Air France-KLM replaces its chief exec October 18, 2011 AIR FRANCE-KLM ousted its chief executive yesterday and recalled the chief architects of the Franco-Dutch merger with a brief to eradicate losses while preparing for an anointed successor. Europe’s largest airline by revenues, which has fallen behind peers due to a cocktail of costs, debts and competition, said after board talks that recovery and improving performance [...]
Qantas forced to ground planes as dispute deepens October 18, 2011 AUSTRALIA’S Qantas Airways has grounded two more planes due to an escalating industrial dispute which threatens to disrupt thousands of domestic flights leading up to the crucial Christmas period. Qantas warned yesterday of a maintenance backlog as aircraft engineers threatened to continue work bans until the end of the year, sending its shares down more [...]
Basel III and derivative rules get FSB priority October 18, 2011 THE FINANCIAL Stability Board (FSB) published its top six priorities for banking reform yesterday. Basel III, OTC derivative reforms, pay changes, systemically important bank measures and resolution frameworks were all declared to be FSB priorities. The body plans to track progress towards the implementation of legislation promoting these G20 initiatives. The selection process was “based [...]
France defends AAA rating despite Moody’s warning October 18, 2011 France has vowed to defend its triple-A credit rating after a warning shot from ratings agency Moody’s that caused Paris to admit it will probably miss its growth targets this year. Moody’s raised the prospect of stripping one of the pillars of the Eurozone of its coveted triple-A status, saying it could place France on [...]
Johnson & Johnson profits down but still above forecasts October 18, 2011 Healthcare giant Johnson & Johnson said its third-quarter earnings were down from last year as sales fell in the US, but the weaker dollar and strong overseas sales helped it beat Wall Street forecasts. J&J, which has been in business for 125 years this year, made $3.2bn (£2bn) net profit in the third quarter, down [...]
Coca-Cola profit beats forecasts October 18, 2011 Coca-Cola reported a quarterly profit that slightly beat Wall Street estimates, as sales increased worldwide. The world’s largest soft-drink maker, whose brands range from Sprite to Minute Maid and Powerade, said net income was $2.22bn (£1.4bn), or 95 cents per share in the third quarter, up from $2.06bn, or 88 cents per share, a year [...]
Merrill falls to loss despite £3.9bn BofA profit October 18, 2011 Bank of America has posted a net $6.2bn (£3.9bn) third-quarter profit after selling assets and re-valuing assets and liabilities, but its investment bank, the former Merrill Lynch, made a loss as dealmaking suffered. BofA’s revenues rose six per cent year on year to $28.7bn, while the net profit signalled a huge turnaround from the $7.3bn [...]
Goldman hit by third quarter loss October 18, 2011 Goldman Sachs has posted a $428m net loss in the third quarter, only its second-ever quarterly loss as a public company, hurt by sharp declines in the value of investment securities and customer trading assets. The biggest investment bank in the US saw revenues slump 60 per cent to $3.6bn, from $8.9bn in the third [...]
Inflation at three-year high of 5.2pc October 18, 2011 Inflation in Britain hit a three-year high in September driven by soaring gas and electricity bills, data showed, adding to the severe squeeze on Britons’ living standards as wages have failed to keep up with rising prices. The jump highlights the risk to the Bank of England’s recent move to revive the faltering economic recovery [...]
Air France-KLM ousts chief as it looks to restructure October 18, 2011 Air France-KLM Shas ousted its chief executive and recalled the chief architects of the Franco-Dutch merger with a brief to eradicate losses while preparing for an anointed successor. Europe’s largest airline by revenues, which has fallen behind peers due to a cocktail of costs, debts and competition, said after board talks that recovery and the [...]