Q&A: THE GOLDMAN SETTLEMENT July 15, 2010 Q.WHAT DOES THIS MEAN FOR OTHER BANKS? A.For any bank that already has a pending SEC investigation, it could open the door to more settlements. However, there is some speculation that it could also pave the way for further SEC investigations and action by US federal prosecutors. Q.WHAT DOES THIS MEAN FOR GOLDMAN TRADER FABRICE [...]
BP stops Gulf oil spill after tests on cap July 15, 2010 CRUCIAL tests on the Macondo well cap have succeeded in stopping the flow of oil into the Gulf of Mexico for the first time in three months. It is the first time the flow has stopped since an explosion on the Deepwater Horizon rig on 20 April. US President Barack Obama said the development was [...]
JP Morgan triumphs as lower loan losses help profits surge July 15, 2010 JP MORGAN got the US bank second quarter reporting season off to a solid start yesterday, as a boost from falling impairment charges made up for a torrid period for its investment bank. The bank booked net profit of $4.8bn (£3.1bn), 78 per cent higher than the $2.7bn it made in the second quarter last [...]
Google’s profits disappoint, but AMD beats forecasts July 15, 2010 GOOGLE, the internet giant, missed Wall Street’s second quarter profit estimates yesterday. Google, the world’s biggest search engine, posted net income of $1.84bn (£1.19bn) in the second quarter, as rising operating expenses offset a 24 per cent jump in its revenue. The group said its revenue in the three months ended 30 June totalled $6.82bn, [...]
Ocado plans pulled apart by research July 15, 2010 ONLINE grocer Ocado has come under fire again for its ambitious £1bn flotation plan, as another research analyst warns investors off the firm. Edison Investment Research said in a scathing note the firm should cut its price by more than half, recommending a £400m to 650m range. It criticised the company’s lack of assets and [...]
Gartmore left to reassure as star walks out July 15, 2010 Embattled UK fund firm Gartmore raced to reassure investors and clients yesterday as its shares fell following the resignation of former star trader Guillaume Rambourg to focus on a regulator probe. Head of global alternatives Paul Graham said the departure of Rambourg would not affect management of Gartmore funds, but the company’s shares closed 5.5 [...]
ABI director Kerrie Kelly leaves after just six months July 15, 2010 KERRIE Kelly has left as director general of the Association of British Insurers (ABI) after just six months in the role. Kelly is “stepping down from her role to return to Australia… for personal reasons”, according to the ABI. She joined the ABI to replace Stephen Hadrill, who left to join the Financial Reporting Council. [...]
Goldman, TPG in $1.5bn bid for nappy firm July 15, 2010 US buyout firm TPG and the private equity arm of Goldman Sachs yesterday agreed to buy nappy-maker Ontex from rival Candover in the year’s largest European buyout. The deal, which Candover said values Ontex at €1.2bn (£1bn) including debt, is Europe’s largest buyout this year, just ahead in dollar terms of KKR’s £955m deal for [...]
Corporate profits are down in first quarter July 15, 2010 CORPORATE profitability deteriorated in the first quarter of 2010 to match the third quarter of 2009, which was the worst quarter since the last three months of 1993. Companies’ net rate of return fell to 11.1 per cent in the first three months of the year from a downwardly-revised 11.3 per cent in the fourth [...]
DAVID MILES STAYS DOVISH July 15, 2010 BANK of England Monetary Policy Committee (MPC) member David Miles yesterday argued that it was not yet appropriate to start tightening policy, saying “fragilities in the banking system remain and pose risks that the recovery in demand and activity we have seen across Europe – including the UK – falters”. The dovish external MPC member [...]