UBS expects slim profit after rogue trader scandal October 4, 2011 Swiss bank UBS it expects to report a modest net profit for the third quarter after a $2.3bn rogue trading scandal. It also said it expected net new money in its wealth management business to be broadly similar to the second quarter. “UBS expects to report a modest net profit attributable to shareholders for the [...]
DP World to invest another $1bn in London Gateway October 4, 2011 Ports operator DP World will invest another $1bn (£647m) in the London Gateway project over the next three years, it said on Tuesday, adding the new port centre will be operational by the fourth quarter of 2013. The world’s largest port operator said the under-construction port will have an initial capacity of 1.6 million twenty-foot [...]
Osborne to inject billions into firms October 3, 2011 GEORGE Osborne, the chancellor, yesterday unveiled plans to inject tens of billions of pounds worth of government cash into small firms, as he sought to silence critics who say he is not doing enough to promote economic growth. The so-called “credit easing” scheme will see the government finance companies by buying their debt in the [...]
Chelsea in stadium move plot October 3, 2011 CHELSEA Football Club last night gave the clearest indication yet that it intends to leave Stamford Bridge, in a move that could trigger two huge west London property deals. The club has made a formal proposal to buy back from supporters the freehold on which its home of more than a century sits. Owning the [...]
Global stocks fall on Greece October 3, 2011 SHARES in US and European banks were pummelled yesterday after Greece’s admission that it may miss deficit targets set out under its bailout plan increased fears of another global recession. The STOXX Europe 600 Banking Index fell 2.8 per cent, with French banks BNP Paribas and Société Générale among the worst hit. FTSEurofirst 300 index [...]
Tory plan could fuel sub-prime debt October 3, 2011 FORTUNATELY, nobody really expected a flurry of pro-growth reforms in George Osborne’s keynote speech yesterday, which means that few will have been disappointed by the notable lack of new supply-side policies. The doubling of the qualification period for unfair dismissal claims had been widely trailed. There was a softening of the war against carbon, which [...]
American Airlines falters October 3, 2011 SHARES of American Airlines parent AMR Corp plunged as much as 41 per cent yesterday on growing fears the third-largest US airline is headed for bankruptcy, although the carrier said Chapter 11 is “not our goal”. The stock’s decline to its lowest price since 2003 outpaced the share losses of rivals, who also suffered on [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 3, 2011 FINANCIAL TIMES M&S ASKS SUPPLIERS TO AID STORE REVAMPS Marks and Spencer has asked its top clothing suppliers for a multimillion-pound contribution to its store revamp plans and a step-up in advertising. At a gathering on Friday of M&S’s top 60 clothing and homewares suppliers, Marc Bolland, chief executive, asked them for a one-off contribution [...]
Carlyle in $3.9bn joint buyout October 3, 2011 Carlyle Group and Hellman & Friedman have agreed to buy contract research company Pharmaceutical Product Development for $3.9bn (£2.5bn) in cash, in one of the largest leveraged buyouts of the year. The purchase, announced yesterday, is a rare win for private equity firms at a time when the European debt crisis and worries about the [...]
RBS property sale may fail October 3, 2011 A £1.4bn deal between Royal Bank of Scotland and Blackstone to rid the bank of some of its troubled property loans may fail, robbing the industry of a template for similar transactions, three sources said. The deal required debt funding from third parties of about 60 per cent and was part of a move by [...]
