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FTSE slips 1 per cent on week

The FTSE 100 closed 1.1 per cent lower on Monday’s open of 4029.67 to close at 3983.71 despite buoyant trading in financials.

The blue chip index opened higher today at 3,945 with banks leading early gains.

By 9am, the index was 0.65 per cent higher at 3,951 after opening almost 20 points higher on Wednesday’s close.

Afternoon trading was buoyed by news that Barclays had agreed a sale of its iShares ETF business to private equity firm CVC Partners for £3bn.

Barclays closed up 12.5 per cent at 177.50p, Lloyds Banking Group was 10.9 per cent higher at 79.50p, Royal Bank of Scotland was 11.1 per cent higher at 29p and HSBC was up 8.5 per cent at 474p.


Standard slashes executive pay

Standard Life has reduced the remuneration package for its executive directors, cutting chief executive Sir Sandy Crombie’s package by 16.4 per cent from £1.64m in 2007 to £1.39m for 2008.

Ireland tries to stabilise economy

The Irish government has announced the details of an emergency budget designed to shore up the country’s flagging economy.Pre-Budget data published last week show a €5 billion (£4.5 billion) widening from the budget deficit projected in January.Brian Lenihan, the finance minister, has proposed a raft of tax increases which should generate €3.6 billion over the […]


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