Credit Suisse returns to profit February 11, 2010 CREDIT Suisse has returned to profit after reporting a record loss in 2008. The bank made a profit of 6.7bn Swiss francs (£4bn) in 2009 – compared with a loss of 8.2bn Swiss francs in the previous year. Credit Suisse said it was pulling in new clients and that its asset management business was thriving. [...]
Portsmouth given stay of execution February 10, 2010 PORTSMOUTH have been given seven days to provide documents proving they can pay their creditors. The club now have until 4pm on 17 February to file a “statement of financial affairs” or face going out of business. Her Majesty’s Revenue and Customs (HMRC) took Portsmouth to court over an unpaid tax bill of £7.4m. They [...]
King admits recovery slower than expected February 10, 2010 THE Bank of England has admitted that the economy will take longer to recover than expected. In its latest quarterly Inflation Report, the bank predicts that growth will reach about 3.2 per cent in the second quarter of 2011, weaker than an earlier prediction of 4 per cent. Inflation will peak at 3.3 per cent [...]
BHP Billiton in spending boost February 10, 2010 GLOBAL mining heavyweight BHP Billiton today announced plans to ramp up its spending despite its interim profits falling victim to the commodity downturn in 2009. The FTSE 100 group posted a 7 per cent drop in profit to $5.7bn (£3.6bn) in the final six months of 2009 as “significant volatility and continued uncertainty in the [...]
Astaire clinches deal to buy rival Hoodless February 10, 2010 STOCKBROKER Astaire is buying rival Hoodless Brennan in a £3m deal. Hoodless directors and another investor who has two thirds of the shares have given the green light to the cash and loans deal. Astaire has already sealed deals for Blue Oar, Rowan Dartington and Ruegg & Co. The company is expected to re-brand the [...]
Reckitt Benckiser brands defy recession February 9, 2010 RECKITT Benckiser, which makes products including Nurofen, saw profits jump by 23 per cent last year despite the recession. The company said 2009 had been a good year and predicted growth in 2010. Reckitt’s drug Suboxone – a heroin substitute – accounted for 16 per cent of the profits. In the year to 31 December, [...]
Hector Sants to step down as FSA boss February 9, 2010 HECTOR Sants has resigned as the head of the Financial Services Authority (FSA) in a move that throws the future of financial regulation into doubt. Sants had been a major figure in the massive shake-up of banking reform following the global financial crisis. He has also spoken out against plans by the Conservatives to scrap [...]
UBS returns to profit February 9, 2010 SWISS bank UBS has reported its first quarterly profit for more than a year after a cost-cutting programme. UBS made a pre-tax profit of 1.2bn Swiss francs (£722.9m) in the three months to 31 December. This compares with a loss of 9.58bn francs in the same period in 2008. Its annual net loss was reduced [...]
Boots seals clothing deal with Mothercare February 9, 2010 A RANGE of children’s clothing and accessories is to be sold in Boots after the chain sealed a deal with Mothercare. The two already have an agreement through which Boots sells toys from the Early Learning Centre which Mothercare bought in June 2007 for £85m. Mothercare chief executive Ben Gordon said: “We are delighted with [...]
London ‘leading the UK out of recession’ February 8, 2010 LONDON is leading the UK out of recession, new economic data has suggested. The Purchasing Managers Index (PMI) shows that the capital was the strongest performer last month. The index for London, based on a survey of 1,200 manufacturing and service sector firms, was at 60.6. Any number above 50 is a sign that the [...]
