Wall Street falls on weak home sales October 28, 2009 US stocks tumbled in a broad sell-off yesterday, sending the benchmark S&P 500 lower for a fourth straight day, after weak data on new home sales heightened concerns about the pace of the economic recovery. Financials, technology, materials and industrial sectors, which underpinned the market’s advance from March, bore the brunt of the slide as [...]
Lazard posts a lift in profits but its share price still drops October 28, 2009 INVESTMENT bank Lazard, facing questions about succession after the death of chief executive Bruce Wasserstein, reported higher-than-expected quarterly profit yesterday on strong restructuring revenue from a wave of bankruptcies. The restructuring unit produced record quarterly revenue of $119.1m, up from $23.9m a year ago, and is likely to continue its strong performance, interim chief executive [...]
Abbey banks on double digit growth October 28, 2009 ABBEY, the UK arm of Spain’s Santander, posted a 37 per cent rise in nine-month profit yesterday, leaving it well on track to meet its target of double digit profit growth in 2009. The group – which includes the brands Abbey National, Bradford & Bingley and Alliance & Leicester – said profits totalled £1.16bn in [...]
Madoff swindle costs $21.2bn October 28, 2009 THE total amount lost in Bernard Madoff’s fraudulent Ponzi scam has now climbed to $21.2bn (£12.9bn) – a stark rise from the $13bn the government estimated in June. Court appointed trustee Irving Picard yesterday said that after examining accounts dating back to 1983 the losses were deeper than previously thought and said “there definitely will [...]
Mediobanca is back in black October 28, 2009 Mediobanca, Italy’s leading investment bank, yesterday made a first-quarter pre-tax profit of €200.6m (£180.2m), after three quarters of losses, lifted by stronger financial markets and higher commission income. The group reported net fees and commissions rose 30 per cent to €145m from €111m in the quarter, and trading profit was €266m. In the last quarter [...]
NAB caution dents hopes of cash return for its investors October 28, 2009 NATIONAL AUSTRALIA BANK (NAB), which owns Clydesdale and Yorkshire banks, dampened hopes that the nation’s lenders will return surplus capital to investors anytime soon yesterday. It said it needed a cash buffer to protect it against economic headwinds and bad debt charges. The cautious outlook from Australia’s largest bank showed it will be a while [...]
Nomura stays in black over its first half October 28, 2009 JAPANESE bank Nomura yesterday said it had remained in the black for a second successive quarter, boosted by strong trading volumes and robust sales of investment trusts. Though the bank’s investment banking division posted a pre-tax loss of 9.7bn yen (£64.3m), echoing weak performances from rival divisions across the Wall Street banking giants over the [...]
GMAC seeks third bailout from US Treasury after stress test October 28, 2009 CAR financing company GMAC is in talks with the US Treasury Department about a third bailout of around $5.6bn (£3.4bn). GMAC, which has already received $12.5bn of taxpayer funds, will issue preferred stock, boosting the government’s 35.4 per cent stake if existing shares are converted into common equity. GMAC is the only one of the [...]
New round of post strikes starts today October 28, 2009 ANOTHER round of postal strikes kicked off in the early hours of this morning, after talks between Royal Mail bosses and the Communication Workers Union (CWU) failed to reach an agreement. The three days of industrial action come hot on the heels of last week’s 48-hour walk out by staff at Royal Mail. Around 43,700 [...]
ROLLING OUT THE RED CARPET October 28, 2009 CARPETRIGHT yesterday said it was on-track to smash half-year City forecasts after reporting a fresh rise in sales. Total sales for the 12 weeks to 24 October rose by 10.3 per cent. Chairman Lord Harris of Peckham said he expected the group’s progress to continue through the second half of the year.
