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UK Market News

HBOS rises and leads rebound
HBOS led a rebound for the London market on Thursday when the bank closed above the underwriting price on its rights issue for the first time in three days

Tchenguiz acts against M&B short-sellers
Property tycoon Robert Tchenguiz moved against short-sellers in pub group Mitchells & Butlers, converting a derivatives holding of almost 26 per cent into shares in order to stop it being lent to those betting on price falls

TPG pulls out of B&B rescue
Bradford & Bingley's largest shareholders have stepped in to rescue the ailing mortgage lender after TPG Capital, the private equity group, pulled out of a £400m capital increase

American, Iberia and BA plan joint deal
American Airlines, British Airways and Spain's Iberia are close to applying for antitrust immunity to form a joint venture that would be one of the most powerful forces in the transatlantic aviation market

Game Group confident of beating forecasts
The video games retail chain sounded an upbeat note after saying it would beat forecasts for the first half of the year and announced the appointment of a Google executive to its non-executive board

Service sector activity at weakest since 2001
Service sector activity has weakened to its lowest level since 2001, and lenders are still tightening credit conditions for both households and businesses as fears over the economic outlook replace liquidity concerns, data showed

Greene King warns of slowdown
The brewer and pub operator warned revenues had slowed in the first two months of its financial year and said conditions remained 'difficult' as consumers face increasing pressures on their spending

Morgan Stanley to sell half of MSCI shares
Morgan Stanley, hammered by credit crunch losses, plans to sell half its remaining stake in MSCI, the portfolio analytics and equity indices company, for about $850m

BA pays £54m for French business airline
British Airways is accelerating the growth of its recently launched OpenSkies subsidiary through the €68m acquisition of L'Avion, the Paris-based all-business class airline

Consumption borrowing hit by higher rates
Housing equity withdrawal was the weakest since 2001, says data that suggests that tough credit conditions deter people from borrowing against the value of their homes

AstraZeneca sees off generic rival
Shares in the drugmaker surged after it won a US court case against a generic challenge to Seroquel, a treatment for schizophrenia that is its second biggest selling drug

Wood Group benefits from high oil price
John Wood Group said it was confident of delivering another year of strong growth thanks to expenditure by oil companies

Morgan Sindall shares suffer double blow
The UK construction group compounds a trading warning with an unexpected set of provisions totalling £58m relating to its £23m acquisition of two Amec divisions a year ago

Tanfield shares plunge 83% on warning
Tanfield shares lost more than four-fifths of their value after the maker of industrial 'cherry pickers' warned again on trading

N Brown dispels debt fears
The mail order retailer said sales in the first 17 weeks of its financial year were up more than 12% as internet sales become increasingly important for the group, which caters for larger men and women