Legal bills drag down Deutsche Bank’s earnings July 30, 2013 GERMAN lender Deutsche Bank saw profits plunge on soaring litigation fees in the second quarter, the institution announced yesterday, while it had to announce further cuts to operations to hit new regulatory capital targets. Net income fell 50 per cent to €335m (£291.5m), despite net revenues rising two per cent to €8.2bn. Corporate banking and securities [...]
UBS draws line under 2008 state bailout with toxic fund buyback July 30, 2013 UBS SAID yesterday it will buy back a fund set up to purge the Swiss bank of toxic assets, drawing a line under a humiliating state bailout in 2008 and raising the prospect of an early increase in dividends. Switzerland’s largest bank by assets has overhauled itself following the financial crisis and a series of [...]
Report finds British banks are not racist July 30, 2013 A REPORT commissioned by Deputy Prime Minister has found that British banks are not guilty of discriminating against black and ethnic minority people. Nick Clegg had previously suggested discriminatory lending policies were preventing minorities from starting their own businesses. But the research found this was not the case.
Britain getting more confident about growth July 30, 2013 THE BRITISH economy was the most upbeat of any major European country in July, shooting upward in the past month, official EU statistics show. And GfK’s consumer confidence barometer for the UK also recorded a strong upswing, rising to minus 16, its highest level since April 2010. Though the measure is still negative, it has [...]
SEC tells jurors in fraud lawsuit of Fabrice Tourre’s make believe July 30, 2013 FORMER Goldman Sachs trader Fabrice Tourre should not be allowed to get away with deceiving investors in a mortgage deal that went bad in the financial crisis, an SEC lawyer told jurors who will decide a civil fraud lawsuit brought by the regulatory agency. On the final day of a more than two-week trial, US [...]
Cuts lift NYSE Euronext earnings July 30, 2013 NYSE EURONEXT, which is being bought for $8.2bn (£5.4bn) by IntercontinentalExchange, yesterday reported a 38 per cent rise in second-quarter earnings, helped by cost cuts and one-off gains. The New York Stock Exchange’s parent said net income was $173m, or 71 cents a diluted share, compared with $125m, or 49 cents a share, a year [...]
UK sees rise in satisfaction and fall in anxiety since last year July 30, 2013 Personal well being in the UK has improved since last year, with more people feeling satisfied and fewer feeling anxious, according to an official survey. The annual population survey, which was released by the Office for National Statistics (ONS) yesterday, suggests that more people also suggested that the things they do are worthwhile in 2012-13 [...]
Frack in the north, says Tory peer July 30, 2013 Conservative peer Lord Howell, the former energy secretary, has argued that “uninhabited and desolate” areas in the north east of England should be the venue for Britain’s controversial fracking efforts. “Certainly in part of the north east where there’s plenty of room for fracking, well away from anybody’s residence, where we could conduct without any kind [...]
Solvency II hits company profits July 30, 2013 Two thirds of European insurance companies have had to take on substantial numbers of extra staff to deal with delayed EU reforms to the sector, according to a report released yesterday by Moody’s Analytics. The research found that the majority of insurers have had to increase staff by at least 10 per cent in order to [...]
Standard Bank in trade arm sale July 30, 2013 South Africa’s Standard Bank is in advanced talks to sell its London commodity trading business to Industrial and Commercial Bank of China, a person familiar with the matter said yesterday. It was not immediately clear how much Standard Bank was seeking for the business, though reports of early-stage talks last year put the price tag [...]
