UBS investment bank suffers in Facebook flop July 31, 2012 EARNINGS at UBS dropped sharply in the second quarter, the Swiss institution’s results showed yesterday, with large losses from Facebook’s public launch hitting the investment banking arm hard. Net profit came in at SFr425m (£277.8m), down 58.1 per cent from SFr1.015bn in the same period of 2011, with profits in the year to date down [...]
Barclays office raided as Libor investigation spreads to Italy July 31, 2012 ITALIAN prosecutors yesterday raided a Barclays office in Milan as part of a probe into possible Euribor manipulation – the euro equivalent of Libor. Police seized documents, computer material and emails, acting on a court order granted in the southern city of Trani. The probe follows an extensive investigation into the key interbank rates by [...]
BBVA earnings dip as it starts to write off bad housing loans July 31, 2012 SPANISH bank BBVA surprised analysts by reporting a 35 per cent fall in net profits in the first half of the year – a lower drop than analysts had expected. Although the bank is one of the three believed to be strong enough to survive without Spanish government help, it still had to write off [...]
BP woes mount as profit hit and spill costs rise July 31, 2012 OIL giant BP’s earnings were thumped yesterday as it set aside an extra $847m (£540m) to pay costs and litigation fees over the 2010 Gulf of Mexico oil spill. The multinational reported underlying adjusted profits had dropped from $5.71bn a year ago to $3.68bn for this quarter, as it continued to struggle with safety concerns [...]
Job cuts a sign of things to come July 31, 2012 YESTERDAY’S job cuts at Deutsche Bank may have come as a shock, but – unfortunately for the bank’s new co-chief executives – they were inevitable. Compared to its peers Deutsche’s core Tier 1 ratio is weak, and though management promised yesterday that improving ratios was a key focus, it is still targeting just eight per [...]
ANALYST VIEWS | WERE BP’S QUARTERLY RESULTS IN LINE WITH EXPECTATIONS? July 31, 2012 ROB MUNDY LIBERUM CAPITAL The underlying results are worse than expected driven by lower oil and gas prices, extensive maintenance in the Gulf of Mexico, lower than expected income from TNK-BP and a higher level of depreciation. Overall, our view is little changed. Shell looks more attractive in almost all respects. JONATHAN JACKSON KILLIK & [...]
REGENT STREET SUFFERS IN STRATFORD BOOM July 31, 2012 Some retailers have been left pondering the whereabouts of the city’s Olympics tourists, as the normally bustling West End fell quiet yesterday. Londoners were told ahead of the Games to avoid the city centre.
Tullett Prebon profits slide on investor fears July 31, 2012 TULLETT Prebon reported a seven per cent slump in profits yesterday as it warned investors that trading activity would remain subdued for the rest of the year. The inter-dealer broker, led by City veteran Terry Smith, saw underlying operating profit slip to £73.7m from £79.4m in 2011. It led to a fall in basic earnings [...]
Winterflood analysts sceptical of Bolton’s Chinese adventure July 31, 2012 ANALYSTS at market maker Winterflood Securities yesterday warned fund veteran Anthony Bolton that his faltering China fund was too highly geared for retail investors. Researchers at the firm’s investment trust arm said the fund’s 20 per cent gearing and its level of stock analysis raised questions about its “suitability” for its retail investor base. Analyst [...]
Transfers to EU jump by £1bn July 31, 2012 BRITAIN’S contribution to Brussels appears to have risen by nearly £1bn last year, according to Office for National Statistics (ONS) data released yesterday. The ONS’s balance of payments records, known as the Pink Book, showed debits to EU bodies rose to £19.18bn from £18.23bn. The data can include private sector transfers, but the ONS said [...]
