Rangold back in black for Q3 but shares fall November 10, 2009 GOLD miner Randgold Resources swung into third quarter profit yesterday, propelled by soaring bullion prices. The company reported a $13.6m (£8.2m) profit compared with a loss of $684,000 a year ago as rising sales outweighed higher production costs. Chief executive Mark Bristow used the figures as a springboard to announce he would fast-track the company’s [...]
Julius Baer bank hit by crackdown on tax havens November 10, 2009 SWISS private banking group Julius Baer has been hit by the Europe-wide crackdown on tax havens and secret banking. The Zurich-based bank said the inflow of money from rich clients had slowed since mid-year due to the tax crusade by other nations. Switzerland has relaxed some of its secrecy to comply with international rules, leading [...]
Schroders slows profits slide as client cash inflows recover November 10, 2009 RISING inflows of cash, particularly from institutional investors, allowed fund manager Schroders to slow its profit slide in the third quarter. Schroders yesterday reported surprisingly strong interest from investors in the second half of the year, with net inflows of £7bn in the three months to 30 September. While £3.7bn was raised from retail investors, [...]
Golden days for Harrods November 10, 2009 LUXURY department store Harrods has sold hundreds of thousands of pounds worth of gold bullion since it began offering coins and bars “off the shelf” a month ago. The Knightsbridge retailer, owned by Mohamed al Fayed, said it had seen a steady flow of sales to high street shoppers but hinted it wanted to stimulate [...]
Miners and Vodafone drag but banks offer some cheer November 10, 2009 BRITAIN’S leading share index ticked down 0.1 per cent yesterday, ending a four-day winning run, as weakness in miners and Vodafone offset strength in banks, underpinned by a strong update from HSBC. The FTSE 100 closed 4.63 points lower at 5,230.55, after hitting a two-week high earlier in the session. “After last week’s slew of [...]
Conflicting signals halt winning streak November 10, 2009 US stocks closed mostly lower yesterday as differing views on whether the market can build on recent gains stalled the S&P 500’s six-day winning streak. The Dow industrials eked out a small gain to set a fresh 13-month high as cautious statements on the economic outlook from several Fed officials underscored the belief that easy [...]
BUSINESS LUMINARIES TOAST THEIR SUCCESS November 10, 2009 IT’S one thing to see the chancellor of the exchequer give up an entire evening to sit through a business awards ceremony, but quite another when he manages to have the audience in stitches during his speech as well. That’s right, folks: it seems that 18 months of surviving on a few hours sleep a [...]
GOLDMAN: OUR STAFF DESERVE EVERY PENNY November 10, 2009 THE boss of Goldman Sachs yesterday defended the bank’s pay policies, insisting his staff were paid more because they were “among the most productive in the world”. Lloyd Blankfein, Goldman’s chair and chief executive, also rejected calls to break up the bank and said the firm was easier to manage than its larger rivals. “I [...]
BRIGHT SPARK November 10, 2009 IMPERIAL Tobacco yesterday named Alison Cooper as its next chief executive, making her the youngest woman to run a FTSE 100 company. She will take over from current chief executive Gareth Davies, who is retiring after 37 years at the firm. The promotion for Cooper, 43, means that there are now five female chief executives [...]
Senator: Fed should not oversee banks November 10, 2009 THE US Senate’s top banking legislator has proposed plans to prevent a repeat of the credit crisis by creating a single US bank regulator and stripping powers from the Federal Reserve and Federal Deposit Insurance Corp. Senate Banking Committee Chairman Christopher Dodd called for the creation of three new government agencies, regulating over-the-counter derivatives, and [...]
