News

Goldman Sachs’ private equity arm is set to announce a £150m investment in insurance group Hastings Direct that will leave chairman Neil Utley cashing in tens of millions of pounds from the business he turned around after buying it in 2008.

Simon Read: Turning the clock back for Northern Rock is mutually best

There's a great opportunity to give a massive boost to the mutual sector by ensuring that state-owned bank Northern Rock is returned to it. In his Mansion House speech this week, George Osborne announced a sale of Northern Rock adding: "Any interested parties can bid for it, including mutuals, which this Government is actively committed to promoting."

Process to sell Northern Rock will begin this year

A buyer for Northern Rock, the bank nationalised in 2008, will be found by the end of the year, the Chancellor, George Osborne, announced last night.

Steve Richards: Brown's bid to run the IMF deserves a fair hearing

There is evidence that Brown's fiscal stimulus propelled Britain and other countries towards growth

How can bank sales pay dividends for us?

The time may be propitious for the Government to sell off its stake in the banks, but will taxpayers benefit? Sean Farrell reports

Northern rock: Hard work and good timing have transformed a Cumbrian garden

It was kind of David and Gail Sheals to spend so much time showing me round their Cumbrian garden. Outside their back door stood a mountain of cardboard boxes, packed with 300 small pots of Ilex crenata. The dreaded blight had killed all the box hedging in a part of the Sheals's wonderfully intricate garden and they hope that the little ilex, much used for topiary in Japan, will prove to be a suitable replacement. If I'd been them, I would have been dropping hints about the best route to the motorway, so I could start planting. But no. They even offered coffee.

New crisis could force RAB Capital to delist

Rab Capital, the former star hedge fund now notorious for investing in Northern Rock, is set to leave the stock market following a fresh wave of redemptions and the departure of a top fund manager.

Poster boy for the credit crunch to repay investors cash

RAB Capital has agreed to pay out 79 per cent of its Special Situations Fund to investors, leaving the former $3bn (£1.8bn) fund with less than $100m.

Northern Rock and B&B borrowers face rising arrears

The bank managing Northern Rock and Bradford & Bingley's risky mortgages warned yesterday that arrears and repossessions would rise this year as household incomes are squeezed.

Takeover proposed for Northern Rock

Coventry Building Society said tonight that it believed Northern Rock customers would benefit if it were to take over the nationalised lender.

UKAR anounces profits for nationalised banks

The state-owned company that runs nationalised Northern Rock Asset Management and Bradford & Bingley today said both companies returned to profit last year.

Newcastle reveal cost of relegation

Newcastle have revealed a loss of £17.1million as a result of their relegation from the Barclays Premier League.

Northern Rock slashes workforce by a quarter

Northern Rock stunned unions yesterday by announcing it would slash a quarter of its already drastically depleted workforce.

Northern Rock cuts another 680 jobs

Nationalised lender Northern Rock said today that it expects a further 680 job losses by the end of the year as it moves to drive down its costs.

Rock parcels up loans again

Northern Rock is going back into the securitisation market for up to £370m of funding three years after its reliance on packaging mortgages as bonds drove it into state ownership.

£1.5bn saved in banks debt deal

Taxpayers were saved around £1.5 billion after Government moves to buy back debt in nationalised lenders Northern Rock Asset Management and Bradford & Bingley, the public spending watchdog said today.

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