ELECTION2010 April 20, 2010 Lib Dems score YouGov high The Liberal Democrats last night recorded their highest YouGov poll score, with popularity up three per cent to 34 per cent. The Lib Dems showed a three point lead over the Conservative party, which dropped two points to 31 per cent. The Labour party fell one per cent to 26 [...]
IMF proposes double tax hit for all banks April 20, 2010 BANKS around the world could face two new taxes to cover the cost of any future bailouts under proposals by the International Monetary Fund (IMF) circulated to the Group of 20 countries yesterday. The report proposes a “Financial Stability Contribution,” which would be used to cover the cost of any future financial sector bailouts to [...]
Apple and Yahoo see profits surge April 20, 2010 APPLE results blew past Wall Street expectations on the back of record iPhone sales, and the company gave a surprisingly strong revenue forecast, sending its shares to a record high yesterday. Apple, which typically offers conservative forecasts, projected revenue of $13bn (£8.4bn) to $13.4bn in the current, June quarter. Wall Street had been targeting revenue [...]
CASE AGAINST EX-AIG CHIEF “DEVASTATING” April 20, 2010 NEW York state prosecutors have “a devastating case” against Maurice ‘Hank’ Greenberg, the former American International Group chief executive accused of fraud over a reinsurance transaction 10 years ago, the presiding judge said in court yesterday. Greenberg has asked for the case to be dropped.
Evercore increases profit April 20, 2010 US merger advisory boutique Evercore Partners reported quarterly profit slightly below analyst expectations yesterday as expenses rose due to business expansion and deal-related activities. For the first quarter, net income attributable to common shareholders was $2m (£1.3m), or nine cents a share, compared with $191,000, or one cent per share, in the year-ago quarter. Net [...]
Bancorp reports strong results April 20, 2010 Bancorp joined Bank of New York Mellon in posting encouraging first quarter results yesterday, with profit increasing almost 27 per cent. The results were helped by higher revenue from its fee-based businesses and slowing consumer loan losses. The Minneapolis-based bank reported earnings of $669m (£436m), or 34 cents a share, compared with $529m, or 24 [...]
LSE changes tariff structure April 20, 2010 The London Stock Exchange last night changed its tariff structure to attract high-frequency traders. The move is seen as a way of stopping traders defecting to rival platforms. The scheme offers free trading to certain groups that post large volumes of orders to the LSE. It will start on a trial basis next month.
SEC division seen as boost for Goldman April 20, 2010 US lawyers said yesterday that Goldman Sachs has been boosted by news of a split at the Securities and Exchange Commission (SEC) over whether or not to pursue a civil fraud action against the giant investment bank. The SEC announced its intention to pursue Goldman on Friday but it has since emerged that two out [...]
Goldman nets $3.5bn profit April 20, 2010 GOLDMAN Sachs momentarily shifted attention away from its legal wrangle with the US securities regulator yesterday when its first quarter results smashed Wall Street forecasts. The embattled behemoth almost doubled its net profits to $3.5bn (£2.3bn) or $5.59 per share, up from $1.8bn or $3.39 per share this time last year. Revenues rose 36 per [...]
Embattled bank’s top lawyer shines spotlight on third party April 20, 2010 THE top lawyer at Goldman Sachs yesterday laid out the meat of the bank’s defence against allegations of complex derivatives fraud. The Securities and Exchange Commission accuses Goldman of deceiving investors in 2007 by allowing Paulson & Co, the hedge fund, to help design an instrument it intended to sell short. The mortgage-based collateralised debt [...]