Exxon Mobil profits dive on oil slump October 29, 2009 OIL SUPERMAJOR Exxon Mobil slashed its spending outlook for the year yesterday as it reported a 68 per cent slump in third-quarter earnings on the back of a poor trading environment. The world’s biggest oil company said its profits fell to $4.73bn (£2.9bn), down from $14.83bn a year ago, as oil prices fell and its [...]
Why Britain’s recession is lasting longer than others October 29, 2009 YESTERDAY’S US GDP figures were very good news for the world economy. The US has followed France, Germany, Japan and most other major economies out of recession. Britain now stands out as the laggard. The Prime Minister’s claim that we were “best placed” now lies in tatters, and his recession plan has patently failed. Why [...]
UK consumers at most confident in nine months October 29, 2009 BRITISH consumers are now at their most confident since January 2008, showing a steady rise in optimism, according to the latest GfK/NOP consumer confidence survey. The index rose three points to -13 and confidence in the general economy over the past 12 months jumped 10 points, but is still low, at -53. However, consumers’ confidence [...]
Shell slashes staff as profit disappoints October 29, 2009 OIL GIANT Royal Dutch Shell said yesterday it was cutting 5,000 jobs in a massive cost-cutting drive, as it reported disappointing profits and a gloomy outlook for 2010. Pre-tax profits slumped 73 per cent to $4.6bn (£2.8bn) for the third quarter. Shell said staff in its upstream arm would have to reapply for 15,000 new [...]
WILL SHELL’S RESTRUCTURING PLANS COME TOO LATE? October 29, 2009 CHRISTINE TISCARENO STANDARD & POOR’S“We believe the company’s restructuring efforts will be more visible in the first half of next year, but the challenging global environment leads us to believe that overall margins will continue to deteriorate at Royal Dutch Shell in the fourth quarter and in the first quarter next year.” JONATHAN JACKSON KILLIK [...]
Aegon set to repay state October 29, 2009 DUTCH insurer Aegon yesterday said it would repay €1bn (£896m) of state aid pumped into it last year. The company, which sealed a deal for state assistance in October last year, said it would give back the remaining €2bn “at the earliest possible opportunity”. Aegon saves between €350m to €375m in premium payments by repaying [...]
FSA imposes massive fine on GMAC-RFC for overcharging October 29, 2009 THE financial services authority (FSA) slapped home loans provider GMAC -RFC with the biggest ever mortgage-related fine seen in the UK yesterday, accusing it of overcharging and dealing unfairly with customers in arrears. GMAC-RFC will have to pay a 2.8m fine, and repay 7.7m in unfair or excessive charges to 46,000 customers. It’s the biggest [...]
Greenhill plans to divest itself of merchant banking operations October 29, 2009 BOUTIQUE investment bank Greenhill said yesterday that it plans to spin off its merchant banking fund arm, Greenhill Capital Partners, selling the right to launch successor funds for around $25m (£15m). The company, which expects to complete the deal in the current quarter, said the purchaser will be an entity formed by Robert Niehaus, chairman [...]
OCH ZIFF SNAPS UP DEBENHAMS STAKE October 29, 2009 HEDGE fund Och-Ziff yesterday emerged as the buyer of TPG’s stake in department store chain Debenhams after the US buyout firm made its exit from the business earlier this week. Och-Ziff, one of the world's largest hedge fund managers, said it now owns 11.52 per cent of Debenhams, headed up by chief executive Rob Templeman.
Stocks in London rise on end of US recession and miners October 29, 2009 BETTER-than-expected economic growth from the United States and gains in banks and miners pushed Britain’s leading share index 1.1 percent higher yesterday. The FTSE 100 closed up 57.30 points at 5,137.72, reversing earlier losses, as US data signalled the country had come out of recession. The index has gained 49 per cent since hitting a [...]
