Societe Generale profit triples August 4, 2010 PROFITS at French bank Societe Generale have more than tripled after an impressive performance in its retail banking division. The group said net profit for the three months to June came in at 1.08bn euros (£900m) compared with a profit of 309m euros a year ago. But the bank warned that economic recovery was still [...]
BP “static kill” hailed a success August 4, 2010 BP has said the “static kill” of its ruptured Gulf of Mexico oil well has worked – a major step forward in sealing the leak permanently. The sealing has involved pumping in specially fromulated mud, forcing oil back down into the well. BP said the well is being monitored, and further pumping of mud could [...]
Santander buys 318 RBS branches August 4, 2010 SPAIN’S Santander has bought more than 300 UK branches from Royal Bank of Scotland for about £1.65bn. Santander, the euro-zone’s biggest bank, said the valuation of the deal could be adjusted when it completes, which is expected to happen in December 2011. The price will be a £350m premium to net asset value, which was [...]
Standard Chartered turns record profit August 4, 2010 STANDARD Chartered beat expectations with record half-year profits of $3.12bn (£1.96bn) as bad debts more than halved and its key Asian markets fared better than those in the west. Standard Chartered said its pre-tax profit for the first six months of the year was up ten per cent from last year, and came in just [...]
Lloyds reports £1.6bn profit August 4, 2010 LLOYDS Banking Group has reported a return to profit for the first half of the year – fuelled by a fall in the amount set aside to cover bad loans. Pre-tax profit for the six months to the end of June came in at £1.6bn, compared with a £4bn loss in the same period a [...]
Citigroup puts Egg up for sale August 3, 2010 CITIGROUP is gearing up to sell British internet banking firm Egg, kicking off a bumper period for asset sales as banking giants across the world move to slim down. Citi Holdings, home to the bank’s non-core operations, is believed to have plans in place for an auction to sell Egg in the next month for [...]
RIM unveils Blackberry iPhone rival August 3, 2010 RESEARCH in Motion (RIM) yesterday unveiled its hotly anticipated “iPhone killer” phone, the BlackBerry Torch. The phone is the firm’s first sliding keyboard model, and also features a track-pad and touch-screen. The firm hailed the device as the “best BlackBerry ever”, calling the release one of the most important in its history. As well as [...]
BofA spins off equity branch August 3, 2010 BANK of America has spun off part of its mid-market private equity arm, the first US bank to do so since the financial reform bill was passed in the States last month. The bank is understood to be the only investor in Ridgemont Equity Partners to date, in a move which is almost certainly directly [...]
Why unemployment remains so high August 3, 2010 UNEMPLOYMENT in the UK is far higher than most commentators realise. The figures used by economists and the media only include people who are looking for work, thus missing out several million benefit claimants who are on the dole in all but name. The latest official statistics (from last November) reveal that there are 5.87m [...]
Russia calms wheat price August 3, 2010 WHEAT prices have fallen back from a 22-month high after Russia stated that its exports would remain stable despite the drought that has ravaged the country’s crops. Russia’s agriculture ministry said the country’s grain crop will drop this year but insisted large stocks will prevent a shortage. High temperatures and a long period of drought [...]
