Charles Schwab profits tumble after taking a $78m hit from waived fees October 15, 2009 US BROKER Charles Schwab said yesterday its quarterly profits plunged by a third due to waived fees and lower levels of trading by cash-strapped clients. The firm waived $78m (£47.9m) in fees from its money market mutual funds in the third quarter of the year as US interest rates lingered near zero, though this was [...]
PartyGaming bets on a flush year despite US competition October 15, 2009 ONLINE gambling firm PartyGaming said yesterday that it is confident about its full-year prospects, having made a strong start to the fourth quarter. PartyGaming said its total revenue rose 11 per cent to $112.7m (£69.4m) in the third quarter from the previous quarter, despite it normally being a weak period for the industry as players [...]
Rathbone to buy fund unit from Lloyds October 15, 2009 LLOYDS Banking Group is in advanced talks with private bank Rathbone Brothers over the sale of its Scottish private fund management operations, the bank confirmed yesterday. The bank said it was selling the Bank of Scotland Portfolio Management Service (PMS), a business with a headcount of around 50 staff that specialises in putting together investment [...]
Britvic reassures on profit as Irish declines hit sales October 15, 2009 SOFT drinks maker Britvic said it was confident of meeting market estimates for fiscal 2009 operating profit, but Irish sales in the fourth quarter were hurt by volume declines amid tough economic conditions. The company, whose brands include Robinsons, Tango and J2O, said the Irish soft drinks market showed no indication of a return to [...]
RHJ forks out for Kleinwort Benson deal October 15, 2009 GERMANY’S Commerzbank reached agreement to sell its UK private bank Kleinwort Benson to Belgian investment firm RHJ International for £225m in cash yesterday. The sale comes after Commerzbank was told by the European Commission to sell the division as a condition of approval for the €18.2bn (£16.7bn) it has received in state aid from Berlin. [...]
$ACHS AND THE CITI October 15, 2009 GOLDMAN Sachs brought more cheer to the City yesterday as it recorded third-quarter earnings of $3.2bn (£1.97bn), well ahead of analysts’ expectations, thanks to the continued strength of its fixed income operations. “Although the world continues to face serious economic challenges, we are seeing improving conditions and evidence of stabilisation, even growth, across a number [...]
CITIGROUP PROFIT FAILS TO IMPRESS October 15, 2009 CITIGROUP posted an unexpected third quarter profit of $101m (£62m) yesterday, but saw its shares fall on worries about $8bn in credit losses. The bank, led by chief executive Vikram Pandit, had been expected by analysts to record a loss, but inched into profit as it recorded $20.39bn in revenues. But analysts pointed out that, [...]
EU hedgie bill to cost 2.9bn October 15, 2009 EUROPEAN UNION plans to crack down on hedge funds and private equity houses could cost the industries as much as €3.2bn (£2.9bn), according to the first official report into the directive. The study, conducted by Charles River Associates for City watchdog the FSA, also said the affected firms would be hit with annual costs of [...]
We need more facts and less emotion October 15, 2009 RAGE against bankers is reaching yet another crescendo, especially as many of the main players are once again making bumper profits. In large part, the anger is visceral and emotional, fuelled by a staggeringly simplistic analysis of the causes of the crisis peddled by much of the media; but plenty of intellectually powerful arguments are [...]
QE optimism lifts pound October 15, 2009 STERLING hit a three-week high against the US dollar yesterday following comments from Paul Fisher, head of markets at the Bank of England, who said that quantitative easing (QE) was now working. “I feel much more confident now that the asset purchase programme is having the scale and speed of impact that we would have [...]