The pound remained under pressure after hitting a ninth-month low against the dollar yesterday as the prospect of a hung Parliament heightened fears of a delay in reducing Britain's public debts.
Having rallied last night and momentarily moved back above $1.50, sterling fell again in early trading today, at one stage hitting $1.4853 - only half a cent above the nine-month low of $1.4784 that it reached yesterday reports The Times.
Analysts warn that with political uncertainty likely to continue, the pound could weaken further in coming weeks, possibly sinking to $1.20 or less by the summer. Read more...
LORD MANDELSON yesterday night called for a radical tightening of takeover rules to help companies fend off hostile bids driven by the lure of "the fast buck", the Financial Times reports.
The business secretary laid out proposed changes to the takeover regime in the wake of Kraft's £11.7bn hostile takeover of Cadbury , including the ability to block deals supported by fewer than two-thirds of shareholders.
The US food company's acquisition of the confectioner, aided by short-term shareholders such as hedge funds, drew calls for reform from British business leaders, as well as condemnation from the government. Read more...
DUBBED THE "Red Knights", a group of financiers has met to discuss a billion-pound takeover of Manchester United.
United, owned by the Glazer family, caught the eye of the Knights as the club's high level of debt - now at £716.5m - has prompted much unease, BBC Sport understands.
Goldman Sachs economist Jim O'Neill, who was acting in a personal capacity, lawyer Mark Rawlinson and financier Keith Harris were at the meeting.
A spokesman for the Glazers says: "United is not for sale." Read more...
GOLDMAN SACHS made at least $100m in net trading revenues on 131 days last year - equivalent to once every other trading day,the Financial Times reports.
Goldman managed the result even as it took greater trading risks in 2009 than in the previous year, according to a filing with the Securities and Exchange Commission on Monday.
Its daily "value at risk" (VAR) - the most that the bank estimates that its traders could lose on a given day - was $218m in 2009, up from $180m during the previous fiscal year, which closed in November 2008. Read more...
