Deutsche Bank posts third quarter loss October 27, 2010 Deutsche Bank posted a third-quarter loss, weighed down by an expected 2.3bn euro (£2bn) charge on Deutsche Postbank, and stuck with a cautious outlook for 2011. By 2011, Germany’s flagship lender aims to achieve 10bn euros pre-tax profit at group level. “While some of the environmental variables are in line with or ahead of our [...]
Virgin media nets more money per user October 27, 2010 Cable operator Virgin Media added fewer net new customers in the third quarter than expected but managed to extract record sums from each user. Virgin Media, which competes in Britain with BT and BSkyB in the provision of broadband, telephony and pay-TV, said it had added 14,100 net new customers in the period ending September, [...]
UK economy grows by better than expected 0.8pc October 26, 2010 The economy grew by just 0.8 per cent in the three months to the end of September, official figures have shown. Most analysts had predicted that it would have expanded by an even lower 0.4 per cent, in the third quarter. Construction grew by four per cent while manufacturing was up by one per cent. [...]
Brit Insurance accepts £888m offer from Apollo and CVC October 26, 2010 Brit Insurance has accepted a formal offer from buyout firms Apollo Management and CVC Capital Partners after recommending an approach which values Brit at up to £888m. Lloyd’s of London insurers, which offer cover against large-scale risks such as natural disasters, have emerged as potential takeover targets because cyclically low insurance prices have weighed heavily [...]
KPMG faces probe into BAE audits October 26, 2010 The accounting regulator said it will investigate consultancy firm KPMG over its audits of defence firm BAE Systems, which was fined earlier this year for questionable payments to secure contracts. Audits covering the ten years between 1997 and 2007 will be investigated, as well as “commission payments paid by BAE,” Britain’s Accountancy and Actuarial Discipline [...]
ArcelorMittal profit jumps by 48 per cent October 26, 2010 ArcelorMittal, the world’s biggest steel company, has said profits jumped 48 per cent in the three months to the end of September compared with the same period a year earlier. Third-quarter net profit was $1.35bn (£858bn), up from $910m a year earlier. Sales increased by 30 per cent against a year ago, to $21.04bn. However, [...]
Dudley: Fed has no “magic wand” October 26, 2010 The US Federal Reserve cannot “wave a magic wand” to fix the economy overnight, but it can provide “essential” support, a top Fed policymaker. Indeed, support will likely be warranted unless economic conditions improve, William Dudley, president of the New York Fed and a permanent voter on the Fed’s policy-setting panel, said in a speech [...]
Foster’s courts new bids for wine business October 26, 2010 Foster’s, Australia’s largest brewer, stands ready to consider any further offers for its $3bn (£1.9bn) wine business, Chairman David Crawford told Foster’s annual general meeting on Tuesday. Crawford reiterated that an earlier approach from a private equity firm reportedly Cerberus – worth up to $2.5bn was “totally inadequate”.
UBS stops bleeding client money October 26, 2010 Switzerland’s biggest bank UBS has stopped bleeding client money for the first time since early 2008, meeting a key turnaround goal earlier than anticipated, though investment banking reported a third-quarter loss. Third-quarter net profit at UBS was 1.664bn Swiss francs (£1.09 bn), the world’s second-largest wealth manager said, beating a forecast of 1.225bn francs in [...]
Cameron promises to trigger new growth October 25, 2010 David Cameron has promised to invest to ensure the UK’s future economic growth, with an emphasis on entrepreneurs. The Prime Minister told the CBI conference £30bn would be invested in transport projects over the next four years as part of a package to keep the UK recovery on track. He said: “This is an incredible [...]
