UK banks hit by over-regulation, says HSBC boss January 20, 2010 BRITAIN has penalised its banking sector by attempting to tighten regulations too quickly after the financial crisis, the head of Europe’s biggest bank said yesterday. HSBC chief executive Michael Geoghegan said he accepts that the industry needs new regulation but criticised the world’s failure to coordinate measures to try to prevent a repeat of the [...]
Starbucks coffee in the black January 20, 2010 STARBUCKS posted profits of $241.5m (£148m), or 32 cents per share, during the last three months of last year. The income was four times higher than the world’s largest coffee chain’s results for the same period a year earlier. Analysts had expected earnings of 28 cents per share. Quarterly sales rose to $2.7bn, a four [...]
JD Wetherspoon’s sales take a tumble due to cold weather January 20, 2010 PUBS group JD Wetherspoon yesterday reported a decline in second-quarter like-for-like sales as a prolonged outbreak of snow across Britain kept drinkers at home. The company, which has 744 pubs, said sales at pubs open for more than a year fell by 0.3 per cent in the 12 weeks to 17 January, with the last [...]
BA crew deny Easter strike January 20, 2010 British Airways cabin crew yesterday ruled out striking over Easter if a union ballot on industrial action sanctions a walkout, as expected. The Unite union is locked in a dispute with the airline’s management over crew levels and working conditions. It said it was “never the intention of Unite and its BA cabin crew membership [...]
IMF head says Greek woes will not hit eurozone January 20, 2010 INTERNATIONAL Monetary Fund (IMF) managing director Dominique Strauss-Kahn said yesterday the eurozone would get through the turmoil caused by Greece’s escalating debt crisis without breaking up. He told Bloomberg in Hong Kong the Greek deficit was a “serious problem”, and added: “But I don’t think that would lead to the fragmentation of the eurozone.” Despite [...]
DUBAI TO ALL THAT January 20, 2010 State-owned investment company Dubai World has replaced the chief executive of its Istithmar World with the unit’s chief investment officer, as it focuses on managing its investments rather than new acquisitions. David Jackson (pictured), who led Istithmar’s aggressive overseas expansion strategy, has been replaced by Andy Watson.
CITY VIEWS: WHAT DO YOU THINK THE OUTLOOK IS FOR THE CITY JOBS MARKET? January 20, 2010 STEVE WOODS | TELEREAL TRILLIUM “It depends on what sector you’re in. I’m in IT but being made redundant next week, and for me personally there’s not much out there at the moment. It’s definitely a hirer’s market, and a crowded one at that.” BENNY ZACHARIAH | WEST LB “There are definitely head hunters in [...]
Soco raises £102m to fund drilling in Congo and Vietnam January 20, 2010 OIL explorer Soco International raised £102m in a share sale yesterday, to allow it to repay holders of a convertible bond due in May, while advancing a busy drilling programme. The shares were placed at a two per cent discount to the market price at 1,410p and, according to those close to the placing, they [...]
PayPal boosts profit at eBay January 20, 2010 EBAY outperformed expectations in its final quarter, with net profits soaring to $1.4bn, or $1.02 a share. More than $20bn (£12.3bn) was processed in the quarter – the first time the mark has been surpassed. The auction site smashed the previous year profits of $367m, or 29 cents per share. On an adjusted basis, profit [...]
JESSOPS IN JEOPARDY January 20, 2010 CAMERA retailer Jessops had its shares suspended yesterday, as shareholders prepared to vote on winding up the firm today as part of a restructuring. Jessops’ 213 shops, which were sold to private firm Snap Equity in September, will continue to trade, but its old parent, Jessops plc, is now set to be wound up. If [...]
