Diamond is fighting the pay row with rearguard political action April 26, 2012 DO not be afraid. Stand firm and you will see the deliverance,” Investec analyst Ian Gordon wrote to investors before Barclays chief Bob Diamond unveiled a strong rise in profits yesterday. Thus far, this year, Diamond is on course to deliver. Or, in Bob’s more prosaic American language: “Execute, execute, execute.” Having set ambitious returns [...]
Loan provisions hammer profit for Santander April 26, 2012 SANTANDER has blamed Spain’s new property loan rules for a 24 per cent slump in profit for the first quarter of the year. Spain’s biggest bank posted a net profit of €1.6bn, after setting aside €3.13bn to cover non-performing loans, most of which was required under the Spanish government’s plan to get a handle on [...]
Admiral sales motor ahead but share price is stuck in reverse April 26, 2012 SHARES in motor insurer Admiral fell yesterday despite it posting a nine per cent increase in sales. The Cardiff firm, which owns price comparison website Confused, said first quarter group turnover hit £586m but said there had been “no change in claims trends” compared with the final quarter of 2011, when payouts to customers fell [...]
Deutsche Bank falls short on weak markets April 26, 2012 DEUTSCHE Bank missed profit forecasts in the first quarter as Germany’s biggest bank was hit by one-off charges and weak markets that hurt earnings from trading and asset management. The group yesterday reported pre-tax profit of €1.9bn (£1.55bn), below the €3bn seen last year and short of analyst forecasts, weighed by litigation charges and an [...]
JLT upbeat on start to 2012 April 26, 2012 BROKER Jardine Lloyd Thompson (JLT) said yesterday that trading for the first quarter of 2012 had been in line with expectations, and that it was looking to make positive financial progress over the rest of the year. The company said insurance markets had continued to be competitive across sectors, despite some flattening out of rates, [...]
Old Mutual merges fund firms Omam and Skandia Investment April 26, 2012 SAVINGS and investment trust Old Mutual revealed plans yesterday to merge its asset management businesses, bringing UK operation Old Mutual Asset Managers UK (Omam) and Skandia Investment Group (SIG) under the same brand. The plan is designed to up Old Mutual’s asset management presence in the UK, giving it the opportunity to expand the range [...]
Zynga beats forecasts despite loss April 26, 2012 ■ Online games company Zynga last night posted first-quarter revenue of $321m, beating Wall Street expectations on the back of strong performances from new titles, including “Hidden Chronicles” and “Slingo,” as well as the acquisition of social gaming startup OMGPOP. On an adjusted basis, excluding $133.9m of stock-based expenses, Zynga reported a quarterly profit of [...]
MPC’s Weale keen on more QE April 26, 2012 ■ Weak GDP figures this week strengthen the case for more quantitative easing by the Bank of England, Monetary Policy Committee member Martin Weale said in an interview yesterday. “I have found the figures something of a disappointment, worse than I expected,” Weale said in an interview with BBC Radio Newcastle. “I’m certainly feeling that [...]
M&S in clothes recycling drive April 26, 2012 ■ Marks & Spencer yesterday launched a new sustainability drive, asking its customers to start “shwopping”, by donating unwanted clothing every time they buy something new. Actress Joanna Lumley helped the retailer kick off the initiative yesterday at a Brick Lane warehouse decorated with 9,513 pieces of clothing – the amount that goes to landfill [...]
Electoral fraud probe ahead of London election April 26, 2012 POLICE were yesterday asked to investigate “serious abuses of the electoral register” in a London borough, raising fears of voter fraud ahead of next week’s mayoral election. The probe was sparked after six Labour councillors in Tower Hamlets wrote to the Electoral Commission, highlighting “gross voting malpractice” and the “unprecedented number of households that have [...]
