Sberbank sees profits soar as bad loans drop April 15, 2010 SBERBANK, Russia’s biggest lender, said yesterday that quarterly net profit jumped to 43.2bn roubles (£1bn), from 0.3bn roubles a year ago. The significant improvement was a result of a sharp reduction in provision charges for bad loans, the company added. State-controlled Sberbank, which holds roughly a quarter of Russia’s total banking assets, hopes to earn [...]
BarCap raids senior banker at Rothschild April 15, 2010 BARCLAYS Capital has poached a third senior banker from Rothschild’s financial institutions group (FIG) in the form of Ben Davey, a ten-year veteran of the firm. Davey, who was one of three co-heads of Rothschild’s UK FIG team, becomes co-head of European FIG at BarCap. He joins former colleague Stefano Marsaglia, who jumped ship from [...]
BP sees off a revolt on pay and oil sands April 15, 2010 Oil major BP yesterday easily saw off challenges to its Canadian oil sands project and to its executive pay policy at its annual meeting yesterday. Europe’s largest oil firm by market value said 94 per cent of shareholders who voted in advance of the annual meeting rejected a call to review its Sunrise project to [...]
Takeover Panel’s Hingley joins top ranks at Lazard April 15, 2010 VETERAN investment banker Robert Hingley is set to take up a coveted role at Lazard, one of the world’s biggest M&A advisory firms, just a few months after completing his stint at the helm of the Takeover Panel. Hingley, 49, joins Lazard as a managing director in the financial advisory business and will lead the [...]
Hythe fined by FSA for risky sales culture April 15, 2010 THE FINANCIAL Services Authority yesterday slammed stockbroker Hythe Securities with £235,000 worth of fines, as the regulator’s crackdown on illegal practices continues to rage through the City. The lion’s share of the fine – £200,000 – will be paid by the firm itself, whose systems and controls were inadequate to protect customers against poor advice, [...]
Sportingbet to list on the main market April 15, 2010 ONLINE gaming firm Sportingbet yesterday confirmed plans to move its shares from the Alternative Investment Market (AIM) to the main market in London next month. The move represents a milestone for the industry which has been hit by tough regulation in the US. Sportingbet plans to list on the main market on 14 May. Sportingbet, [...]
Lexus sales hit the skids as Toyota calls halt April 15, 2010 TOYOTA has put a global halt to the sale of the 2010 Lexus GX 460 model after a US magazine Consumer Reports yesterday warned potential buyers of a potential safety risk that the vehicle could tip over. While the vehicle is not available for purchase in the UK, the world’s largest car maker by volume [...]
ANALYST VIEWS: IS THIS A POSITIVE MOVE FOR SPORTINGBET ? April 15, 2010 JAMES HOLLINS | DANIEL STEWART “This is a strategically attractive move for Sportingbet as it should bring greater liquidity and a wider potential investment pool to the stock, enhancing its reputation and, ultimately we believe, its stock value. Based on the current market capitalisation of Sportingbet, it would slot into the FTSE 250.” GREG FEEHELY [...]
Experian sees good US sales but UK suffers April 15, 2010 EXPERIAN said it was on track for a “good” full-year profit yesterday after revenues edged higher in the second half, helped by strong sales in Latin America. But shares in the firm fell around four per cent after the results disappointed the market. The credit checking and business information company saw revenues rise three per [...]
Digicel loses case against C&W April 15, 2010 DIGICEL has lost its landmark legal battle against bitter rival Cable & Wireless Communications. A judge ruled that Digicel, headed up by Irish telecoms tycoon Denis O’Brien, was not unlawfully delayed from breaking into the emerging Caribbean telecoms market. The case focused on claims that Cable & Wireless had breached the telecoms statutes in Barbados, [...]