Before the open – 01/08 August 1, 2013 Asian shares were up last night on the back of unexpected good manufacturing data from July. The NBS purchasing managers’ index came in at 50.3 – up from 50.1 the month before and above expectations of 49.8 (above 50 indicates growth, below contraction). HSBC’s measure of manufacturing PMI, however, said the industry shrank, coming in [...]
SocGen surprises with a more than doubling in profits amid cost-cutting August 1, 2013 French bank Societe Generale has reported a second quarter net income more than double what it was a year ago following growth in fixed income and equities and a return to growth in foreign retail operations. SocGen saids its quarterly net income grew to €955m (£838m) from €436m in the same period one year ago. [...]
Any Other Business – 01/08 July 31, 2013 ■ City gentlemen who are partial to a pair of loud red chinos, take heed. The results of a survey by polling firm YouGov that were released yesterday have revealed that almost half of Britons gave the red trousers a firm “dislike”. Forty-three per cent of those asked were indifferent to rosy chinos, while only [...]
RBS insider set to take top job July 31, 2013 RBS’ NEW chief executive will be retail head Ross McEwan, insiders indicated last night, with the bank just waiting for the nod from the regulator to announce the appointment. The board is understood to have met yesterday to make the final decision from a small field of internal executives, after earlier favourites from outside [...]
No sign of Fed tapering even as GDP jumps July 31, 2013 THE US Federal Reserve expects America’s economy to reach even faster growth than the 1.7 per cent GDP expansion recorded in the year to June – yet last night gave no indication that it is set to rein back its mass stimulus programme. The Fed’s latest policy statement said it will continue with its $85bn [...]
Facebook shares hit flotation price after mobile success July 31, 2013 SHARES in Facebook rose above their initial flotation value of $38 yesterday for the first time since the company’s rocky initial public offering in May 2012. Shortly after the US markets opened, stock in the social network climbed to an all-time high of $38.31, before closing at $36.80. This follows a 39 per cent jump [...]
SJ Berwin seals $1bn Asian merger with KWM tie-up July 31, 2013 PARTNERS at SJ Berwin yesterday voted through the first ever merger between a UK and Asian law firm, giving their go-ahead to a deal that will create a practice with a turnover of more than $1bn (£660m). From 1 November, London headquartered SJ Berwin will become part of King & Wood Mallesons (KWM), giving the Asian [...]
What the other papers say this morning – 1 August 2013 July 31, 2013 FINANCIAL TIMES Spotify burns through cash Spotify, the Swedish digital music service that has been valued at $3bn, doubled its revenues in 2012 but burnt through cash as it attempted to grab a bigger share of the fast-growing market. The company’s results show that its sales surged from €190.4m in 2011 to €434.7m in 2012, [...]
Exclusive: Barclays tries to avoid shocking markets again July 31, 2013 BARCLAYS is considering changing the way it reports capital and leverage ratios to match regulators’ calculations more, City A.M. has learned, after the authorities shocked markets with fears over the bank’s stability. The lender had been considered one of Britain’s safest major players, but this week was forced into a £5.8bn rights issue, as well [...]
Bottom Line: Few choices for Eastern promise July 31, 2013 FOR a while, mergers between UK and US law firms were all the rage. Throughout 2010-12 you could hardly move without a new transatlantic alliance being inked and diplomatic name combinations being dreamed up – from Hogan Lovells and Dentons to Squire Sanders. But more recently, law firms’ expansionary ambitions have been firmly focused [...]