Hester: we cannot create demand for SME lending March 15, 2012 RBS chief Stephen Hester hit back at critics of the state-owned lender yesterday, saying that the bank is “open for business” but that small and medium-sized businesses (SMEs) simply don’t want to borrow. He said: “We want to lend more… But already today we lend way more than any other bank.” Despite RBS’s willingness, he [...]
Intesa books big writedowns March 15, 2012 INTESA Sanpaolo, Italy’s biggest retail bank, posted a €10.1bn (£8.4bn) quarterly loss after writing down goodwill to repair a balance sheet damaged by the Eurozone debt crisis. Intesa also said yesterday it was to revise targets because of market turmoil and expectations the Italian economy could shrink as much as 2.2 per cent this year.
Chinese bank in $9bn share sale March 15, 2012 CHINA’S fifth-largest lender, Bank of Communications, will raise $8.9bn (£5.7bn) to meet tighter capital requirements by placing shares with existing shareholders such as HSBC and the country’s finance ministry. Under the 56.6bn yuan private placement, new Shanghai-listed shares will be priced at 4.55 yuan and Hong Kong-listed shares at HK$5.63.
Home Retail grapples with falling profits March 15, 2012 HOME RETAIL Group forecast its fifth consecutive year of falling profits as weak consumer demand and competition from internet and supermarket rivals continued to impact sales. Chief executive Terry Duddy said the company was on track to meet analysts’ expectations for the full-year, with an average underlying profit of around £99m. This marks a sharp [...]
UK competition reforms get a mixed response March 15, 2012 LAWYERS yesterday welcomed the government’s proposals to reform the UK’s competition regime, but warned that new anti-cartel rules would make it easier to prosecute those involved in price fixing. Under plans launched by business minister Norman Lamb yesterday, a new UK competition authority will not be required to prove dishonesty in an individual involved in [...]
ANALYST VIEWS: WILL WE SEE SALES IMPROVE AT HOME RETAILL ? March 15, 2012 PHILIP DORGAN | PANMURE GORDON There is not much to see here. The period has been short and is low volume. The figures are poor, but not unexpected. Argos may benefit from the demise of Game, but there are plenty of other retailers competing for the same business. DAVID JEARY | INVESTEC The news is [...]
Olympics and US elections good for Aegis March 15, 2012 AEGIS said this year’s London Olympic Games and US presidential election will further boost the marketing and advertising company after a year which saw profits rise by 32 per cent. This year’s public events, including the Euro football championship, will grow global ad spend by six per cent according to Aegis subsidiary Carat. While the UK [...]
Trinity Mirror seeks new revenues as profits fall March 15, 2012 TRINITY Mirror boss Sly Bailey has had her pay frozen this year after shareholders raised concerns with the company which saw its pre-tax profits drop 40 per cent to £74.4m last year. Revenues fell two per cent to £746.6m, with operating profit down 33 per cent to £92.4m “reflecting the impact of input cost increases, [...]
Acquisitions boost Playtech March 15, 2012 Playtech, the world’s biggest provider of online gaming software, said 2012 had started well following a series of acquisitions that have bolstered its presence in a booming internet gambling industry. The Estonia-based company, which operates a joint venture with Britain’s biggest bookmaker William Hill, reported 46 per cent revenue growth to €207.5m (£173m), with adjusted [...]
TT set for uncertain year ahead March 15, 2012 TT Electronics’ pre-tax profit rose by more than a quarter in 2011 to £31.8m on strong sales in the premium car market, but the company said it expected the wider economic uncertainty to hurt demand at its key electronics components unit – which accounts for 41 per cent of the group’s revenue – in the [...]
