Ex-JP Morgan chief says cutting state aid for banks will aid City February 5, 2013 SCRAPPING the implicit subsidy for banks and making sure they will be allowed to fail when they get into trouble should reduce public hatred for the sector and benefit the City in the long run, JP Morgan’s former investment banking head said yesterday. Bill Winters argued US banks have benefited from state support and a [...]
UBS takes loss as shake up gets underway February 5, 2013 SWISS bank UBS plunged to a loss in 2012 as its huge Libor fine and ongoing restructuring programme pushed income down and expenses up, the institution said yesterday. The bank also launched a SFr5bn (£3.5bn) bond buyback as it has sharply reduced its funding needs and wants to reduce its costs in line with that. [...]
Chip firm ARM reaps profits of mobile boom February 5, 2013 THE INEXORABLE rise of smartphones and tablets has lifted British chip designer ARM Holdings to record profits. The Cambridge-based firm posted a 20 per cent rise in annual profits yesterday, as orders for its latest technology leapt. ARM’s chip designs, which it licenses to manufacturers for a fee and for royalties, are used in the [...]
NYSE earnings fall ahead of merger February 5, 2013 NYSE Euronext, the exchange gearing up to be bought by IntercontinentalExchange (ICE) in a $8.2bn (£5.2bn) deal, yesterday said revenues plunged 11 per cent for the quarter ending December due to write-offs and merger expenses. Writing off investments in its clearing house in Europe and unwinding a stake in its carbon trading exchange meant net [...]
Mastercard to buy back $2bn February 5, 2013 MASTERCARD doubled its quarterly cash dividend and said it would buy back up to $2bn (£1.3bn) of Class A shares, yesterday, just days after reporting strong fourth-quarter results helped by its performance in emerging markets. The programme will become effective after the company completes its existing $1.5bn repurchase programme, which had about $440m remaining as [...]
Zynga able to reduce losses February 5, 2013 FACEBOOK game maker Zynga managed to stem its losses in the fourth quarter last year, even as its once-colossal revenue growth ground to a halt. The US company, whose hits have included FarmVille and CityVille, reported a loss of $48.6m (£31m), against $435m in the same quarter last year. Zynga has had to cut staff [...]
Tax expense knocks CME February 5, 2013 CME Group’s fourth-quarter profit fell sharply from a year ago, the exchange operator said last night. The firm’s net income tumbled to $167m (£106m), or 50 cents a share, from $745.9m a year earlier, or $2.25 a share. Revenue fell to $660.9m from $736.5m, it said. However, stripping out a one-time tax expense of $43.5m [...]
Disney’s rights costs see net income drop February 5, 2013 WALT Disney last night revealed a six per cent quarterly fall in net income due to the rising cost of acquiring TV sports rights for its ESPN broadcast arm. The media giant said net income was $1.38bn (£881m), down from $1.46bn, in the firm’s first quarter.
Barclays hikes misselling bill again to £3.5bn February 5, 2013 BARCLAYS has set aside another £1bn to compensate misselling victims as the bill for PPI and interest rate swaps scandals grows ever larger, the bank revealed yesterday. It has allocated another £600m to the PPI redress pot taking its total so far to £2.6bn. And it has almost doubled its interest rate swaps provision, setting [...]
Jenkins shreds Diamond legacy as he defends his own PPI past February 5, 2013 NEW Barclays chief Antony Jenkins yesterday told MPs and peers he has the “iron will” needed to force through cultural reforms at the bank, and that his dedication to good behaviour saw him challenge former boss Bob Diamond on the problem a year ago. He said that the bank’s bonus pool will be “adjusted substantially [...]
