ING profits dip on tough year of restructuring February 13, 2013 DUTCH finance group ING yesterday announced it is cutting another 2,400 jobs as it unveiled a disappointing fourth-quarter profit figure. That brings current headcount cuts to 7,400 which the bank hopes will save €1bn (£865m) a year by 2015. The group made €1.434bn in the final three months of the year, up 21 per cent [...]
High street red in tooth and claw February 13, 2013 IT’S simply too tough out there, said the last official tweet from @republicfashion, announcing the company’s fall into administration. With inflation still stubbornly high and the news today of real wages back at 2003 levels, it is certainly a tough market. Republic is just the latest casualty in a post-Christmas cull of the UK high [...]
Cough and cold season boosts Reckitt figures February 13, 2013 A HEAVY flu and cold season in the US caused misery for many people but helped Strepsils-maker Reckitt Benckiser yesterday report a healthy lift in fourth quarter sales. Reckitt said sales in Europe and North America grew three per cent after “higher incidences of cold and flu” had boosted demand for products such as Mucinex [...]
Analyst Views | Has Reckitt Benckiser got off to a healthy start to 2013? February 13, 2013 GRAHAM JONES | PANMURE GORDON Reckitt’s full-year results came in ahead of expectations, with like-for-like growth of six per cent in the fourth quarter better than our 4.2 per cent forecast, with the outperformance entirely coming in ENA (Europe, North America) where growth was three per cent helped by a favourable cold season. DARREN SHIRLEY [...]
High-frequency trading firm Getco struggles February 13, 2013 HIGH-FREQUENCY trading business Getco yesterday revealed an 82 per cent drop in profits for the first nine months of 2012 thanks to poor market conditions. The figures – the first time that the company has made its financial performance public – were contained in a filing to the US securities and exchange made as part [...]
Aviation bosses set out their stalls for London expansion February 13, 2013 TRANSPORT bosses locked horns over how to provide London with more flights yesterday, as rival firms ramp up campaigns aimed at the coalition’s Davies Commission on the future of air travel. Gatwick chief executive Stewart Wingate said his firm will propose to Davies that the UK should allow a new runway each at Gatwick and [...]
Santander may shut financial advice division February 13, 2013 SANTANDER is reviewing the future of its bancassurance division after it struggled to train its hundreds of advisers to meet the new regulations around the sector, the bank’s UK arm announced yesterday. That could lead to the division being closed, joining the swathe of banks cutting back on mass advice as a result of the [...]
Kingfisher losing altitude February 13, 2013 TIME is running out for Vijay Mallya’s Kingsfisher Airlines, after the firm’s lenders decided to take initial steps towards recovering $1.4bn (£901m) of loans in default. Shares in the firm slumped a further five per cent yesterday after the lenders’ meeting.
City Views | Are you worried inflation has been above target for so long? February 13, 2013 RICHARD WINSTON | BADENOCH & CLARK On a such a small percentage, when I get my monthly paycheck I don’t think about it and if you’re getting an annual pay rise above the rate of inflation, then in real terms it’s not affecting you. GLYNIS WIGGINTON | KEMP LITTLE The rise is very tangible for [...]
Governor’s 20 year flashback doesn’t add up February 13, 2013 WHILST another governor may have used yesterday’s Inflation Report press conference to look forward, Sir Mervyn King took a more nostalgic approach in his opening remarks. The Bank of England governor reminded us that this was the 20th birthday edition of the Report. Back in 1993, King was serving in the more lowly position of [...]