Sunny outlook for lending as UK businesses borrow £2.5bn more October 23, 2013 BUSINESSES borrowed £2.5bn more from high street banks in September compared to the prior month, figures from the British Bankers’ Association (BBA) revealed yesterday. The increase in lending is the biggest monthly rise since 2009 and builds on a growing picture of consumer confidence in the economy, BBA statistics director, David Dooks said. He added [...]
Former Arm man east joins BT board October 23, 2013 WARREN East, who stepped down as the boss of chipmaker Arm Holdings in March, was yesterday unveiled as the latest non-executive to join the board of BT. East, who led Arm through 12 years of expansion, will start at the telecoms group in February.
Inside Track: Co-op should hire a banker as chair to improve its name October 23, 2013 "PLAN A is dead, long live Plan A", was the phrase uttered by one Co-operative Group adviser as the details of its revised restructuring emerged on Monday morning. Er, not quite. As accustomed as the mutual’s new management has had to become to putting a brave face on an ugly balance sheet, this was a [...]
AT&T delivers as $3.8bn profit beats forecasts October 23, 2013 THE SECOND largest US mobile service provider posted its results for the third quarter after trading finished yesterday, with profits of $3.81bn (£2.36bn) revealed. AT&T’s earnings per share excluding significant items were slightly above expectations, at $0.66 against the $0.65 that was predicted. In the same quarter of 2012, the comparable figure was $0.63 per [...]
US Airways hit by shutdown and merger costs but revenue rises October 23, 2013 US AIRWAYS reported lower third-quarter profit yesterday as it set aside more money for taxes. The carrier, which hopes to fend off a US Justice Department lawsuit challenging a proposed merger with American Airlines parent AMR, had a higher-than-expected profit excluding merger costs, as the average airfare rose and revenue jumped to a record level. [...]
Evercore bullish as sees strong third quarter October 23, 2013 INVESTMENT bank advisory firm Evercore posted their third quarter results last night, with revenues up 23 per cent on the comparable period during 2012. The company announced net revenues of $188m (£116.23m), and profit of $14m, up 163 per cent over the 12-months to September. However, profit was down 15 per cent compared to the [...]
De La Rue drops 10pc as it issues profit warning October 23, 2013 DE LA Rue’s share price plunged almost ten per cent yesterday, after the British banknote printer issued its second profit warning in less than a year. The FTSE 250 firm cut its full-year profit guidance to £90m, which falls below the target set out in its three-year plan to reach £100m this year. De La [...]
Top banks vow to repay swaps mis-selling victims more quickly October 23, 2013 BRITAIN’S biggest four banks have all now committed to a new structure to repay interest rate swap mis-selling customers, they said yesterday. Barclays, Lloyds, RBS and HSBC are now offering customers redress for the mis-selling, either in the form of cash or a new, more appropriate product. This will be paid first, then an evaluation [...]
Detroit’s bankruptcy hearing to lay bare the city’s financial woe October 23, 2013 DETROIT’S bankruptcy has been under the microscope in an American bankruptcy court yesterday, with a judge tasked with deciding whether the city is in fact broke. US Bankruptcy Judge Steven Rhodes’ decision on whether Detroit is eligible to restructure its debts and liabilities under Chapter 9 of the US Bankruptcy Code that covers municipalities will [...]
Asset management acquisition pays off for Handelsbanken October 23, 2013 CHALLENGER bank Handelsbanken saw a steady improvement in profits in the UK in the third quarter, according to financial results published yesterday. The Swedish lender’s acquisition of asset manager Heartwood boosted net fee and commission income by 92 per cent to SEK140m (£13.6m) in the first three quarters, on the same period of 2012. That helped [...]
