on London Market
One of the UK’s oldest names in textile—Coats, is set for a London stock market return within two years as part of a corporate restructuring by its owner Guiness Peat Group, the activist investment company.
GPG, quoted in London and New Zealand, took Coats private in 2003 after making a takeover offer of £414m for the thread manufacturer.
Sterling Lifted by Good Borrowing News
After the Office for Budget Responsibility announced that the short-term public borrowing situation is not as bad as feared today, the pound made some sudden gains of 1.4% against the dollar to stand at $1.477.
The new fiscal watchdog, which is newly created by the Lib-Con coalition, said that stronger tax receipts would cut the budget deficit for the current financial year to £155bn from the £163bn forecast in Labour’s last Budget.
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