Nomura profit edges up October 29, 2012 Japan’s largest investment bank Nomura posted its fourth consecutive quarterly profit this morning. Nomura posted a net profit of 2.81bn yen (£21.9m) over the three months to September, compared to a loss of £46.09bn yen the year previously. An upswing in bond trading and fixed income products boosted profits. Profit in fixed income operations doubled [...]
F&C sees assets under management fall October 29, 2012 F&C Asset Management saw its assets under management fall to £96.8bn over the three months to September, from £98.2bn over the previous quarter, it said this morning. Outflows were in part due to a previously-announced withdrawal of £5.1bn from insurer Friends Life. Over the quarter, it withdrew £2.9bn, and F&C anticipates that the remaining £2.4bn [...]
Pearson and Bertelsmann agree joint publishing venture October 29, 2012 Education group Pearson and Bertelsmann said this morning they had agreed to combine their respective publishing businesses Penguin and Random House. Under the terms of agreement, Penguin and Random House will be known as Penguin Random House. German Bertelsmann will own 53 per cent of the joint venture, and Penguin will own 47 per cent. [...]
Heathrow earnings up on rising passenger numbers at London hub October 29, 2012 Heathrow posted a 9.6 per cent increase in profit over the nine months to September, helped by rising passenger numbers at its London hub. Earnings before interest, tax, depreciation and amortisation came in at £922.9m, up from £842.2m last year. Revenue was up 8.2 per cent to £1.84bn. The company, formerly known as BAA, handled [...]
BACIT raises £207m in London float October 26, 2012 Investment company Battle Against Cancer Investment Trust (BACIT) raised £207m in an initial public share offer, which saw it shares jump in initial trading today. The shares were priced at 100p each in the offering, and jumped to as much as 104p in their stock market debut today. BACIT announced its intention to float on [...]
Former UBS trader claims actions were not fraudulent as defence begins October 26, 2012 Former UBS trader Kweku Adoboli addressed the court for the first time in his six-week trial today, relating to losses of $2.3bn (£1.4bn) sustained by the Swiss bank. Adoboli claimed his actions were not fraudulent, and said that he had worked hard for six years to generate profits for the bank. The former trader has [...]
US GDP grows by two per cent October 26, 2012 The US economy expanded by two per cent in the third quarter, the Commerce Department said today, due to a ramp-up in government spending. Federal government expenditures and gross investment increased by 9.6 per cent over the three months to September, while national defence spending jumped 13 per cent compared to the previous quarter. Consumer [...]
EDF hikes energy prices October 26, 2012 Energy firm EDF today announced that gas and electricty prices would rise by 10.8 per cent from 7 December. It follows in the footsteps of rivals Scottish Power, Centrica, npower and SSE, who have all raised prices in the last few weeks, although EDF’s is the biggest so far. The rise will add £2.35 a [...]
Virgin Atlantic eyes airline alliance October 26, 2012 Virgin Atlantic is close to joining an alliance with other airlines, marking a turning point after 30 years of fierce independence, according to founder Sir Richard Branson. The tycoon told reporters in India that “we may finally give up and become part of a bigger alliance”, with further details expected in the next three to [...]
Samsung makes record profit on smartphone sales October 26, 2012 Samsung saw record third quarter revenues of 52.18 trillion Korean won (£29.5 trillion), up 26 per cent year on year, it said today. The South Korean electronics company posted record profit of 8.12 trillion won over the quarter, a 91 per cent increase. Revenue was boosted by sales of Samsung’s smartphones, particularly by the new [...]
