Alliance Trust wins backing of leading analysts

Much-criticised Dundee-based Alliance Trust was yesterday added to the “buy” lists of two influential analysts as they backed its cautious approach and the strategy of new chief executive Katherine Garrett-Cox.

Pension lifeboat levy to be fairer, NAPF is told

The annual levy on business to fund the pensions lifeboat will become fairer, the Pension Protection Fund (PPF) said yesterday.

Invocas on the rack as warning echoes

The bumpy ride for investors in Scottish debt solutions group Invocas continued yesterday, as the company seen as ideally placed to bene-fit from economic disaster lost a third of its value.

Aviva and Aegon shoring up capital levels

Insurers Aviva and Aegon have sought to reassure investors over their capital levels following share price falls across the insurance sector in the midst of the banking crisis.

	Wood Group’s healthy bounce boosts investor faith
	Wood Group bounced back from its recent weakness yesterday as it unveiled an upbeat trading statement and said it expected growth to continue.

Morgan Stanley wilts under pressure

Morgan Stanley, the big Wall Street bank, saw its share price dive by more than 25% on the New York Stock Exchange last night as a ban on short-selling expired and concern grew that the company may be unable to survive the global credit crisis.

UK trade gap at record level

The UK’s trade gap in goods remained at a record level in August, as exports failed to receive a boost from the cheaper pound, another gloomy economic update revealed yesterday.

Hays reports 20% fall in City recruitment

Turmoil in the banking sector has caused City recruitment levels to fall by 20% amid “unprecedented” market conditions, recruitment firm Hays said yesterday.

Banking sector split in two on issue of taking state capital

HSBC, Standard Chartered, and Abbey National yesterday declared they had no intention of raising capital from the state, reinforcing the City’s belief that the UK Government’s £50bn offer is essentially aimed at Royal Bank of Scotland, Lloyds TSB, HBOS and Barclays.

Global stocks retreat despite emergency interest rate cuts

The Bank of England, the US Federal Reserve and other central banks in Canada and mainland Europe lowered interest rates in an emergency co-ordinated move to stem the worst financial crisis since the Great Depression of the 1930s.

Is plumber Darling’s £500bn plunger fit for purpose?

Well, the bazookas have duly been fired. Talk about a Big Bang. There were two huge ones, in quick succession yesterday. First, the details of the government’s bailout plan for British banks were finally revealed.

	Share value of Sainsbury dips as tycoon sells stake in chain
	Healthy sales figures from supermarket J Sainsbury yesterday were overshadowed by the sale of a 10% stake in the company by property tycoon Robert Tchenguiz.

HBOS takes £400m hit from BankWest sale

Halifax Bank of Scotland has abandoned its Australian ambitions with the fire sale of BankWest at less than half the hoped-for price and at a £400m loss.

Stagecoach prepares for downturn

Perth-based bus and rail company Stagecoach has confirmed it is drawing up cost-cutting plans as transport businesses, previously seen as insulated from a downturn, begin considering the impact of an unexpectedly long and deep recession on the sector.

Do not over react, says pensions regulator

The current financial crisis should not deflect the UK from its new pension scheme regime, the pensions regulator David Norgrove told the National Association of Pension Funds annual conference in Glasgow yesterday.

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