RBS makes quarterly loss of £446m after more cash earmarked for forex scandal costs April 30, 2015 RBS has slumped to a quarterly loss after it joined Barclays in earmarking more cash to stave off potential payments over the forex scandal. The Figures For the three months to the end of March, RBS posted a loss of £446m, a big swing from the £1.2bn profit it made in the same quarter last [...]
Shell profit beats expectations as asset sales top $2bn April 30, 2015 The figures Royal Dutch Shell beat first quarter profit expectations, even as earnings on a current cost supplies (CCS) basis excluding identified items plummetted by well over 50 per cent. CCS earnings, the oil industry's preferred measure, fell by 56 per cent to $3.2bn from $7.3bn at the same stage last year as global crude prices [...]
Sainsbury’s believes chief exec Mike Coupe’s travel fears are over after Egypt drama April 29, 2015 Sainsbury’s said last night it was confident that chief executive Mike Coupe no longer faced travel restrictions to countries with extradition treaties with Egypt after flying to the country this weekend to appeal against allegations of embezzlement. In a bizarre case dating back to Sainsbury’s disastrous foray into the country 16 years ago, Coupe [...]
Growth in American economy freezes due to the bad weather April 29, 2015 US economic growth stalled in the first three months of 2015, growing just 0.2 per cent compared to the same time last year. Growth was 2.2 per cent in the final quarter of 2014, and economists had expected the economy to expand one per cent in the first quarter of 2015. The slowdown has been [...]
New Greek negotiator Euclid Tsakalotos heads to Brussels for bailout discussions April 29, 2015 Greek officials will meet with representatives of its creditors in Brussels today, as the country rushes to avoid bankruptcy. The Greek delegation will be led by Oxford-educated Euclid Tsakalotos, City A.M. understands. He has usurped finance minister Yanis Varoufakis as Greece’s main negotiator, after a meeting between Varoufakis and Eurozone finance ministers last week turned [...]
Nasdaq apologises for letting Twitter results fly out ahead of time, blames Shareholder.com April 29, 2015 Nasdaq was yesterday forced to apologise for the early release of Twitter’s earnings, blaming an “operational” error that lasted just 45 seconds. Twitter’s share price plunged nearly nine per cent yesterday, following a 20 per cent tumble on Tuesday when the social media site’s below-estimate quarterly earnings were announced early. Nasdaq blamed its [...]
Troubled Barclays braced for famously tough incoming new chairman John McFarlane April 29, 2015 It is hard to keep a straight face when calling PPI compensation and litigation costs “one-offs” at any of the big banks nowadays. Yet seven years on from the start of the financial crisis, Barclays and the other big banks are still treating the extraordinary costs as unusual items each quarter. Yesterday Barclays [...]
Consumer optimism gives mixed signals ahead of General Election as confidence index plateaus April 29, 2015 Consumer confidence is high going into the General Election, new figures show today, but has failed to improve on last month. The consumer confidence index produced by market researchers GfK remained at a score of four in April. Despite confidence failing to improve on March, it is at its highest level for over a [...]
Investment bank Liberum reports sparkling results on record year April 29, 2015 Liberum, the employee-owned investment bank, has enjoyed a record year, with profits after bonuses of £8.2m (£0.7m the previous year) from revenues of £55m. The bank, which lost its popular chief executive Simon Stilwell earlier this year, raised a total of £1.8bn for investment banking clients. Chairman and new chief executive Shane Le Prevost said: [...]
UK house prices climb to new heights in April due to “surplus in demand which is outpacing supply” April 29, 2015 House prices climbed higher in April, new figures from a major mortgage lender reveal. Annual house price growth edged up to 5.2 per cent in April from March’s 5.1 per cent. The average UK house price is now a £193,048 – the highest on record. Housing analysts blame a lack of supply for [...]