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B&B denies rights issue

Bradford & Bingley has denied reports that it was planning to raise hundreds of millions of pounds in a rights issue this week.

Several newspapers reported during the weekend that the buy-to-let specialist would launch the rights issue before or on April 22, when it is due to publish a trading update, but the lender says it has no need to raise new equity.

A spokeswoman for the lender said: “Contrary to press speculation, B&B would like to announce that it is not intending to issue equity capital by way of a rights issue or otherwise.”

She added: “B&B has a strong capital base, above its regulatory requirements, and as a result of the board’s conservative approach, has funded its business activities through 2008 and into 2009.
“In the current market environment, the board will naturally continue to monitor closely the balance sheet strength of the business and its funding plans.”


TFC extends free legals across panel

TFC Homeloans is expanding its offer of free legals and a £99 application fee on First National and Beacon remortgages.

Cool reception for FTB plan

Building societies claim the Prime Minister’s £3m pledge to help individuals get on the pro-perty ladder will make little difference to the majority of first-time buyers.The funds will be released in £1,500 packets to key workers such as nurses as well as first-time buyers who are eligible for assistance under existing Open Market HomeBuy guidelines.The […]

Fed auction oversubscribed

The US Federal Reserve’s short-term auction received over $91bn worth of bids from 76 institutions last week. The central bank offered $50bn to the market.

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Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


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