ONS: UK output fell even faster than expected March 28, 2012 ECONOMIC output fell more quickly towards the end of last year than first thought, official estimates showed yesterday. GDP contracted by 0.3 per cent in the final quarter of last year, the Office for National Statistics (ONS) said, not the 0.2 per cent previously reported. The decline represents a sharp turnaround from the 0.6 per [...]
FPC aims to cut high risk mortgage loans March 28, 2012 BANK of England officials want the power to control mortgage lending levels by forcing banks to hold more capital against risky high loan-to-value (LTV) borrowing – but does not want an explicit cap on LTV levels because it fears a public backlash. Raising the capital banks must hold against high LTV mortgages may be “desirable” [...]
Goldman gives some leeway in board fight March 28, 2012 GOLDMAN Sachs has made some concessions to unions over its board structure, but has stopped short of splitting Lloyd Blankfein’s chairman and chief executive roles for now. Top execs at the American bank have talked about dividing up Blankfein’s responsibilities in response to corporate governance concerns, but yesterday only went as far as introducing a [...]
The UK’s oldest tour operator is still stuck in the past March 28, 2012 DISASTER has been averted. Just a few months ago, many thought that Thomas Cook was not long for this world. After yesterday’s update, it is clear the firm will live to fight another day. The imminent sale of its Indian business, which is expected to net £130m, along with a stabilisation in trading, means its debt repayments [...]
Logistics firms fined €169m in Europe for cartel activities March 28, 2012 THIRTEEN logistics firms, including UPS, Panalpina and Expeditors , were fined a total of €169m (£141.6m) by the European Commission yesterday for cartel activities. The European Commission said the companies fixed prices in the air freight forwarding business in four cartels between 2002 and 2007, identifying themselves in their secret talks with code names such [...]
Bank of America’s Moynihan total pay for 2011 hits $8.1m March 28, 2012 BANK of America chief executive officer Brian Moynihan made $8.1m (£5.1m) in total compensation last year, more than four times the $1.9m he received in 2010, according to a filing with the US Securities and Exchange Commission yesterday. The news came as it emerged that Moynihan was compiling an international advisory board in a bid [...]
Icap’s relief as clients taste for trades returns March 28, 2012 BROKER Icap said clients have rediscovered their appetite for risk amid the spring rally in equity markets. The world’s largest interdealer broker, run by Conservative donor and Downing Street guest Michael Spencer, said profit for the year ending 31 March would be at the upper end of analysts’ expectations of £336m to £358m. The figures [...]
Ex-Cattles directors fined £600k by FSA for misleading investors March 28, 2012 TWO former directors at doorstep lender Cattles have been banned and fined for misleading investors, the Financial Services Authority said yesterday. Cattles, which was FTSE 250-listed until its shares were suspended in 2009, breached a number of the FSA’s market abuse, listing and disclosure rules and execs at the loan company “failed to act with [...]
ANALYST VIEWS WHAT DO YOU MAKE OF ICAP’S LATEST UPDATE? March 28, 2012 JAMES HAMILTON NUMIS SECURITIES LIMITED Voice broking looks like it has been stronger than the weak electronic volumes seen in recent months. Profits will be flat this year with the benefit of £20m of savings, largely from lower bonuses, which may not be sustainable. SARAH ING SINGER CAPITAL MARKETS In terms of outlook, Icap has [...]
Thomas Cook sees summer sales pick-up March 28, 2012 THOMAS COOK said yesterday that its recently launched advertising campaign and improvements to its websites helped improve bookings in recent weeks as the debt-laden operator attempts to turn its business around. The world’s oldest travel firm, which was rescued by its banks after a cash crisis late last year, reported a 19 per cent year-on-year [...]
