Darling backs IMF bank tax plans April 21, 2010 CHANCELLOR Alistair Darling has welcomed International Monetary Fund proposals for two new taxes on banks to fund future bailouts. A levy would initially be charged at a flat rate then modified so riskier institutions were charged more, under the plans aimed at reducing the chances of a future global financial crisis. A second “financial activities [...]
Game Group chief steps down as profits tumble April 21, 2010 THE boss of video games retailer Game Group has stepped down following a 28 per cent plunge in profits at the group. Lisa Morgan will be replaced by Chris Bell – the former boss of Ladbrokes – as interim chief executive, the company said. The firm’s UK chief operating officer Terry Scicluna will also be [...]
Goldman profit almost doubles April 20, 2010 US banking giant Goldamn Sachs has seen its profit for the first quarter of 2010 almost double. The bank’s net earnings hit $3.46bn (£2.25bn) for the three months to March – compared with $1.8bn a year ago. Goldman also revealed that it paid its employees will receive a £3.6bn bonus pot. The results beat Wall [...]
FSA confirms official probe into Goldman April 20, 2010 THE Financial Services Authority (FSA) launched a a formal enforcement investigation into Goldman Sachs – four days after US regulators filed a fraud case against Wall Street’s biggest investment bank. The UK regulator said in a statement: “Following preliminary investigations the Financial Services Authority (FSA) has decided to commence a formal enforcement investigation into Goldman [...]
Primark profits rise by 18pc April 20, 2010 PRIMARK profits have rocketed by 18 per cent to £144m in the past six months, owner Associated British Foods (ABF) has said. Revenues rose 19 per cent to £1.26bn, with like-for-like sales – which do not include figures from new stores – going up by eight per cent. The chain, which has 196 European stores, [...]
Inflation rises above forecasts April 20, 2010 CONSUMER price inflation (CPI) rose more than expected in March, according to official figures. The Office for National Statistics said consumer price inflation rose to 3.4 per cent last month from three per cent in February, with higher fuel costs and fares for air transport also contributing to the increase. Analysts had expected a reading [...]
BAA losing up to £6m a day in ash crisis April 20, 2010 AIRPORTS operator BAA has said that the flight ban sparked by the volcanic ash cloud is costing it between £5m and £6m a day. The operator runs six airports in the UK, including Heathrow and Stansted. A statement said: “BAA entered this period of flight suspensions with sufficient available funds to mitigate the closure of [...]
Burberry raises profit forecast April 20, 2010 BURBERRY has reported a 14 per cent rise in second-half retail sales and raised its forcecast for the full year. The company new expects to deliver pre-tax profits of over the £200m figure predicted. Sales of spring lines have helped to trigger the rise. Second-half total sales in the six months to 31 March, rose [...]
Tesco sees £3.4bn profit after Clubcard boost April 20, 2010 TESCO has reported pre-tax profits of £3.4bn – 10 per cent up on the previous 12 months. The supermarket giants said the reasons for the gains included an 18 per cent rise in the use of Clubcards Group sales, excluding petrol, went up by 6.8 per cent to £62.5bn in the 52 weeks to 27 [...]
Citigroup profits jump to £2.9bn April 19, 2010 CITIGROUP posted a $4.43bn (£2.9bn) first-quarter profit as losses from bad loans declined. The third-largest US bank posted net income to shareholders of 15 cents a share, compared with a shareholder loss of 18 cents a share, or $966m, a year earlier. Citigroup has been one of the biggest losers in the banking crisis but [...]
