Firms projecting exports boost for UK economy October 16, 2013 EXPORTERS in the UK are now at their most confident since the financial crisis, boosting the outlook for the country’s trade in the months ahead. According to the British Chambers of Commerce (BCC) and DHL’s quarterly report, released today, 69 per cent of exporters expect rising turnover in the fourth quarter of this year, the [...]
Prince Charles calls for end to short-termism October 16, 2013 PRINCE Charles yesterday said pension funds’ focus on quarterly results is “increasingly unfit for purpose” and called for the industry to adopt a longer-term outlook. The Prince of Wales said longer life expectancy means pension funds should help design an economic system “for the 21st and not the 19th century” that is aware of environmental risks. [...]
What the other papers say this morning – 17 October 2013 October 16, 2013 FINANCIAL TIMES General Electric to float Swiss arm GE Capital, the financial arm of General Electric, is to float a 60 per cent stake in its Swiss consumer credit operation, valuing the business at up to 1.5bn swiss francs (£1bn). The float of GE Money Bank, which will be renamed Cembra Money Bank, is expected [...]
Royal Mail staff to go on strike in November October 16, 2013 ROYAL Mail staff will go on strike next month, after postmen and women yesterday voted overwhelmingly for a national walkout over pay and conditions. Shares in the recently privatised postal service dipped slightly after the Communication Workers Union (CWU) confirmed that staff would down tools for a 24 hour strike on 4 November. Royal Mail said it was [...]
Tech champion says London is equal to New York for flotations October 16, 2013 LONDON has reached parity with New York when it comes to opportunities for companies seeking to float, according to Tech City chief Joanna Shields, despite UK gaming giant King’s decision last month to list in the US. “I think the conditions are right… I think we have parity. In many ways we’re competitively advantaged over [...]
JPMorgan pays $100m fine for London Whale October 16, 2013 BANKING giant JPMorgan was last night fined $100m (£62.3m) by US regulators over failings relating to the London Whale trading disaster, the latest in a string of penalties relating to the incident. The bank also admitted that it acted recklessly as part of its settlement with the US Commodity Futures Trading Commission (CFTC). It has [...]
Bank of America swings to profit after staff cuts October 16, 2013 COST cuts paid off at Bank of America Merrill Lynch in the third quarter as the group swung back to profit, its financial results showed yesterday. The group made a profit of $2.2bn (£1.4bn) in the three-month period, compared to a loss of $33m in the same quarter of 2012. Personnel costs dipped $121m, reflecting [...]
Custody bank BNY Mellon up as recovery increases asset prices October 16, 2013 RISING fee revenues and increases in assets under management pushed up BNY Mellon’s profits again in the third quarter, the bank reported yesterday. The custodian bank’s profits came in at $967m (£607m), up 25.5 per cent on the same period of 2012. Fee revenues rose three per cent to $2.96bn and net interest revenues increased [...]
American Express benefits from increase in credit card spending October 16, 2013 UPMARKET credit card provider American Express last night reported a strong rise in quarterly profits as the company benefitted from increased consumer spending. A well-heeled client base and a low rate of defaults helped the company make $1.37bn (£860m) for the three months to 30 September. “Spending on our global network rose seven per cent,” said [...]
BlackRock leaps past $4 trillion assets barrier October 16, 2013 BLACKROCK, the world’s largest money manager, crossed an industry milestone yesterday after it said the amount of money it manages had risen above $4 trillion (£2.5 trillion) for the first time. The US firm, which was spun out of fellow Wall Street giant Blackstone in 1988, said investors added an extra $25.3bn to the pot [...]