Dutch banking assets destined for Deutsche October 13, 2009 THE Dutch government is unlikely to find an alternative to selling nationalised banking assets to Deutsche Bank before a 19 October deadline, European Commission (EC) competition watchdog Neelie Kroes said yesterday. ABN Amro and Fortis must shed assets before the Dutch state gains EC approval to integrate the banks. And Kroes said the chances of [...]
Tesco starts to close gap on faster growing rivals October 13, 2009 TESCO, the UK’s largest retailer, is closing the gap on faster-growing competitors, market researcher TNS WorldPanel said yesterday. TNS, which tracks sales growth in the grocery sector, said sales at Tesco, which has been growing less quickly than rivals in recent months, rose 4.2 per cent in the 12 weeks to 4 October. This was [...]
Moody’s cautions on Spanish banks October 13, 2009 RATINGS agency Moody’s Investors Service yesterday expressed concern that Spanish banks are failing to recognise the enormity of their losses, and predicted that customers would default on around €108m (£101m) worth of loans before the recovery begins. The firm said in a report that current bad-debt provisions would cover less than half of the predicted [...]
Costa profits aid Whitbread October 13, 2009 WHITBREAD yesterday reported profits that beat analysts’ expectations thanks to its coffee chain Costa, although its hotel business continued to suffer in the slump. Whitbread, which owns hotel chain Premier Inn, reported a 2.7 per cent dip in pre-tax profits to £118.2m in the six months to 27 August, but this was still ahead of [...]
ANALYST VIEWS: DID COSTA PERK UP WHITBREAD’S RESULTS? October 13, 2009 MATTHEW GERARD INVESTECThe first half performance was well guided in the September pre-close, but positive comments on the outlook and a very creditable performance on cash flow and costs may push the shares higher. The positive momentum seen in second quarter has continued into the second half. RICHARD HUNTER HARGREAVES LANSDOWNWith value offerings across many [...]
Banks drag down the FTSE as miners and energy drop October 13, 2009 BRITAIN’S top shares closed 1.1 per cent lower yesterday, as weakness in banks outweighed strength in defensive issues, while sentiment was dampened by falls on Wall Street after disappointing corporate earnings. The benchmark FTSE 100 closed 56.02 points lower at 5,154.15, slipping below the 5,200 level which it hit for the first time in more [...]
US stocks slump on gloomy J&J results October 13, 2009 US stocks weakened yesterday as disappointing sales from Johnson & Johnson stirred jitters about the strength of earnings, snapping the S&P 500’s six-day winning streak. With the last two earnings periods characterised by cost cutting, investors have been hopeful that companies may start to show revenue growth in third-quarter results or improved outlooks. Though investors [...]
FEES ROW HOLDS UP LLOYDS MOVE October 13, 2009 LLOYDS Banking Group’s chief executive Eric Daniels and the Treasury were last night embroiled in an increasingly bitter dispute over the bank’s bid to escape participation in chancellor Alistair Darling’s Asset Protection Scheme (APS). The government wants Lloyds to pay a break fee of £2bn to extricate itself, which the bank thinks is far too [...]
Bank says worst over for Britain October 13, 2009 BRITAIN has seen the worst of the recession and it is now unlikely that earlier fears of a deeper slump will materialise, Bank of England deputy governor Charles Bean said yesterday. In a speech to accountants, Bean said that there had been fears earlier this year that the recession would continue to deepen but that [...]
BoA to share legal papers October 13, 2009 BANK of America’s board of directors has agreed to disclose the legal advice it received over its controversial purchase of Merrill Lynch in January. The financial giant had previously said that discussions with its attorneys should remain private. But it changed its mind after New York State threatened to bring criminal charges against individual executives. [...]