|TCI pushes for Lloyds Banking Group plc to replace £10bn of "cocos" with ordinary shares|
|Tuesday, 19 June 2012 08:27|
News round up: Lloyds Banking Group, Microsoft, International Monetary Fund, Sterling zone, New nuclear power stations.
Activist hedge fund manager The Children’s Investment Fund (TCI) has called on regulators to force Lloyds Banking Group plc (LON:LLOY) to bolster the bank’s capital reserves. Christopher Hohn, the fund’s chief executive, has written to the UK’s Financial Services Authority urging it to compel Lloyds to replace £10bn of contingent convertible debt – or cocos – with ordinary shares.
Microsoft will go head-to-head with Apple in the booming tablet computer market after the software company revealed plans to introduce a new product, the Surface. The device, which was unveiled at a much-hyped event in Los Angeles last night, has a 10.6in display and is under half an inch thick. It was designed specifically for Microsoft’s operating systems and features a case that turns into a keyboard, a built-in stand and USB port.
International Monetary Fund
The UK has pledged a further 15bn dollars to the IMF, after Christine Lagarde revealed that member states had promised a total of 456bn dollars for its new crisis fund. China will contribute 43bn dollars, state news agency Xinhua confirmed on Tuesday morning. "With today's announcements by an additional 12 countries, a total of 37 IMF member countries (...) have joined this collective effort, demonstrating the broad commitment of the membership to ensure the IMF has access to adequate resources to carry out its mandate in the interests of global financial stability," Ms Lagarde, the IMF chief, said, according to The Telegraph.
The SNP’S flagship plans for a "sterling zone" currency union after independence are likely to be rejected by the remaining UK countries, former Chancellor Alistair Darling will argue today. But he will be accused of peddling "myths" about independence by finance secretary John Swinney, who will say the last Labour government presided over an “unsustainable boom” which benefited the few, not the many.
New nuclear power stations
The prospect of new nuclear power stations being built in the UK for the first time in 20 years has moved a significant step forward after EDF Energy awarded a £2bn contract to build a plant at Hinkley Point in Somerset. French company Bouygues and private British construction group Laing O’Rourke have been named as preferred bidders for a construction contract that is estimated to create 4,000 jobs.
Newer news items:
Older news items:
Follow @theSMExpert on Twitter
Latest From SME Web
- Sony considers giving up part of entertainment arm
- SSE plc's rise in profits angers customers
- Marks and Spencer Group plc looking to turn around clothing sales with new autumn and winter collection
- Yahoo! Inc's acquisition of Tumblr shows that the digital media company "means business"
- Majority of UK business owners would set out on their own again despite difficulties
- Rise in complaints from small businesses about bank loans