Shadow bank sector faces clampdown October 27, 2011 THE WORLD’S finance watchdog yesterday outlined plans to clamp down on the poorly-regulated $60 trillion (£37.5 trillion) “shadow banking” system, to reduce the risks it poses to mainstream banks worldwide. The Financial Stability Board, a global banking regulator, said it would add new regulation next year to make it harder and more expensive for banks [...]
John Lovering returns to fashion chain Peacocks October 27, 2011 RETAIL veteran John Lovering has returned to the board of the investment group that owns Peacocks, the struggling fashion chain he chaired for six years until 2003, City A.M can reveal. Last month the British high street retailer, which sells discount fashion lines, called in KPMG to conduct an independent business review as fears grow [...]
FSA wants new rules on pricey account extras October 27, 2011 THE FINANCIAL Services Authority has said it wants to clamp down on the way banks and building societies sell insurance on packaged accounts which can turn out to be “useless”. The regulator wants to prevent another mis-selling scandal by forcing lenders to check whether a customer is eligible to claim under each policy and then [...]
Shell gloomy on EU growth as profits rise October 27, 2011 ROYAL Dutch Shell is more worried about Europe’s competitiveness than the macroeconomic effects of the sovereign debt crisis, the oil giant said yesterday, warning that it is likely to keep reducing its support of projects the region. Chief financial officer Simon Henry said Shell’s investment in European projects had been cut to only 15 per [...]
ANALYST VIEWS: WERE SHELL’S RESULTS ON TRACK? October 27, 2011 RICHARD GRIFFITH | EVOLUTION SECURITIES Dare we say it but things appear to be going very smoothly for Shell. Key projects are ramping up on time, there appears to be no operation reliability issues and it is making play opening exploration discoveries. It is in a sweet spot and should continue to get stronger as [...]
Exxon profits soar on higher energy prices October 27, 2011 EXXON Mobil Corp’s profit soared 41 per cent in the third quarter, as gains in crude oil prices and higher refining margins boosted results. The world’s largest publicly traded oil company, reported a profit of $10.33bn (£6.4bn) up from $7.35bn a year earlier. Profit in the company’s exploration and production business rose 54 per cent [...]
CBRE revenue hits $1.5bn as property sells October 27, 2011 COMMERCIAL property agent CBRE yesterday posted a cheering 12 per cent rise in net profit for the past quarter as global property sales jumped 23 per cent. The results, released after US markets closed, showed that its revenues hit $1.5bn (£940m) in the third quarter, 21 per cent higher than in the same quarter in [...]
Time Warner Cable sinks as video customers wane October 27, 2011 TIME Warner Cable missed Wall Street forecasts yesterday, sending the cable company’s shares down as much as eight per cent, as it lost more video customers than expected and lost phone customers for the first time. The number two US cable operator said its third-quarter profit missed analysts’ expectations due to mounting programming costs and [...]
P&G remains in line as quarterly earnings decline October 27, 2011 PROCTER & Gamble posted a slight dip in quarterly profit that was in line with expectations yesterday, as the world’s largest household products maker raised prices and notched sales gains in each unit. The maker of Pampers nappies and Tide detergent earned $3.02bn (£1.87bn), or $1.03 per share, in the quarter ended on 30 September, [...]
Colgate profits in new markets October 27, 2011 COLGATE-PALMOLIVE has posted a higher quarterly profit, as the toothpaste maker benefited from expansion in emerging markets even as rising costs for raw materials eat its margins. The maker of Colgate toothpaste and Palmolive dish soap said it expected earnings per share to rise at a mid-single-digit percentage rate in 2011 and that its goal [...]
