Mitsubishi UFJ suffers quarterly loss but predicts rapid return to profit May 19, 2009 JAPAN’S largest bank, Mitsubishi UFJ, (MUFG) reported a $2.2bn (£1.4bn) quarterly loss yesterday, hit by the recession and hefty losses on its stockholdings, but forecast a return to profit. MUFG and its rivals have lost billions of dollars from rising bad loans and a slide in the value of their massive stock portfolios. Japanese banks [...]
Bank bosses in fight to pay back funding May 19, 2009 AMERICA’S strongest banks will be allowed to begin paying back their Troubled Asset Relief Programme (TARP) funding in the next few weeks, ramping up the pressure on the chief executives of those who will be told to wait. President Obama’s administration has indicated that around five or six institutions will be the first to repay [...]
Representative democracy needs another look May 19, 2009 The European Commission fined Intel a record &1119;1bn last week for anti-competitive practices. The graph shows the buzz scores for Intel in the UK, Germany and the US, with them all taking a dive on the news. Often when we see bad PR stories with accompanying drops in their “buzz” scores we see no particular [...]
Cable urges UKFI to keep bank stakes May 19, 2009 UK Financial Investments (UKFI) should not be too hasty in disposing of the government’s stakes in banks, Liberal Democrat treasury spokesman Vince Cable said yesterday, after it emerged that the organisation was already sounding out potential buyers. It is understood that UKFI has been talking to sovereign wealth funds and other institutional investors about taking [...]
CITY MOVES WHO’S SWITCHING JOBS May 19, 2009 GorkanaThe PR and journalist portal has hired former Unilever board director Ralph Kugler as chairman as it ramps up its growth plans. Kugler spent over 28 years with Unilever, including as regional president of the firm’s businesses in Europe and Latin America, and chief executive of its Thai and Malaysian units. He is also currently [...]
BarCap hires fierce critic May 19, 2009 BARCLAYS Capital (BarCap) is to hire a trio of Citigroup analysts, including one with a record of issuing notoriously bearish notes on the investment bank’s parent company, as it marches on with its hiring spree. Tom Rayner, a banking analyst with Citigroup, will join BarCap’s European equity research team, in a move that will raise [...]
Feud over scrap scheme ends after UK carmakers commit May 19, 2009 CARMAKERS ended their dispute with the government over the new cash-for-bangers scheme yesterday, and confirmed they will take part in the programme. Ford and Honda delayed their involvement in the scheme at the eleventh hour over concerns about how their financial contribution to the scheme would be structured. Both wanted clarification of VAT arrangements and [...]
BEST OF THE BROKERS May 19, 2009 ROLLS-ROYCEUBS downgraded Rolls-Royce to a “sell” rating, and cut its earnings per share estimates by seven per cent in 2010, to factor in a weaker A380 delivery outlook, a downward revision to the pension finance charge and the impact of the US dollar weakening. The broker expects two years of falling profits and cash out-flows. [...]
Dixon the risk-taker changes his tactics to thrive in the recession May 19, 2009 You could almost be mistaken for thinking Mark Dixon, the founder and chief executive of office space provider Regus, is enjoying this recession. Perhaps it is because Regus’ share price has bounced 50 per cent since March. What is clear is that the short, fair-haired, serial entrepreneur who is sitting in one of his flagship [...]
CITY GRANDEES UNITED IN FOOTBALLING LOVE May 19, 2009 SURELY it’s a sign of the times when even the guest speaker at a City awards bash isn’t quite certain why he’s been invited? Last night saw 300 business world luminaries pack the ballroom at the Hilton hotel on Park Lane for the 2009 M&A Awards, where sports television presenter Ray Stubbs, pictured below, had [...]