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UK MARKET NEWS
- Manchester United has now filed for its IPO to list on the NYSE, and is raising just $100m, well under the $500m talked about a week or two ago, and well under the $1bn cited on a possible Singapore IPO, it did not state how many shares would be sold or at what price, as it details nine month revenues of £245.8m up from £231m and a pre-tax profit of £15.7m from £11.8m
- On the slow news day Barclays may stay the major focus; for the moment the spotlight remains on Barclays, however in the coming days we can expect this to shift to the other UK banks that engaged in the industry practises, which reportedly were widespread at the time, Barclays had a reduced fine for fully cooperating with regulators, a move which so far looks to have completely backfired
- The resignation by Bob Diamond also allows pressure to build on the splitting of retail banking from investment banks, and finally he will be in the news this afternoon as he is due to speak to the UK Parliamentary Treasury Select Committee (at 14:00) this testimony may have an impact on whether Paul Tucker will replace Mervyn King as the next chief of the Bank of England, King is due to retire next summer, as Paul Tucker may also be called to testify after reports he gave tacit approval to the Libor setting practices
- Vodafone is reportedly in talks with Hutchison to combine their phone networks in Ireland
- The Glencore Xstrata deal is back in the news as Knight Vincke is the latest investor to urge Glencore to increase its offer
- IP Group announces today its plan to raise £25m through an admission to AIM of its Revolymer unit
- The UK is to sell £4.5bn in 2017 bonds at 10:30
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