BlackRock sees jump in fourth quarter profit January 25, 2011 BlackRock Inc, the world’s largest asset manager, reported a big jump in fourth-quarter profit and revenue, topping analysts’ estimates, aided by the global stock market rally. With markets on an upswing, the $3.6 trillion investment unit for $15bn just over a year ago finally appears to be paying off for investors. BlackRock attracted a net [...]
FSA seeks crackdown on retail investment products January 25, 2011 The financial services regulator might ban some products, warn investors away from others and set price caps in a radical overhaul of its policies as part of a global crackdown on mis-selling to consumers. In a discussion document, the Financial Services Authority (FSA) suggested intervening in areas such as pre-approving some products, mandating product features, [...]
UK public borrowing rise is less than forecast January 25, 2011 UK public borrowing increased by a lower-than-expected £16.8bn last month. The figure was below the £21bn borrowed a year earlier, according to the Office for National Statistics. Economists were expecting borrowing to hit £21bn in December. Total public borrowing for the year to date stands at £118.4bn, the ONS said. The Government’s target is £149bn [...]
UK in shock 0.5 per cent output drop January 25, 2011 The UK’s economy suffered a shock contraction in the last three months of 2010, official figures have shown. The economy shrank by 0.5 per cent in the last quarter, the Office for National Statistics (ONS) said. December’s severe weather was expected to hit activity but economists had still forecast growth in the quarter of between [...]
Babcock upbeat despite defence cuts January 25, 2011 Defence group Babcock said third-quarter trade had been strong and that the outlook for 2011 and beyond was positive despite defence budget cuts. Babcock said its order book was stable at about £12bn and the year ahead was positive. It said its performance was driven by growth at its defence, security and marine units. The [...]
IMF raises global growth forecast January 25, 2011 The International Monetary Fund expects global economic growth in 2011 to be just slightly slower than last year’s rate of 4.75 per cent, its deputy managing director said on Monday. “I can confirm 2011 global growth is expected to be only slight slower than 4.75 (per cent) last year,” IMF first deputy managing director John [...]
Siemens beats forecasts January 25, 2011 Siemens, Europe’s biggest engineering conglomerate, beat forecasts for its first-quarter profit helped by robust demand in fast-growing emerging economies. Net profit from continuing operations – which exclude units planned to be spun off – rose 17 per cent to 1.79bn euros (£1.5bn) in the quarter, beating the average forecast of 1.47bn euros in a Reuters [...]
Government warns News Corp over BSkyB bid probe January 25, 2011 The government said it was thinking about referring News Corp’s proposed £7.5bn buyout of BSkyB for a prolonged investigation. The media regulator had examined the deal over fears it would give News Corp’s Rupert Murdoch too much influence over the media and public opinion. The government said that Ofcom had recommended that the deal should [...]
Misys to return Allscript proceeds to investors January 25, 2011 Software firm Misys said it would return the remaining proceeds of its Allscripts disposal, equal to 38 pence a share, to shareholders, and said the recent closing of deals kept its core business on track. The company, which sold most of stake in its Allscripts-Misys healthcare software joint venture last year, said on Tuesday it [...]
Euro zone services sector grows more than expected January 24, 2011 Vibrant growth in Germany helped the euro zone’s services sector expand faster in January despite growing weakness elsewhere in the bloc, early findings from a business survey showed. Markit’s Eurozone Flash Services Purchasing Managers’ Index (PMI), comprising surveys of around 2,000 businesses ranging from banks to hotels, rose to 55.2 from 54.2 in December, comfortably [...]
