Tourre defiant in US court case July 25, 2013 FORMER Goldman Sachs trader Fabrice Tourre yesterday denied wrongdoing in his securities fraud trial in New York. The trial has centred on an email in which he said: “The whole building is about to collapse anytime now,” on the state of financial markets in 2007. Tourre’s lawyers sought unsuccessfully to block the US Securities and Exchange [...]
Bridgepoint asks for time July 25, 2013 BRITISH private equity firm Bridgepoint has asked its investors for more time to invest its biggest buyout fund, the latest manager to seek an extension amid a slow recovery. Bridgepoint, the owner of sandwich chain Pret a Manger and MotoGP organiser Dorna, has sought a 12-month extension for its €4.8bn (£4.1bn) Bridgepoint Europe IV fund, [...]
Amazon swings to loss as string of US firms miss July 25, 2013 AMAZON shares took a tumble last night, after disappointing financial results for the second quarter were announced, showing a surprise loss and shrunken operating income The online retail giant swung to a net loss of $7m (£4.56m), falling short of analysts’ forecasts of a small profit and last year’s quarterly earnings of $7m. Operating income [...]
Baker Tilly talks to RSM Tenon about below-market-value bid July 25, 2013 ACCOUNTANCY group Baker Tilly has approached its listed rival RSM Tenon about a potential takeover, the firms said yesterday. RSM Tenon, which was hit by a profit warning and an investigation into errors in its own accounts last year, said talks were at an early stage. “Given the level of debt within the company, any [...]
Starbucks sees boost from its American sales July 25, 2013 STARBUCKS posted a bigger than expected jump in quarterly profit last night, after new beverages raised sales in its US stores. The world’s biggest coffee chain also raised its full-year profit forecast, sending shares soaring almost six per cent in after-hours trading. Seattle-based Starbucks’ position at the premium end of the coffee market means it [...]
Investment arm leads profits up at Credit Suisse July 25, 2013 WEALTH management profits have slipped at Credit Suisse, but a revival in investment banking revenues saw group profits jump in the second quarter, the bank said yesterday. Group profits rose 33 per cent on the year to SFr1.05bn (£734m), lifting return on equity from 9.2 per cent to 10.1 per cent. Switzerland’s famed financial privacy [...]
Spain’s lenders show recovery in line with healing economy July 25, 2013 THREE Spanish banks reported strong growth in profits in the first half of the year yesterday, as new official data showed joblessness down for the first time in two years. Any economic improvement should help banks, which were hit hard by the recession, as households fell behind on paying their mortgages after the property boom. [...]
Lazard makes big gains in spite of doldrums in M&A markets July 25, 2013 LAZARD squeezed healthy growth out of a weak mergers and acquisitions market by capitalising on its mid-market specialisms, the US investment bank said yesterday. Net income came in at $59.8m (£39m) in the second quarter, up 81 per cent on the $33.1m made in the same period of 2012. M&A advisory revenues drove much of [...]
BT Sport signs up 500,000 in battle with Sky July 25, 2013 HALF a million homes are ready to receive BT’s new sports channels when they launch on 1 August, it was announced yesterday. The company says more than 500,000 households have already signed up to access the new service, which represents a billion pound punt by the telecoms giant and puts it in direct competition with [...]
Bottom Line: Beware the hype, this game’s only just kicked off July 25, 2013 IT HASN’T even started broadcasting yet, but BT Sport has already cost the group £40m – or one Luis Suarez – in pre-launch expenses. Yesterday outgoing chief executive Ian Livingston was keen to highlight the 500,000-odd households that have signed up for the new service, which goes live next Tuesday. But take a closer look at the [...]
