Spain to reveal bank stress test results in a move to reassure June 16, 2010 SPAIN’S central bank will publish stress tests on its lenders and Germany is coordinating disclosure at EU level, moving Europe’s banking sector closer to putting its financial health on public display. After media leaks that Madrid was keen on disclosure of stress tests on banks to dispel rumours it is about to seek Greek-style aid, [...]
CITY VIEWS: SHOULD THE UK RAISE ITS RETIREMENT AGE? June 16, 2010 KIM BRADY | WEST LB “I’ve got a work pension, but other than that I’ve not really considered retirement. I don’t really like the thought of working past 65, but it might be necessary. I wouldn’t have thought people could change jobs easily past that age – I can’t see many companies willing to hire [...]
Euro air traffic down 15.6pc June 16, 2010 European passenger traffic fell by 15.6 per cent in April after taking a hit from the volcano disruptions. The numbers mark a drop from the 3.6 per cent rise reported by the industry in the first quarter. Figures from aviation body International Air Transport Association (IATA) showed that international passenger traffic was also adversely impacted [...]
L&C hires M&S director Michels June 16, 2010 Boutique wealth management firm London & Capital has scored a coup with the appointment of Sir David Michels as chairman. Michels is also currently deputy chairman of retail giant Marks & Spencer and budget airline easyJet. He said: “London & Capital has shown throughout the credit crunch that well run, independent wealth management companies have [...]
RBS sells off Pakistani arm in £34m deal June 16, 2010 ROYAL Bank of Scotland yesterday said that Faysal Bank is to acquire 99.37 per cent of RBS Pakistan for 4.298bn rupees (£34m). Pakistan lender Faysal Bank, which is 68 per cent owned by Bahrain-based Ithmaar, beat Egyptian Bank EFG-Hermes in the race to snap up the lender. Pakistan’s central bank said in March it had [...]
SocGen: We’ll double profits June 16, 2010 SOCIETE Generale set a net profit goal of €6bn (£5bn) for 2012 yesterday, double its target for this year, as it seeks to restore investor confidence in a tough business environment. SocGen executives pitched the target as part of its five-year strategic plan at an event for investors, which came as the trial of the [...]
Higher costs set to crimp FedEx profits next year June 16, 2010 FEDEX reported a quarterly profit yesterday that beat analyst expectations, but said costs would constrain its 2011 earnings. The company projected 2011 earnings per share in the range of $4.40 (£2.97) to $5.00. “We expect the growth in earnings in fiscal 2011 to be constrained,” chief financial officer Alan Graf Jr said, citing increases in [...]
Swiss Parliament delays UBS tax deal June 16, 2010 A SWISS-US tax deal crucial to the future of UBS hung in the balance as the lower house of parliament voted again yesterday for a referendum, delaying a final decision until today. A special panel is set to iron out differences between the upper and lower houses this morning before they take final votes later [...]
BEST OF THE BROKERS June 16, 2010 TESCO ING reiterates a “buy” recommendation on Tesco and said this was a fairly lacklustre first trading update, although the market shouldn’t be hugely surprised. ING noted Tesco’s chief executive Terry Leahy expects the first quarter to be a low point for the year and he continues to talk about “recovering global consumer markets.” CARPHONE [...]
CITY MOVES | WHO’S SWITCHING JOBS June 16, 2010 Capital & Regional The property asset management firm has appointed John Clare, the former chief executive of Dixons Group, as its new chairman, effective from the end of June. Clare is currently the chairman of JJB Sports and bed retailer Dreams. He held the top job at Dixons 14 years between 1993 and 2007, and [...]