Look at the profits not Jenkins’ rhetoric October 30, 2013 ANTONY Jenkins says Barclays’ latest results show the benefits of its diversity as a group. But that’s what you’d expect a chief executive to say who was brought in to buff up the bank’s post-Libor reputation. The investment bank remains Barclays’ single biggest source of profits: 57 per cent of the group’s profit before tax [...]
Barclays faces foreign exchange fixing probe October 30, 2013 BARCLAYS yesterday joined the list of banks dragged into an international investigation into alleged efforts to manipulate foreign exchange benchmarks. The probe was revealed as the bank posted a fall in profits, driven by poor trading revenue and the costs of its streamlining plans. Underlying profits fell 26 per cent on the year to £1.39bn [...]
JP Morgan’s top currency dealer on leave October 30, 2013 JP MORGAN has put its chief currency dealer in London on leave, it emerged yesterday, amid an investigation into alleged currency market manipulation. Richard Usher, head of spot G10 currency trading, joined the investment bank from Royal Bank of Scotland in May 2010. He is a full-time employee at JP Morgan and has not been [...]
Starbucks’ 2014 outlook lower than expected October 30, 2013 COFFEE chain Starbucks saw its profit forecast for 2014 fall short of Wall Street’s expectations, despite fourth quarter profits that jumped 34 per cent as more customers flocked to its branches. Starbucks share price fell three per cent in after hours trading to $78.20 as investors reacted to the news that the company expects 2014 [...]
Twitter faced with a lawsuit just days before its expected float October 30, 2013 TWITTER was sued yesterday for $124m (£77.5m) by two companies claiming the private business fraudulently had them organise a private sale of shares to stoke investor interest for its upcoming public offering, then cancelled it. “Twitter never intended to complete the offering on behalf of Twitter stockholders, in the private market, thereby causing substantial damages [...]
Clydesdale and Yorkshire Bank reverse losses October 30, 2013 CLYDESDALE and Yorkshire Bank owner National Australia Bank (NAB) reported pre-tax profits of £127m for the two banks during the year ending 30 September, up from a loss of £183m last year. “The restructuring of our business over the past 18 months has been substantially completed a year ahead of schedule. The positive impact of [...]
Shares in Next soar as it raises profit forecast October 30, 2013 NEXT shares jumped 4.7 per cent yesterday after the clothing and homeware group posted better than expected sales and lifted its full-year profit forecast. The FTSE 100 retailer, which has 700 stores in the UK and overseas, said that while trading had been volatile, sales increased by 4.3 per cent in the three months to [...]
Flotation to value Legoland and Tussauds owner at up to £3.3bn October 30, 2013 ALTON Towers owner Merlin Entertainments announced the price range yesterday for its long-awaited stock market debut, valuing the firm at up to £3.3bn. Merlin, which is co-owned by private equity groups Blackstone and CVC Capital Partners, said it will be offering its shares between 280p to 330p in an initial public offering that will see [...]
Lidl launches first television Christmas ad October 30, 2013 LIDL has launched its very first UK national TV campaign promoting its luxury range as the first-growing discount chain looks to win more middle-class shoppers from its larger rivals in the Christmas rush. The adverts, which go live today, will feature products from Lidl’s deluxe range, including mulled wine, whole cooked lobster and Serrano ham. [...]
City economist on shortlist for €100,000 prize for Brexit plan October 30, 2013 UNIVERSITY professors, a City economist and even a Conservative MEP are among the finalists for a bumper €100,000 (£85,600) prize that will be awarded to the author of the best blueprint of how the UK might leave the European Union. With the prospect of a so-called Brexit raised by the possibility of a referendum following [...]