FSB: Use Rock to end the banks’ credit monopoly August 10, 2009 THE government should consider using Northern Rock as a “people’s bank”, operating via the post office network, to increase the flow of credit to small firms, the Federation of Small Businesses (FSB) said yesterday. The FSB said that the state support offered to banks had allowed them to develop a “monopoly” on providing businesses with [...]
Cobham names new boss as first-half profit soars August 6, 2009 DEFENCE group Cobham posted a jump in its first-half profit yesterday, and said it would continue its acquisition strategy, while promoting chief operating officer Andy Stevens as its new chief executive. Underlying pre-tax profit in the first half of the year rose 32 per cent to £141m, in line with market expectations, on sales up [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 6, 2009 FINANCIAL TIMES RISING RISK PROVISIONS HIT COMMERZBANKCommerzbank yesterday raised its risk provisions as Germany’s second largest bank was hit in the second quarter by problems in property markets and the economic crisis in central and eastern Europe. However, it reduced operating losses , and suggested overall risk provisions this year would be in line with [...]
Blackstone’s losses widen August 6, 2009 US-BASED private equity giant Blackstone yesterday posted a wider second quarter loss than in the same period last year but still managed to top Wall Street’s expectations. Blackstone’s loss widened to $164.3m (£98m) from $156.5m, but it added that it was sitting on its biggest cash pile ever. The credit crunch and lack of financing [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 5, 2009 FINANCIAL TIMES FERREXPO SEES IRON MARKET SHIFTFerrexpo signalled that iron ore demand was shifting back to Europe after being heavily reliant on China, as the Ukranian miner unveiled an 81 per cent drop in first-half profits. Ferrexpo reacted to the collapse in demand from steelmakers in Austria by selling iron ore pellets to China, incurring [...]
Revenues in healthy way at Betfair August 5, 2009 ONLINE betting company Betfair yesterday reported revenue growth of 27 per cent in the year to 30 April, and played down reports that it is planning to raise cash through an initial public offering (IPO). Just a day after rival William Hill issued a profit warning, Betfair posted revenues of £303m, driven by international expansion [...]
CITY MOVES WHO’S SWITCHING JOBS August 5, 2009 ExecutionExecution has taken on Joseph Dickerson to strengthen its banking equity research team. Joseph will be responsible for developing coverage on HSBC, Standard Chartered and the Spanish banking sector. He joins Execution from Citadel Investment group where he was a senior analyst. He will work with Fiona Swaffield and Anke Reigen in the company’s experienced [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 3, 2009 FINANCIAL TIMES UK ATTORNEY GENERAL VOWS FRAUD CRACKDOWNBritain aims to become the most hostile country in the world to fraudsters, the government’s top law officer has pledged, in an eye-catching riposte to growing criticism about the lack of big financial crime cases being mounted. Baroness Scotland, attorney-general, said domestic investigation agencies would soon be giving [...]
The Smith & Nephew chief intent on making waves in tough times August 2, 2009 When politicians say that Britain should have more upmarket, research intensive manufacturing businesses, what they really mean is that we need more Smith & Nephews. Over the last five years, the firm, founded over 150 years ago, has grown its sales from £1.39bn to £2.3bn in 2008. It invests a very strong four per cent [...]
CITY MOVES WHO’S SWITCHING JOBS July 30, 2009 Cazenove CapitalAsset manager Cazenove Capital has appointed Marcus Gregson as non-executive director. Prior to his retirement, Gregson was the founding chief executive of HSBC Private Bank. He also held the position of managing director of private banking at Royal Trust Bank. He is currently non-executive director of a number of companies, including Sand Aire and [...]