GKN keeps profits steady but sees revenues fall October 15, 2009 GKN, the automotive and aerospace parts maker, posted a pre-tax profit of £36m in the third quarter and said considerable uncertainty remains in a number of its markets. “In Automotive, the full impact on vehicle production of the phasing out of a number of incentive schemes in Europe and North America will not become evident [...]
RHJ forks out for Kleinwort Benson deal October 15, 2009 GERMANY’S Commerzbank reached agreement to sell its UK private bank Kleinwort Benson to Belgian investment firm RHJ International for £225m in cash yesterday. The sale comes after Commerzbank was told by the European Commission to sell the division as a condition of approval for the €18.2bn (£16.7bn) it has received in state aid from Berlin. [...]
Ken Lewis will not be paid this year October 15, 2009 Outgoing Bank of America chief executive Kenneth Lewis will get no pay or benefits for his last year of work at the company. Lewis, chief executive of Bank of America (BOA) for nearly a decade, was scheduled to receive $1.5m (£1m) in base pay this year, but no bonus or other payments, said company spokesman [...]
Death of star banker and Lazard boss Wasserstein is mourned on Wall Street October 15, 2009 TRIBUTES flooded in yesterday for star investment banker and chairman and chief executive of Lazard, Bruce Wasserstein, who died on Wednesday. The celebrated Wall Street dealmaker was hospitalised on Sunday due to an irregular heartbeat and had been said to be recovering until the news of his death. He worked right up until his last [...]
Ashmore lifted by debt products October 15, 2009 Emerging markets fund specialist Ashmore said yesterday its assets under management rose 25 per cent in the first quarter, boosted by net inflows to external debt products. The firm said its managed assets rising to $31.1bn (£19.1bn) in its first quarter to end-September, beating analysts’ forecasts.
$ACHS AND THE CITI October 15, 2009 GOLDMAN Sachs brought more cheer to the City yesterday as it recorded third-quarter earnings of $3.2bn (£1.97bn), well ahead of analysts’ expectations, thanks to the continued strength of its fixed income operations. “Although the world continues to face serious economic challenges, we are seeing improving conditions and evidence of stabilisation, even growth, across a number [...]
Worker rights rules delayed October 15, 2009 THE GOVERNMENT yesterday pledged to delay European Union (EU)rules that would give agency workers the same rights as full-time employees. Business minister Pat McFadden said the UK will bring in the new laws in the coming months, but they will not be enforced until October 2011, giving recession-hit businesses a break before they have to [...]
Death of star banker and Lazard boss Wasserstein is mourned on Wall Street October 15, 2009 TRIBUTES flooded in yesterday for star investment banker and chairman and chief executive of Lazard, Bruce Wasserstein, who died on Wednesday. The celebrated Wall Street dealmaker was hospitalised on Sunday due to an irregular heartbeat and had been said to be recovering until the news of his death. He worked right up until his last [...]
Ashmore lifted by debt products October 15, 2009 Emerging markets fund specialist Ashmore said yesterday its assets under management rose 25 per cent in the first quarter, boosted by net inflows to external debt products. The firm said its managed assets rising to $31.1bn (£19.1bn) in its first quarter to end-September, beating analysts’ forecasts.
CITIGROUP PROFIT FAILS TO IMPRESS October 15, 2009 CITIGROUP posted an unexpected third quarter profit of $101m (£62m) yesterday, but saw its shares fall on worries about $8bn in credit losses. The bank, led by chief executive Vikram Pandit, had been expected by analysts to record a loss, but inched into profit as it recorded $20.39bn in revenues. But analysts pointed out that, [...]