Sands sounds warning over red tape rush February 29, 2012 THE CHIEF executive of Standard Chartered has warned of the danger of an “avalanche” of global regulation as the bank posted record profits for the ninth consecutive year. Peter Sands said new capital rules could increase protectionism and described the regulatory agenda as “driven through the rear view mirror”. “All of us [banks] face the [...]
Mervyn King hits out at Labour and banks for failing to help small firms February 29, 2012 BANK of England governor Mervyn King hit out at the previous Labour government during a tense committee appearance in Westminster yesterday, and also accused banks of thwarting efforts to boost lending to small firms. King reacted testily to Labour MP Andrew Love who had said that the Bank chief appeared “relaxed” about the UK’s economic [...]
Profit soars but Henderson chief says euro crisis still hitting flows February 29, 2012 THE CHIEF executive of fund manager Henderson has warned more clients could pull their cash this year as the Eurozone crisis buffets the industry. The Anglo-Australian firm reported net outflows of £6.4bn during last year and Andrew Formica told City A.M. the pattern would not be reversed quickly. “There is still a lot of nervousness [...]
North Korea halts nuclear tests February 29, 2012 North Korea agreed yesterday to stop nuclear tests, uranium enrichment and long-range missile launches, and to allow checks by nuclear inspectors, in an apparent policy shift that paves the way for resuming long-stalled disarmament talks. The surprise breakthrough, announced simultaneously by the US and North Korea, makes possible the resumption of six-nation nuclear negotiations.
Fannie Mae needs more state cash February 29, 2012 Fannie Mae, the biggest source of money for US home loans, said yesterday it would seek $4.6bn (£2.9bn) in additional federal aid after reporting a fourth-quarter loss. The government-controlled mortgage finance company posted a loss of $2.4bn for the last three months of 2011. Fannie Mae has borrowed more than $116bn from the government and [...]
IAG profits jump – but Iberia stutters February 29, 2012 BRITISH Airways’ parent group IAG has reported a jump in annual profits. The company, which also owns Spain’s Iberia, yesterday announced pre-tax profits of £425.6m in the year to December 2011. However, it said its underperforming Spanish unit and high fuel costs would dent earnings this year. The company said the improvement in 2011 was [...]
ITV pins its hopes on in-house shows as advertising slips February 29, 2012 ITV, the free-to-air broadcaster, yesterday said sales of hit shows such as Downton Abbey had boosted its revenues, allowing it to become less reliant on an advertising market it expects to slow down this year. Non-advertising revenues jumped 11 per cent last year to £922m, accounting for around 43 per cent of overall revenue. Since [...]
BA dragged down by pain in Spain February 29, 2012 SOARING fuel costs and striking staff threaten an airline’s very survival. No, we’re not talking about 2010, when a long cabin crew strike and high oil price crippled British Airways. Instead it is Spain’s Iberia – owned by BA parent IAG after the two airlines merged last year – that is proving such a headache. A quick [...]
Quarterly reporting distorts, claims Kay February 29, 2012 MANY investors are calling for quarterly reporting to be abolished as it encourages short-term decision-making, a government review into short-termism claimed yesterday. The review, chaired by economics professor John Kay (pictured), said in its interim report that many respondents think reporting every three months encourages firms to pad the results with “useless or misleading” statements [...]
HSBC near sale of its insurance arm to rivals for £1bn February 29, 2012 HSBC is about to complete a £1bn deal to sell its general insurance arm to rivals AXA and QBE, according to reports. Under the deal French insurance giant AXA would take over HSBC’s business in Mexico and Asia, excluding Hong Kong. Australian firm QBE would then take over the Hang Seng operation in Hong Kong [...]
