Britain’s FTSE 100 index dipped by mid-session on Monday as concerns of a looming United States recession offset gains in oil shares, HSBC and potential bid target Friend Provident. By 1201pm GMT, the FTSE 100 was down 6,6 points at 5 693,3, well off its day’s high of 5 718,8.
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/ 26 November 2007
A consortium led by Richard Branson’s Virgin Group has been picked as the preferred bidder to rescue Northern Rock and plans to repay £11-billion (,6-billion) quickly to the Bank of England. Half the cash will come from the consortium and half will be raised through a rights issue at 25 pence per share.
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/ 14 November 2007
Shareholders in ailing British bank Northern Rock could be left with nothing and the Bank of England could still be funding the lender in three years. A briefing memorandum sent to potential buyers of Northern Rock by its advisers showed it could still owe as much as £5,9-billion to the Bank of England in 2010.