Why Goldman Sachs is doing so well July 14, 2009 SO Meredith Whitney was right. The high-profile Wall Street analyst upgraded her advice to potential Goldman Sachs investors from “neutral” to a “buy” – and the investment bank, whose European operations are based in Fleet Street, responded with a hugely positive set of numbers. Net profit for the three months to June hit $3.4bn from [...]
Oil saves US retail figures July 14, 2009 CAR and petrol sales salvaged an otherwise lacklustre June for US retailers, data out yesterday revealed. The report from the US Commerce Department showed sales at retailers rose 0.6 per cent from a month earlier, beating economists’ expectations of a 0.4 per cent advance. But outside of car showrooms and petrol stations, the sales results [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 14, 2009 FINANCIAL TIMES FIRSTGREATWESTERN BACK ON TRACKA rail franchise that became notorious for large numbers of train cancellations and poor punctuality has shown sufficient improvement to be released from an intensive monitoring regime imposed by the Department for Transport. Lord Adonis, transport secretary, yesterday told the House of Lords that FirstGreatWestern had met the standards required [...]
Rio talks with China may slide July 14, 2009 The world’s largest buyer of iron ore, China, might allow price talks on the metal with Rio Tinto to drop, the Umetal Research Institute said yesterday.The news comes ahead of the mining group’s second quarter production volumes report, which is due out today. The mining giant has agreed a 33 per cent price cut with [...]
Group attacks Fed power plan July 14, 2009 A coalition of investors is set to attack Barack Obama’s plan to give the Federal Reserve extensive powers over all big US financial groups today. It says the Fed’s reputation has been tarnished, as it contributed to the downturn. The group of analysts, investors and former regulators will break the silence from the industry on [...]
RSA protects itself against pensions risk July 14, 2009 ROYAL & Sun Alliance (RSA) yesterday insured itself against potential increases in the cost of funding one third of its staff pensions scheme. The insurance deal, arranged by investment bank Goldman Sachs subsidiary Rothesay Life, is set to deliver a “small” earnings boost from 2010, but will have no impact on earnings this year, RSA [...]
Primark founder to step down as MD July 14, 2009 THE publicity-shy founder of Primark, Arthur Ryan, will step down as managing director of the retailer in September. Ryan, who opened its first store in Dublin 40 years ago, is likely to be replaced by Paul Marchant, a former New Look executive and Primark’s chief operating officer. Associated British Foods (ABF), Primark’s parent company, declined [...]
MYNERS BACKS HEDGIES July 14, 2009 CITY minister Lord Myners said yesterday there were “serious deficiencies” in the EU’s draft directive on hedge funds. He also told the House of Lords subcommittee that the government was working on alternatives to the planned law.
Eurozone output rises slowly July 14, 2009 The volume of goods leaving eurozone factories rose in May, but the upturn was weaker than expected. Production rose 0.5 per cent in the 16-member currency region, but was still 17 per cent lower than a year ago.
Bernard Madoff moves jails July 14, 2009 Convicted fraudster Bernard Madoff has been transferred to the same prison which once held swindler Charles Ponzi. Madoff, 71, was last month sentenced to 150 years in jail after admitting a $65bn (£40bn) fraud. He has been moved from a New York cell to the US Penitentiary in Atlanta.