UBS confirms Ermotti as CEO and Weber as chairman November 15, 2011 UBS has sealed the permanent appointment of Sergio Ermotti (pictured) as chief executive and named former Bundesbank president Axel Weber as its chairman from next May, one year earlier than planned. The appointments fill a leadership vacuum after former CEO Oswald Gruebel quit the Swiss bank in September following a $2BN rogue trading scandal. At [...]
Burberry first half profits jump November 15, 2011 Luxury goods group Burberry met forecasts with a 26 per cent rise in first-half profit, helped by buoyant tourist spending around the world, and kept its growth targets despite an uncertain economic backdrop. “We remain mindful of, and prepared to react to, any local or global uncertainties,” said the 155-year-old maker of raincoats and leather [...]
Italy’s UniCredit to cut 5,000 jobs November 14, 2011 Italian bank UniCredit is to axe 5,000 staff while preparing a 7.5bn euro (£6.4bn) rights issue in an attempt to dig it out of trouble. The bank reported a 10.6bn euro loss in the three months to September, triggered by debt writedowns in the Eurozone. UniCredit holds 38bn euros of Italian government bonds and its [...]
Buffett builds $10bn stake in IBM November 14, 2011 Berkshire Hathaway has accumulated a 5.5 per cent stake in IBM, Warren Buffett said on Monday, his biggest bet on the technology field that he has historically shunned. Buffett, in a CNBC interview, said he bought about 64 million shares of IBM, which cost around $10.7bn (£6.7bn). Berkshire started buying the shares in March with [...]
FTSE falls as Italian bond yields take toll November 14, 2011 European markets were jittery as investors watched a radical overhaul of the political hierarchies in Italy and Greece aimed at ushering in a new economic dawn in the Eurozone. Italy’s president asked former European commissioner Mario Monti on Sunday to form a government, while Greece’s new Prime Minister Lucas Papademos, a former central banker who [...]
Mizuho profits fall by a quarter November 14, 2011 Mizuho Financial Group maintained its full-year net profit forecast after reporting that first-half profit fell 25.4 per cent, weighed down by the absence of hefty bond trading gains that lifted its profits the previous year. Japan’s top three banks are announcing their first-half results on Monday, and Mizuho, the second-largest by assets, had been expected [...]
BHP in $4bn shale gas expansion November 14, 2011 BHP Billiton plans to spend over $4bn (£2bn) on developing shale gas in 2012 following two shale gas acquisitions this year, the head of the top global miner’s petroleum business said on Monday. BHP Billiton spent nearly $17bn buying shale gas producer Petrohawk Energy and shale gas assets from Chesapeake Energy earlier this year. “In [...]
ITV “outperforming” advertising market November 14, 2011 ITV said it expected to outperform the wider television advertising market in 2011 after reporting better than expected trading in the third quarter. The broadcaster, home to such shows as the “X Factor” and “Coronation Street,” said on Monday net advertising revenues in the three months through September were up one per cent, compared with [...]
Majestic wine toasts profits rise November 14, 2011 Majestic Wine has seen a 20 per cent rise in half-year profits, as customers have bought more expensive wines. The company made pre-tax profitS of £8.8m in the year to 26 September, compared with £7.3m a year earlier. Its like-for-like sales rose 2.7 per cent while revenues jumped nine per cent to £127.8m. The company [...]
Bank of Ireland deposits up November 11, 2011 Bank of Ireland’s deposits rose three per cent between July and October, improving its funding position as it seeks to rebalance its accounts. But Ireland’s largest lender said that trading remained difficult, with competition for deposits one of a number of factors holding back its progress. The bank predicts profit margins will stabilise in the [...]
