CITY VIEWS: DO YOU THINK NEW START-UP BANKS HAVE A CHANCE OF July 29, 2010 ANDREW FRANCIS | MUNICH RE “The new start-ups are not likely to take major market share, but they probably will see an increase in customers who will move for customer service reasons because the big banks are lacking in that area. I doubt people will move because the start-ups have better rates.” CAROLYN BEGG | [...]
Carmakers in slow lane as US sales drag July 29, 2010 A strong crop of results from carmakers Nissan, Hyundai and Volkswagen yesterday failed to dispel fears of slowing demand from major markets such as China and the US. A patchy recovery in the US is a big industry concern, in particular for Japanese carmakers, which rely heavily on that market for profits. And in Europe [...]
Collins Stewart’s profits climb July 29, 2010 FINANCIAL services group Collins Stewart continues to tread with caution in tricky market conditions, despite receiving a boost over the first half of the year from its wealth management and corporate finance divisions. Collins Stewart said yesterday that pre-tax profit for the six months to June rose 6.6 per cent to £6.5m, on revenues which [...]
Henderson loses appeal against Patrick Evershed July 29, 2010 PATRICK Evershed, the ex-New Star fund manager who is suing the firm’s founder John Duffield for unfair dismissal, yesterday triumphed in the Court of Appeal over his former employer, who had argued that the case should not fall under whistleblowing laws. Lord Justice Rimer upheld a previous court decision to grant Evershed the right to [...]
Profits surge at CME as chief executive rules out another wave of consolidation July 29, 2010 DERIVATIVES giant CME yesterday posted higher-than-expected quarterly profit as heightened volatility in debt and stock markets boosted trading in the exchange operator’s futures contracts. Chief executive Craig Donohue also said that a recent trading slump will not spur it into a buying spree. CME stands to benefit from sweeping US rule changes that will drive [...]
Repsol closer to listing its Brazilian upstream assets July 29, 2010 Spain’s Repsol is close to choosing to float part of its reserve-rich Brazilian upstream assets rather than sell a stake to finance development of the oilfields, a company executive said yesterday. The company, one of the largest outside investors in Latin America, could join forces with Brazil state-run oil group Petrobras – the operator of [...]
Tchenguiz brothers lose appeal July 29, 2010 PROTECTION previously afforded to thousands of people in divorce proceedings has been removed following a landmark Court of Appeal judgement. Until now a husband or wife who came across information showing their partner was hiding money could copy it, use it and put it before the courts. But the court reversed the principle, intended to [...]
Reuters profit drops 8pc as contracts cut July 29, 2010 Thomson Reuters saw its quarterly profit slide eight per cent despite arresting its free-falling revenue. Underlying operating profit fell 17 per cent to $655m (£419m) as the firm struggled to bounce back from the hammering it suffered in the wake of the financial meltdown. The firm was hit by a glut of cancelled contracts as [...]
Siemens swings back to black July 29, 2010 THE German economy breathed a sigh of relief after bellweather business Siemens stormed back in to the black with a 40 per cent hike in operating profit. The jump to €2.3bn (£1.92bn) beat even the most optimistic forecasts. In another positive sign, new orders also shot up, prompting the firm to increase its profit guidance [...]
Smartphone sales push Motorola above forecasts July 29, 2010 MOTOROLA posted stronger-than-expected quarterly results yesterday, boosting its shares despite frustration it did not raise its phone sales target. Investors had hoped the popularity of Motorola’s Droid X, its latest phone being championed by Verizon Wireless, would result in a new, higher forecast for 2010 smartphone sales. Instead, Motorola, which is counting on sales of [...]
