FACEBOOK REELS AS RESULTS FLOP July 26, 2012 FACEBOOK’s woes deepened last night as after-hours trading sunk shares in chief executive Mark Zuckerberg’s company to an all-time low after the social network’s earnings stagnated in its first quarter as a public company. Shares fell 10 per cent to under $24 (£15.29) – 37 per cent down on its listing price – as income [...]
Cameron to top bosses: back UK Plc July 26, 2012 BUSINESS leaders from some of the largest companies in the world have begun arriving in London for a showcase event to boost investment into the UK, timed to coincide with the Olympic Games. The UK Trade and Investment department yesterday launched its so-called British Business Embassy, attracting figures such as Google’s Eric Schmidt, WPP boss [...]
Markets jump as ECB hints at more support for Spain July 26, 2012 EUROPEAN markets soared yesterday after European Central Bank boss Mario Draghi promised he would do “whatever it takes” to end the Eurozone crisis – a hint that more government bond purchases could be on the way to ease the pressure on struggling states like Spain. He told an audience at the Global Investment Conference that [...]
Even sceptics must now embrace the greatest show on earth July 26, 2012 IT’S TIME for a confession: I haven’t always been the Olympics’ greatest fan. I still dislike the Zil lanes, the disruption to business, the restrictions on free speech, the closure of parks and facilities, the immense cost to taxpayers. But it’s time to move on. Even I am now feeling really excited about the Games [...]
Nationwide and NatWest hit by more glitches July 26, 2012 NATIONWIDE building society yesterday admitted that it has charged a substantial number of customers twice for debit transactions made on Tuesday. Over 700,000 accounts – around a fifth of Nationwide customers – were affected by the mistake, which is thought to have occurred when an employee inadvertantly processed Tuesday’s debit card transactions for a second [...]
Amazon profit dragged down by expansion July 26, 2012 AMAZON, the online retailer, reported a sharp drop in profits last night as its massive investment programme took its toll on the company balance sheet. The firm reported quarterly profits of $7m (£4.5m) versus $191m a year ago, equating to earnings per share of just one cent compared to 41 cents a share a year [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 26, 2012 FINANCIAL TIMES Universal in talks to hive off Parlophone Universal Music is in talks to sell most of Parlophone, one of the crown jewels of EMI and home to Coldplay and Gorillaz, in an attempt to overcome the concerns of EU regulators reviewing its £1.2bn bid for the British recorded music group. BMG, the music [...]
PPI drags down Lloyds again in new £700m hit July 26, 2012 LLOYDS reported a first half loss yesterday as it set aside another £700m against PPI mis-selling claims, taking its total bill to date to £4.3bn. The majority taxpayer-owned bank said it made a management profit of £1.165bn in the six-month period, up six per cent on the year, but an overall loss of £439m thanks [...]
Spanish property writedowns batter Santander’s earnings July 26, 2012 SANTANDER’S profits halved in the first half of the year after it took writedowns on deteriorating Spanish real estate assets, the bank revealed yesterday. Profits fell to €100m (£78.3m) for the second quarter and €1.704bn for the half, down 51.3 per cent on the same period of 2011. Expenses rose 5.1 per cent on the [...]
Scandals cast a long shadow – but it will pass July 26, 2012 THE obloquy seems like it will never end at times. Take yesterday, with Lloyds announcing £700m more set aside for PPI mis-selling, and revealing that it has received subpoenas over Libor-rigging. Santander also acknowledged increased PPI claims. And yet the grinding aftermath of scandal can disguise good news as well. Santander’s share price rise over [...]
