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 [...]
Halfords dips as the Budget takes its toll July 27, 2010 HALFORDS posted a fall in first-quarter underlying sales yesterday, with trade disrupted by May’s general election, June’s emergency Budget and the football World Cup. The group, which runs 462 Halfords stores and the 225-site Nationwide Autocentres car servicing business acquired in February, said yesterday it remained on track to grow the year to the end [...]
PZ Cussons bullish on growth July 27, 2010 BRITISH soap and shampoo maker PZ Cussons beat forecasts with a 20.6 per cent rise in annual profits yesterday and said it looked ahead with cautious optimism despite an uncertain consumer outlook in some markets. The maker of Imperial Leather and Carex soaps said it saw profitable growth in all its key regions of Europe, [...]
New retail boss hired for Habitat July 27, 2010 HABITAT has hired Gary Waldron – a former executive at Fat Face – as its retail director. The furniture and homeware chain is in the middle of a huge shake-up. The restructuring specialist Hilco bought Habitat in December from its former owner, ICAF, in a deal that involved writing off debts. Under the agreement there [...]
PureCircle figures not so sweet as shares plummet July 27, 2010 Shares in sweetener maker PureCircle plunged 17.3 per cent to 230p yesterday after it warned full-year profitability will be below levels seen in 2009. The group, which supplies sweeteners to soft drinks giants including Coca-Cola and Pepsi, said profit has been held back by the fact the group is running under capacity. Full-year 2010 profits [...]