Royal Mail staff to go on strike in November October 16, 2013 ROYAL Mail staff will go on strike next month, after postmen and women yesterday voted overwhelmingly for a national walkout over pay and conditions. Shares in the recently privatised postal service dipped slightly after the Communication Workers Union (CWU) confirmed that staff would down tools for a 24 hour strike on 4 November. Royal Mail said it was [...]
Tech champion says London is equal to New York for flotations October 16, 2013 LONDON has reached parity with New York when it comes to opportunities for companies seeking to float, according to Tech City chief Joanna Shields, despite UK gaming giant King’s decision last month to list in the US. “I think the conditions are right… I think we have parity. In many ways we’re competitively advantaged over [...]
JPMorgan pays $100m fine for London Whale October 16, 2013 BANKING giant JPMorgan was last night fined $100m (£62.3m) by US regulators over failings relating to the London Whale trading disaster, the latest in a string of penalties relating to the incident. The bank also admitted that it acted recklessly as part of its settlement with the US Commodity Futures Trading Commission (CFTC). It has [...]
Bank of America swings to profit after staff cuts October 16, 2013 COST cuts paid off at Bank of America Merrill Lynch in the third quarter as the group swung back to profit, its financial results showed yesterday. The group made a profit of $2.2bn (£1.4bn) in the three-month period, compared to a loss of $33m in the same quarter of 2012. Personnel costs dipped $121m, reflecting [...]
Custody bank BNY Mellon up as recovery increases asset prices October 16, 2013 RISING fee revenues and increases in assets under management pushed up BNY Mellon’s profits again in the third quarter, the bank reported yesterday. The custodian bank’s profits came in at $967m (£607m), up 25.5 per cent on the same period of 2012. Fee revenues rose three per cent to $2.96bn and net interest revenues increased [...]
American Express benefits from increase in credit card spending October 16, 2013 UPMARKET credit card provider American Express last night reported a strong rise in quarterly profits as the company benefitted from increased consumer spending. A well-heeled client base and a low rate of defaults helped the company make $1.37bn (£860m) for the three months to 30 September. “Spending on our global network rose seven per cent,” said [...]
BlackRock leaps past $4 trillion assets barrier October 16, 2013 BLACKROCK, the world’s largest money manager, crossed an industry milestone yesterday after it said the amount of money it manages had risen above $4 trillion (£2.5 trillion) for the first time. The US firm, which was spun out of fellow Wall Street giant Blackstone in 1988, said investors added an extra $25.3bn to the pot [...]
Ebay benefits from increased use of PayPal for transactions October 16, 2013 ONLINE shopping giant eBay last night announced a strong rise in quarterly revenue, largely thanks a strong performance by money transfer service PayPal. Although eBay is best known for its online auction site, almost half of the company’s revenue now comes from its PayPal division which has 137m active registered users. Many third party companies now [...]
Berkshire buys IMI’s two retail units for £690m October 16, 2013 ENGINEERING firm IMI rose to the top of the FTSE 100 yesterday morning, as it unveiled the sale of two non-core assets to Warren Buffett’s Berkshire Hathaway for $1.1bn (£690m). Investors were warmed by the board’s proposal to return £620m to shareholders and contribute the remaining £70m to the IMI UK pension fund. The sale [...]
IBM revenues slip as companies turn to cloud computing power October 16, 2013 COMPUTING giant IBM last night reported a fall in sales as large corporations cut back on hardware purchases and turn to cloud computing services. Total sales at the US technology company fell four per cent to $23.7bn (£14.9bn) for the three months to the end of September, largely due to hefty declines at its hardware division and [...]
