Sberbank on track for growth December 11, 2012 Russia’s Sberbank expects that its 2012 net profit under local accounting standards will total at least 340bn roubles (£6.9bn), the bank’s chief executive officer German Gref told reporters yesterday. The state-controlled lender last month reported a 12 percent increase in RAS net profit for the first 11 months of the year to 332.3bn roubles. In [...]
Who’s switching jobs December 11, 2012 UBS James Broderick has been appointed chief executive of wealth management, UK and Jersey, at the bank. He joins from JP Morgan, where he was head of its asset management business in Europe, Middle East and Africa. Broderick previously held roles at Wellington Management Company. Royal London Asset Management Rob Williams has been appointed head [...]
Best of the Brokers December 11, 2012 BREWIN DOLPHIN Numis continues to give investment company a “hold” rating, and raises the target price to 188p. After a reorganisation, the broker thinks the firm can exceed its 20 per cent operating target, but admits changes could impact results for clients. INCHCAPE UBS has issued a “buy” rating for the car retailer, setting a [...]
FTSE 100 hits a nine-month closing high after strong German figures December 11, 2012 BRITAIN’S blue-chip index posted its highest close in nine months yesterday, supported by strong German economic data but enduring a late sell-off as it balked at technical resistance. The FTSE 100 closed up 3.34 points, or 0.1 per cent, at 5,924.97, edging off an intraday high of 5,937.93 on a bout of selling in the [...]
US stocks up as Apple’s shares lift the market December 11, 2012 US stocks rose yesterday, led by gains in technology companies, helping the S&P 500 end at its highest level since Election Day. A 2.2 per cent gain to $541.39 in Apple’s stock lifted the Nasdaq, as the largest US company by market value rebounded from a week in which investors took profits before a possible [...]
Old age Britain: An opportunity for firms to profit from demographics December 11, 2012 LONDON is booming. Figures from the 2011 census show the city has witnessed unprecedented demographic change since 2001. Over the last 10 years, its population increased by 11.6 per cent – from 7.3m to 8.2m in 2011. A full 10 of the 20 fastest growing local authorities in England and Wales are located in the [...]
Why breaking the banking consensus wouldn’t be the end of the world December 11, 2012 FORECASTS of the end of the world have an even worse track record than economic predictions. Followers of the Mayan calendar believe it will all come to an end next week. But we have been here before. In 1956, an American group led by a suburban housewife believed a catastrophic flood would destroy the world [...]
HSBC’s fine stands as the first step on a lengthy journey December 11, 2012 HSBC is to pay a settlement of around $1.9bn (£1.2bn) under the terms of a deferred prosecution agreement reached with the US Department of Justice. It is the largest settlement of its kind to date, dwarfing fines paid by financial institutions like Standard Chartered and Barclays. But why is it so big? Firstly, it reflects [...]
Is the historic $1.9bn settlement between HSBC and US regulators a reasonable result? December 11, 2012 YES Roger Francis HSBC said today that it had agreed to pay $1.92bn (£1.2bn) as part of a settlement with US regulators. Although the settlement sets a new record for penalties on a bank, it should be viewed in the perspective of HSBC’s huge earnings power and the bank’s breaches of money laundering and sanctions [...]
Rapid responses December 11, 2012 The payday debate [Re: The poorest will suffer if we ignore the real evidence on payday loans, yesterday] This is the first honest, data-driven response to the payday loan industry debate I’ve seen. Unfortunately, screaming headlines about sky-high interest rates and vulnerable borrowers have led some to ignore the sad truth that many are far [...]
