News in brief: Barclays clarifies fundraising plans, Insurer LV reports thinner first half, Grid moves ahead with key projects
Barclays was forced to confirm to the stock market today that it is looking at raising fresh capital, with growing speculation that it could announce a £4 billion rights issue with tomorrow’s first-half results.
In a brief statement Barclays said it was in talks with the Prudential Regulation Authority “regarding its financial and capital management plans”. The shares fell 10p to 310.1p.
Insurer LV reports thinner first half
County cricket sponsor LV said profits from its general insurance business dipped during the first half of the year.
The company, which claims to be the UK’s third-largest car insurer, saw operating profits fall to £43 million in the period compared with £62 million in 2012. Life and pension sales were also affected, falling 14% to £74.3 million.
Grid moves ahead with key projects
National Grid, which runs Britain’s energy networks, said today it expected to invest up to £3.9 billion in the current fiscal year.
Major projects include the London Power Tunnels, upgrading the capital’s electricity supply. Grid said it had seen a “solid” financial performance for the past four months. It is also investing up to £1.4 billion a year in US transmission infrastructure.
