Bank hate is exaggerated and simplistic August 3, 2009 IF WE are to believe most commentators, it is an outrage that Barclays and HSBC were able to report decent profits yesterday. The main reason, apparently, is that there are “fears” that lending remains too tight, and that the dreaded “bonus culture” will return. Needless to say, had the banks reported a collapse in earnings, [...]
Xchanging sees rise in profits August 3, 2009 Xchanging, the outsourcing group, said yesterday its underlying operating profit for the first half of the year increased by 42 per cent, as the company cut costs and improved its operating margin. Underlying operating profit for the six months to 20 June, excluding the contribution from newly acquired Cambridge Solutions, was £20.3m, compared with £14.3m [...]
HAMMERSON HELM SWITCH August 3, 2009 ANGLO-French property firm Hammerson said yesterday chief executive John Richards (pictured) will retire at the end of September after 10 years at the helm. UK managing director David Atkins will succeed him in the role. The group also added that losses almost doubled to £818.3m for the six months to 30 June from £417.1m a [...]
Former head of MetLife is to lead AIG August 3, 2009 BATTERED insurer American International Group (AIG) was yesterday set to name Robert Benmosche, formerly head of US life insurer MetLife, as its chief executive officer, according to people familiar with the matter. The board of the bailed-out insurance giant anointed Benmosche as its fifth leader since 2005 at a meeting yesterday, taking its fight to [...]
Factories in the UK and US return to growth in July August 3, 2009 BRITISH manufacturing activity grew in July for the first time since March 2008 due to the fastest rate of growth in new orders since November 2007, yesterday’s CIPS/Markit manufacturing purchasing managers’ index (PMI) said. The survey showed a rise to 50.8 from 47.4 in June, and above the critical 50 level that separates expansion from [...]
Hansteen opens UK industrial property fund August 3, 2009 PROPERTY investment firm Hansteen, which last month tapped investors for £200m, has launched a new £180m fund to invest in “unprecedented opportunities” in the UK industrial property market. After floating on the Aim market in 2005, Hansteen focused on continental European real estate, but joint chief executives Morgan Jones and Ian Watson believe the time [...]
Harman: Men should be blamed for the downturn August 3, 2009 LABOUR’S deputy leader Harriet Harman sparked a storm yesterday, when she said men were to blame for the financial crisis. Harman, who is in charge at Downing Street while Prime Minister Gordon Brown takes his annual holiday, said a higher preponderance of male bankers was responsible for the downturn. She made the comments after sparking [...]
Spotify gets investment interest August 3, 2009 Digital music service Spotify is understood to be close to winning new investment from high-profile investors, including the charitable foundation of Hong Kong tycoon Li Ka-shing. The service, which has been widely tipped to challenge the dominance of Apple’s iTunes, wants to raise cash to improve its status in the US. Since launching in the [...]
Factories in the UK and US return to growth in July August 3, 2009 BRITISH manufacturing activity grew in July for the first time since March 2008 due to the fastest rate of growth in new orders since November 2007, yesterday’s CIPS/Markit manufacturing purchasing managers’ index (PMI) said. The survey showed a rise to 50.8 from 47.4 in June, and above the critical 50 level that separates expansion from [...]
Profits jump at MillerCoors August 3, 2009 MillerCoors, the second largest brewer in the US, yesterday reported a 16.4 per cent rise in second-quarter net income while accelerating the timing of its merger savings. The firm, which consists of the combined US operations of SABMiller and Molson Coors, produces brands such as Miller Lite and Coors Light, and said underlying net income [...]