HSBC earnings soar as one-off expenses drop November 4, 2013 HSBC said yesterday that growth in Hong Kong and lower costs had helped push underlying profits 10 per cent higher to $5.06bn in the third quarter of the year, as the bank revealed it is being investigated in the worldwide foreign exchange probe. The bank said reported profits were up 30 per cent at $4.5bn [...]
Analyst Views: How is HSBC doing underneath all of its one-off gains? November 4, 2013 IAN GORDON | INVESTECProfit before tax is $4.5bn vs Investec $5.1bn and consensus $5.5bn. However, after adjusting for conduct costs ($0.4bn) and own credit ($0.6bn) quarter three appears roughly “in-line”. Hong Kong is a stand-out performer [and] constant currency customer loans are marginally up quarter-on-quarter too. RICHARD HUNTER | HARGREAVES LANSDOWNThe key metrics were, on [...]
GSK may avoid China charges November 4, 2013 CHINESE police investigating allegations of widespread corrupt practices at GlaxoSmithKline are likely to charge some of its Chinese executives but not the pharma giant itself, legal and industry sources say. A charge against Glaxo itself would be a much more serious outcome for the company because it would imply higher-level corporate involvement and could result [...]
Icahn adds to winning streak November 4, 2013 BILLIONAIRE Carl Icahn’s investment company, Icahn Enterprises, yesterday saw its shares jump in reaction to strong third-quarter results. Stocks rose 6.5 per cent to $108.78 yesterday after the activist investor reported revenues of $15.7bn in the first nine months of the year, well up on the $11.4bn figure from the same period last year. It [...]
AA wins licence to enter legal services sector November 4, 2013 THE AA has become the latest company to enter the legal market after being granted an alternative business structure (ABS) licence. The motoring services giant announced today it has won approval from the Solicitors Regulation Authority to operate its own legal services arm, AA Law. The new business, a joint venture with solicitors Lyons Davidson, [...]
Londoners must install water smart meters under new plans November 4, 2013 LONDON households will have to install smart meters to cut down the amount of water they use, under a new proposal from utility firm Thames Water. The scheme, which is starting in Bexley, south east London, aims to encourage customers to reduce their water use, with the capital described as “seriously water-stressed” by the Environment [...]
Saccomanni wants majority voting November 4, 2013 Italy’s economy minister Fabrizio Saccomanni called for European institutions to switch to majority voting from unanimity in order to implement economic reforms more efficiently. He urged the move at a speech in London yesterday.
Pimco loses biggest fund crown November 4, 2013 Bill Gross’s Pimco Total Return Fund had outflows of $4.4bn in October, stripping it of its status as the world’s largest mutual fund, data from Morningstar showed yesterday. The outflows lowered its assets to $248bn, according to Morningstar data. The Vanguard Total Stock Market Index now holds the title of world’s largest mutual fund with [...]
Poundland hires retail analyst Dorgan as it eyes 2014 flotation November 4, 2013 PHILIP Dorgan, one of the retail sector’s top analysts, has joined Poundland, fuelling further speculation that the bargain chain is heading for flotation next year. Dorgan, who has worked over three decades as an analyst, was most recently at broker Panmure Gordon, but was made redundant from the firm in July. One of the most [...]
Dubai property titan backs laws ahead of float November 4, 2013 ONE OF Dubai’s biggest property firms yesterday said tougher regulations in the country would help prevent a repeat of its 2008 real estate meltdown, as it unveiled plans to raise $500m in a London float. Damac Properties, which was founded by chairman Hussain Sajwani and is the biggest developer in the middle east, said recent [...]