Connaught caught up in FSA probe over reporting speed July 27, 2010 SHARES in housing repair firm Connaught remained in the doldrums yesterday as details of the reported Financial Services Authority investigations emerged. The FSA is thought to be focusing on whether the beleaguered company was prompt enough in telling the stock market about its worrying financial state. Its profit warning on 25 June led to shares [...]
Goldman Sachs and Credit Suisse snap up stakes in Bank of Moscow July 27, 2010 MAJOR international banks Goldman Sachs and Credit Suisse have bought small stakes in state-run Bank of Moscow, an encouraging sign for Russia as it considers a broader sale of the state’s financial assets. As part of a $29bn (£18.6bn) fund-raising effort to plug gaps in the budget, Russia is looking at the sale of minority [...]
Investment banking drags on Deutsche July 27, 2010 DEUTSCHE Bank yesterday trod the same beaten path as its large US rivals as it revealed a jump in second quarter profits had been dampened by weakness in its investment bank. Deutsche said pre-tax profits came in at €1.5bn (£1.25bn) for the three months to June, up 16 per cent on the €1.3bn it reported [...]
Liberum profits buoyed after new client wins July 27, 2010 LIBERUM Capital saw revenues surge in the first half of the year as the boutique investment bank landed its first major mandates advising companies joining the full list of the London Stock Exchange. Earlier this month, Liberum acted as co-manager to Vallar, the cash shell set up by financier Nat Rothschild, on its admission to [...]
UBS manages £1bn profit in tough quarter July 27, 2010 SWISS bank UBS said it would resolve tax haven disclosures with US authorities by the autumn as it announced consensus-beating second quarter results and slowing outflows yesterday. The world’s second largest wealth manager is due to honour its agreements with the US Department of Justice and the Securities and Exchange Commission by October. UBS hopes [...]
Aldermore to open a bank in Reading July 27, 2010 NEW UK lender Aldermore will open another office to fuel its rapid expansion. The new facility in Reading will enable the bank to roll out its operations providing SMEs with funds to invest in business assets. The bank has gone from 24 staff to 300 in its first year of trading, in which time it [...]
CIT’s post-bankruptcy momentum continues July 27, 2010 CIT, the commercial lender that last year emerged from bankruptcy, yesterday reported quarterly profits that dwarfed analysts’ estimates. The bank reported a second-quarter profit of $142.1m (£91.3m), or 71 cents a share. Analysts on average expected a profit of 33 cents a share. Prior to the bankruptcy and a financial restructuring, CIT lost $1.68bn, or [...]
Numis slams property deal July 27, 2010 NUMIS SECURITIES has turned the heat up in the £1.6bn merger wrangle between two of the London market’s largest property trusts, describing the tie-up as “not compelling”. The boards of F&C Property Trust (FCPT) and UK Commercial Property Trust (UKCPT) have recommended joining forces, with the blessing of their largest shareholders, but minority investors hold [...]
Northern Rock finance boss is fined for fudging figures July 27, 2010 A FORMER Northern Rock finance director has been fined £320,000 and banned from working in banking. David Jones admitted allowing false mortgage figures to appear in a document released along with the firm’s accounts. He allowed the false reporting to continue for almost a year in the firm’s trading updates. The figures masked the extent [...]
Provident Financial is hit by nervous borrowers July 27, 2010 Provident Financial said it was not expecting any change in the economy for the rest of the year as it missed expectations for its first-half profit. However, chief executive Peter Crook said he was comfortable with current full-year profit forecasts, adding the business is set to benefit from cost-cutting measures and lower funding costs. He [...]