NEWS | IN BRIEF January 20, 2010 Thai property scrap escalates A fight to control Thailand property assets co-owned by Lehman Brothers has spiralled, with HSBC and Aberdeen Asset Management joining the fray. Thai police have issued warrants against the pair in relation to their roles administering collateral or assets on behalf of Lehman. The move will further hamper the complex task [...]
Comet festive sales are a worry for owner Kesa January 20, 2010 COMET dragged down sales at parent company Kesa as the electrical store failed to beat off its rivals over Christmas. Like-for-like sales dropped by 3.9 per cent at Comet between 1 November and 8 January, the company revealed yesterday. However, Kesa’s overall sales fall was limited to 0.3 per cent after growth in its international [...]
William Hill buoyed by earnings upgrade thanks to revenue surge January 20, 2010 High Street bookmaker William Hill looked attractive to punters yesterday, as shares closed up more than three per cent following a bullish trading statement. Earnings for the year are expected to be at the top end of predictions, with gross earnings of around £250m due to a four per cent increase in revenue. The company [...]
Dark clouds clearing at Bank of America January 20, 2010 BANK of America said fourth quarter losses narrowed to $194m (£120m) yesterday as haemorrhages from its consumer credit portfolios slowed. A one-off hit for exiting the US government’s Tarp scheme brought the net fourth quarter loss to $5.2bn, however, or 60 cents per share. The impact of the $4bn charge produced a net full-year deficit [...]
State Street sees profit jump after slashing portfolio risk January 20, 2010 STATE Street looked like one of the winners of the US bank reporting season yesterday after its profits almost doubled over the fourth quarter of the year. State Street, one of the world’s biggest institutional investors, saw net income rise to $498m (£305.6m), or $1 per share, over the quarter, from $256m a year ago. [...]
Northern Trust: Shares up despite profits diving January 20, 2010 NORTHERN Trust yesterday reported a 41 per cent decline in fourth-quarter profit as low interest rates pummeled the bank’s net interest income, but the results were better than analysts had expected. Shares of the Chicago-based bank, which offers private banking, investment management and custody services, closed 5.7 per cent up at $55.44. Net income fell [...]
US Bancorp: Results go skywards in last quarter January 20, 2010 US Bancorp, one of a handful of US regional banks that has expanded during the financial crisis, said yesterday that fourth quarter profit nearly doubled, helped by a rise in fee income. The bank reported profit of $602m (£370m), or 30 cents per share, up from $330m, or 15 cents per share, a year earlier. [...]
Morgan Stanley hit by Tarp repayments January 20, 2010 MORGAN Stanley yesterday posted net losses for the year of $907m (£557m). Income from ongoing operations at the bank reached $1.15bn – up from a $246m loss in 2008 – but Tarp repayments and preferred share dividends to Mitsubishi pushed them back into the red. Total losses applicable to Morgan Stanley shareholders were $907m, with [...]
Wells Fargo: Unexpected earnings leap takes Wall Street by surprise January 20, 2010 WELLS Fargo surprised Wall Street yesterday when it reported a profit for the fourth quarter. The San Francisco-based bank said it earned $394m (£242m) after paying preferred dividends, or eight cents per share, compared with analysts’ expectations for a loss of one cent per share. Earnings were reduced by 47 cents per share due to [...]
Bank of New York Mellon: Q4 rise due to asset management January 20, 2010 BANK of New York Mellon reported a sharp rise in fourth quarter earnings yesterday on the back of rising assets under management. BNY Mellon, one of the world’s largest custody banks, said earnings soared from $50m (£31m) to $712m year-on-year. Assets under custody and administration were up 10 per cent to $22.3 trillion at the [...]
