SocGen duo in insider probe August 6, 2009 FRANCE’s market watchdog began an insider trading probe against two Société Générale executives, including high-flying Jean-Pierre Mustier, who announced his resignation from the French bank yesterday. SocGen said it had been told by Mustier and non-executive director Robert Day that they had each been advised by the French financial regulator of insider trading proceedings against [...]
Caution the order of the Wall St day August 6, 2009 US stocks fell yesterday as investors turned cautious a day ahead of a crucial government report on July employment, and took profits after recent strong gains. The stock market’s second day of declines came on the heels of a four-day rally that pushed US indexes on Tuesday to close at their highest levels since last [...]
Schroders hit by profit fall but assets up August 6, 2009 FUND management giant Schroders yesterday reported a 73.2 per cent pre-tax profit fall in the first half of the year, although the firm also said investments had put £3.9bn into its funds in the period. The group said pre-tax profits after exceptional items were £36.3m, sharply lower than the £135.7m profits last year, due to [...]
Easyjet rides financial storm August 6, 2009 BUDGET airline easyJet, the orange-branded carrier founded by Sir Stelios Haji-Ioannou, yesterday said its aircraft were fuller and that it saw an increase in its airline traffic last month, as demand for bargain flights holds up despite the slump. The company flew 4.66m passengers in July, up from 4.47m in the same period last year. [...]
BANK SHOCKS WITH NEW 50bn BOOST August 6, 2009 THE Bank of England’s Monetary Policy Committee (MPC) shocked the markets yesterday with an unexpected increase of its quantitative easing programme to £175bn, equivalent to 12 per cent of GDP and above the maximum authorised by chancellor Alistair Darling in March. Sterling fell more than a cent against the dollar after it hit nine-month highs [...]
Ladbrokes chases William Hill in the exodus to Gibraltar as profits slump August 6, 2009 BETTING firm Ladbrokes yesterday confirmed it would be following the fleeing footsteps of William Hill by moving its online gambling arm to Gibraltar, which it says will save £7m a year. Chief executive Christopher Bell blamed “intense competitive pressures” for the move. UK based gambling firms must cough up 15 per cent of their earnings [...]
BARCLAYS TO SOOTHE STAFF August 6, 2009 BARCLAYS said yesterday that it would sweeten its pension arrangements to placate irate staff angered by the closure of the firm’s final salary pension scheme. Staff gathered outside the bank’s extraordinary general meeting to protest against the scrapping of the plan, which has a £3.5bn deficit. But chairman Marcus Agius said the bank was considering [...]
Lloyds may opt out of costly APS August 6, 2009 LLOYDS Banking Group is considering pulling out of the government’s asset protection scheme (APS) and opting for an independent capital raising instead, City A.M. understands. A Lloyds board member said the company had not “ruled anything in, or ruled anything out”. Shares in the bank yesterday rose 12.3 per cent to 104.7p on the back [...]
Ray of hope for Unilever as profits hit August 6, 2009 CONSUMER goods giant Unilever yesterday provided a ray of hope that consumer confidence may be creeping back as it returned to growth in the second quarter of this year. The group behind brands ranging from Ben & Jerry’s ice cream to Hellman’s Mayonnaise and Dove soap said sales volumes fell in most regions around the [...]
New loss for Commerzbank August 6, 2009 GERMANY’S Commerzbank has suffered a net loss of €746m (£636m) in the second quarter of the year as it battles through the financial crisis. The bank narrowed its first quarter loss of €861m, as revenues rose by 31 per cent to €3.1bn, compared to €2.3bn in the first quarter. Provisions against risky loans were up [...]
