Whatever the expectations, lower them January 17, 2012 DISAPPOINTING is an understatement. Analysts had already cut down their expectations for Citigroup from a consensus of 76 cents in earnings per share to just 49 cents. Little wonder that the actual number – 38 cents – was a shocker. For those following the declining state of the investment banking industry, however, the overall narrative [...]
Abu Dhabi set to raise stake in UniCredit January 17, 2012 ABU Dhabi’s sovereign wealth fund Aabar yesterday threw its support behind beleaguered Italian bank UniCredit by pledging to raise its stake to 6.5 per cent. Aabar said it would increase its holding through its Luxembourg subsidiary as part of UniCredit’s ongoing €7.5bn (£6.2bn) rights issue. “We are intending to participate in the rights increase and [...]
Broker’s cash coming back January 17, 2012 THE ADMINISTRATORS of the British arm of collapsed US broker MF Global have recovered nearly £600m of customer funds held in segregated funds. KPMG, the special administrator, has recovered £594m or 82 per cent of the cash, which is supposed to be held at arm’s length, City A.M. has been told. This figure is likely [...]
Wells Fargo beats targets January 17, 2012 WELLS Fargo yesterday beat Wall Street estimates with a 20 per cent increase in fourth-quarter profit, boosted by continued loan growth and improving credit quality. America’s fourth biggest bank said net income in the fourth quarter was $3.89bn, compared with $3.23bn a year earlier. For all of 2011, Wells posted net income applicable to common [...]
DEBUNKING THE ECB DEPOSIT MYTH January 17, 2012 Q. WHAT’S THIS ABOUT ECB DEPOSITS BEING AT ANOTHER RECORD HIGH? A. Everyday we are treated to a new run of stories about a record amount of cash being “hoarded” in vaults at the European Central Bank (ECB). They are based on daily statistics put out by the Bank on the amount in its “deposit [...]
£10m Cisse joins Senegal colleague Ba at Newcastle January 17, 2012 NEWCASTLE last night completed the £10m signing of Senegal striker Papiss Cisse, in a move that will reunite him with international colleague Demba Ba. The 26-year-old, who has scored 39 in 65 games since joining German outfit Freiburg two years ago, arrived on Tyneside last night to sign a contract thought to be for five [...]
Spot-fixing still going undetected, fears Fraser January 17, 2012 EXCLUSIVE: Former England bowler believes landmark Westfield case was no one-off and other domestic players may have been targeted FORMER England bowler Angus Fraser believes spot-fixing has infested the domestic game beyond the case which has left former Essex bowler Mervyn Westfield facing prison. Westfield – the first English cricketer to be convicted of spot-fixing [...]
Prior sidesteps row over Ajmal action after England collapse January 17, 2012 ENGLAND wicketkeeper Matt Prior refused to become embroiled in a debate concerning the legitimacy of Saeed Ajmal’s action after the Pakistan spinner’s seven-wicket haul ensured the tourists face an uphill struggle to save the first Test following the first day’s play in Dubai. Familiar failings against spin were exposed by the 34-year-old Ajmal, who recorded [...]
Lendl reassures Murray after Brit’s stuttering start to slam January 17, 2012 BRITAIN’S Andy Murray insists new coach Ivan Lendl was “very happy” with his start to the Australian Open, despite having to fight back from a set down before overcoming American teenager Ryan Harrison. Murray admitted struggling with the Melbourne heat and needed more that three hours to see off world No77 Harrison 4-6, 6-3, 6-4, [...]
Home favourite Stosur suffers shock early exit January 17, 2012 US OPEN champion and home favourite Sam Stosur admitted her extreme disappointment after becoming the highest-profile first-round casualty of the Australian Open. Stosur, the sixth seed, was beaten in straight sets by Romanian world No59 Sorana Cirstea, 7-6 (7-2), 6-3, in the biggest shock this year in Melbourne. “I am extremely disappointed,” said the 27-year-old [...]
