HSBC sets aside extra $800m in money laundering provision November 5, 2012 HSBC has put aside an extra $800m to cover a potential fine from US regulators for breaching anti-money laundering controls, it said this morning. It had previously set aside $700m in July, bringing the total provision to $1.5bn. Meanwhile, HSBC posted pre-tax profits of $3.5bn in the third quarter, a fall of $3.7bn from the [...]
Toyota raises profit forecast November 5, 2012 Japanese car manufacturer Toyota increased its net profit forecast to 780bn yen this morning, despite a slide in sales in China following a territorial dispute. It predicted a net profit of 780bn yen (£6bn) for the year to March 2013, up from its earlier forecast of 760bn yen. Full-year operating profit would be 1.05 trillion [...]
Ryanair posts jump in first-half profit November 5, 2012 Ryanair this morning posted a 10 per cent jump in first-half profit, thanks to higher fares and lower fuel costs. The Dublin-based airline said fares rose six per cent in the second half, coupled with a surge in passenger numbers during the summer months. Net profit for the six months to September came in at [...]
Prudential to buy Thai insurer November 5, 2012 Insurer Prudential this morning agreed to buy the life assurance arm of Thai bank Thanachart for £368m. Prudential will also receive a further payment of £10m, payable 12 months after completion. The acquisition, which will double the British insurer’s market share in Thailand, ramps up Prudential’s grip on the “highly attractive markets” of South East [...]
Race to the finish as US vote looms November 5, 2012 THE RACE to be elected President of the United States has entered its final 24 hours, with polls suggesting that Democrat incumbent Barack Obama is ahead by the narrowest of margins. Last night Obama and his Republican rival Mitt Romney were mid-way through a frantic dash across key states, making dozens of public appearances in [...]
HSBC to face up to $1.5bn in US fines November 5, 2012 BANKING giant HSBC will today announce that it is having to put aside another half a billion pounds to pay fines for breaking anti-money laundering regulations. The bank’s lax security controls failed to stop drug dealers laundering money through the bank’s Mexican operations. In July it set aside $700m (£437m) to pay the anticipated fines, [...]
UBS banker strikes deal to close fixed income units November 5, 2012 A TOP UBS banker is in with a chance of making millions from running down the group’s fixed income units, it emerged over the weekend. Plans to close much of the group’s investment banking operations were announced last week, with 10,000 jobs expected to go by the end of 2015. Those began with around 100 [...]
Prudential to buy Thai firm in banking tie-up November 5, 2012 PRUDENTIAL has extended its reach into the Asian market by agreeing a long-term exclusive deal with Thanachart Bank, Thailand’s fifth biggest retail bank. As part of the deal Prudential has also bought Thanachart Life Assurance Company. A statement from Prudential late last night said that the firm, through its subsidiary Prudential Life Assurance (Thailand) and [...]
What the other papers say this morning November 5, 2012 FINANCIAL TIMES KCELL SET TO PURSUE LONDON LISTING Investor appetite in London for companies from the former Soviet Union will be tested with plans for the second mobile operator flotation to be announced in the space of a month. Kcell, the largest mobile operator in Kazakhstan, plans to list about a quarter of its equity [...]
UK placed on flood alert November 5, 2012 Homeowners across Sussex, Kent, Hampshire and the Isle of Wight are being urged to prepare for flooding with between 15-20mm of rain expected to fall between last night and this morning. Last night there were 30 flood alerts across the south east. The Environment Agency has mobilised teams across south Hampshire, the Isle of Wight, [...]