Bank chiefs issue warning against regulatory overkill August 3, 2009 BARCLAYS chief executive John Varley yesterday urged regulators not to risk “throttling” economic recovery with overzealous reforms, while HSBC backed up his call for a measured approach. “This industry got many things wrong and there is much to be sorry about. There must be change and there will be change,” said Varley. But he added [...]
WHAT ARE YOUR THOUGHTS ON HSBC’S RESULTS? August 3, 2009 HENK POTTS BARCLAYS WEALTH“Messy numbers, with various accounting changes, but definitely ahead of expectations and sentiment towards the sector continues to improve. Household, the US business which is largely in run-off mode, was the largest source of upside surprise with lower provisions and lower realised losses.” DAVID BUIK BGC PARTNERS“HSBC’s tier one capital stands at [...]
A message to SpinVox sceptics: stop the sniping August 3, 2009 RECENTLY, there’s been a bit of controversy surrounding SpinVox, the UK-based voice to text messaging company led by Christina Domecq. Certain bloggers and journalists have accused the firm of not paying suppliers, and of not possessing the intellectual property that can convert spoken voice mails into text, instead relying on an army of call centre [...]
Former head of MetLife is to lead AIG August 3, 2009 BATTERED insurer American International Group (AIG) was yesterday set to name Robert Benmosche, formerly head of US life insurer MetLife, as its chief executive officer, according to people familiar with the matter. The board of the bailed-out insurance giant anointed Benmosche as its fifth leader since 2005 at a meeting yesterday, taking its fight to [...]
NO GREEN GIANT August 3, 2009 THE London branch of green superstore Whole Foods Market yesterday said it lost £35.9m last year. The 80,000sq ft Kensington emporium, which opened in June 2007, has struggled as demand for organic food slumps in the downturn, casting doubt on the firm’s aim to launch 40 more stores across the UK. The group yesterday said [...]
Ofgem approves investment boost for UK’s electricity distribution networks August 3, 2009 OFGEM, the energy watchdog, has approved a 25 per cent increase in electricity distribution networks over the next five years, allowing it to spend £1.3bn a year on ageing infrastructure. Funds will also go towards developing “smart grid” technology. Ofgem set out the plans in its price control proposals for electricity distribution for 2010-15. It [...]
Harman: Men should be blamed for the downturn August 3, 2009 LABOUR’S deputy leader Harriet Harman sparked a storm yesterday, when she said men were to blame for the financial crisis. Harman, who is in charge at Downing Street while Prime Minister Gordon Brown takes his annual holiday, said a higher preponderance of male bankers was responsible for the downturn. She made the comments after sparking [...]
Intertek beats forecasts August 3, 2009 Manufacturing testing firm Intertek beat expectations with a 50 per cent rise in first-half profit and said yesterday that it was seeing good trading in most of its businesses, though growth would slow in the second half. The firm added it is looking to expand through acquisitions as the recession and the absence of private [...]
Rexam slashes Russian output August 3, 2009 Rexam, the world’s biggest drinks can maker, said yesterday that it will cease its operations at its Russian Dmitrov plant, after the global economic downturn saw demand in the region plummet. The closure will reduce output by 1.3bn cans per year.
Flush 888 looks for a full house August 3, 2009 Online gaming firm 888 said that it is close to making an acquisition after strong trading on its casino, bingo and sports betting websites led to an improved performance in the second quarter. 888 reported operating income of $61m (£40m), up seven per cent on the previous quarter. The firm, which holds cash of $110m [...]