RBS narrows losses February 24, 2011 Royal Bank of Scotland (RBS) has reported a loss of £1.13bn for the full-year 2010, due in part to a £1.1bn tax charge. The result was an improvement on the £3.6bn loss the bank made in 2009, and when it plunged £24.3bn into the red in 2008. Money put aside for bad loans fell by [...]
Resolution halts takeover activity February 23, 2011 Insurance takeover vehicle Resolution has called a halt to its acquisition programme, saying it could meet key financial targets without making further deals for now. “Resolution is confident that it will achieve its targeted mid-teen returns on the UK Life Project without further acquisitions,” the company said in a statement. “It will not contemplate acquisitions [...]
UK property market stagnant February 23, 2011 The UK property market is still stalled, according to figures from the British Bankers’ Association. The BBA said mortgages approved by its members in January for home buyers were 29 per cent lower than a year ago. They approved just 28,932 loans for house purchase, although this was slightly higher than in December. Meanwhile property [...]
Bank of England split 6-3 over rate rise February 23, 2011 Bank of England chief economist Spencer Dale joined Andrew Sentance and Martin Weale in voting for higher rates in February, minutes to the Bank of England’s February 9-10 meeting showed on Wednesday. Moreover, the minutes also suggested that some of those opposed a rate hike this month would consider if it if the economy shows [...]
Commerzbank profit beats forecasts February 23, 2011 Commerzbank said it would start repaying state aid in 2011 as it swung to a fourth quarter net profit thanks to a rebounding economy which boosted its investment banking and midsize German companies divisions. Net profit in the fourth quarter rose to 257m euros (£217.4m), from a 1.86bn euro loss in the year-earlier quarter. Analysts [...]
Lehman Brothers £6bn case against Barclays fails February 23, 2011 Lehman Brothers Holdings Inc’s hurried sale of much of its US operations to Barclays at the height of the financial crisis was fair, and its bankruptcy estate is not entitled to recover an $11bn (£6.8bn) “windfall,” a federal judge ruled. The long-awaited ruling by U.S. Bankruptcy Judge James Peck followed a trial in which Lehman [...]
Travis Perkins sees profit lift by 20pc February 23, 2011 Travis Perkins reported adjusted pre-tax profit up 20 per cent to £217m in the year to the end of December. Revenue was up eight per cent at £3.153bn five per cent at the builders’ merchants. Net debt reduced by £205m to £774m. A final dividend of 10p per share will be paid, making a total [...]
Asda sales bounce back triggering staff bonus February 22, 2011 Asda sales bounced back at the end of last year it had lost ground to some of its rivals. The grocery giant, second in size only to Tesco, saw its market share slip last year. But sales in the fourth quarter rose 1.6 per cent. It said it had been boosted by its Chosen by [...]
Public finances strongest since January 2009 February 22, 2011 Britain showed a bigger than expected seasonal surplus on its January public sector net borrowing measure, after unusually strong annual growth in income tax receipts, official data showed. The figures appear to put the government well on track to meet its full-year fiscal targets, although the Office for National Statistics said the strong January tax [...]
Moody’s threatens to cut Japan rating if reform stalls February 22, 2011 Moody’s Investors Service warned that it may cut Japan’s sovereign rating if government policies fall short of comprehensive tax reform needed to bring ballooning public debt under control. The ratings agency said Japan, where the fifth prime minister since 2006 is facing mounting pressure to quit, needed stability at the top if it was to [...]
