Samsung denies RIM interest January 17, 2012 Samsung said last night it was not interested in taking over Research In Motion, after shares of the BlackBerry maker jumped more than 10 per cent following a report that it was seeking to sell itself to the South Korean firm.
Financial levy will harm FX, report warns January 17, 2012 THE COST of trading foreign exchange will soar by up to 18 times if an EU Tobin tax becomes law, according to a damning new report from a leading financial services sector group. The Global Financial Markets Association (GFMA) said the proposed European financial transaction tax (FTT) would make all FX trades up to seven [...]
The gloves are off: King trades blows with MPs January 17, 2012 MPS accused the Bank of England of lobbying the Treasury to avoid proper scrutiny during a frosty hearing yesterday. The Treasury Select Committee (TSC), led by Andrew Tyrie MP, said the Bank is proposing an oversight committee for itself with a overly limited remit. Bank governor Mervyn King said he found the view “extraordinary”. The [...]
IG Group sees profits jump on volatility January 17, 2012 SPREAD betting firm IG Group yesterday said profits jumped by almost a third in the first half, thanks to the demise of MF Global and volatile markets. The FTSE 250 firm, which posted pre-tax profits of £103.2m for the six months to 30 November, also said it had benefitted from growth overseas and investment in [...]
Consultation plan for Estuary airport January 17, 2012 DAVID Cameron is considering opening a formal consultation on building an airport in the Thames Estuary. A consultation, which could be announced in the coming weeks, would be the clearest sign yet that the Prime Minister is enthusiastic about the scheme. Downing Street insisted last night that no decisions have been taken on the airport, [...]
Whatever the expectations, lower them January 17, 2012 DISAPPOINTING is an understatement. Analysts had already cut down their expectations for Citigroup from a consensus of 76 cents in earnings per share to just 49 cents. Little wonder that the actual number – 38 cents – was a shocker. For those following the declining state of the investment banking industry, however, the overall narrative [...]
Abu Dhabi set to raise stake in UniCredit January 17, 2012 ABU Dhabi’s sovereign wealth fund Aabar yesterday threw its support behind beleaguered Italian bank UniCredit by pledging to raise its stake to 6.5 per cent. Aabar said it would increase its holding through its Luxembourg subsidiary as part of UniCredit’s ongoing €7.5bn (£6.2bn) rights issue. “We are intending to participate in the rights increase and [...]
Broker’s cash coming back January 17, 2012 THE ADMINISTRATORS of the British arm of collapsed US broker MF Global have recovered nearly £600m of customer funds held in segregated funds. KPMG, the special administrator, has recovered £594m or 82 per cent of the cash, which is supposed to be held at arm’s length, City A.M. has been told. This figure is likely [...]
Wells Fargo beats targets January 17, 2012 WELLS Fargo yesterday beat Wall Street estimates with a 20 per cent increase in fourth-quarter profit, boosted by continued loan growth and improving credit quality. America’s fourth biggest bank said net income in the fourth quarter was $3.89bn, compared with $3.23bn a year earlier. For all of 2011, Wells posted net income applicable to common [...]
DEBUNKING THE ECB DEPOSIT MYTH January 17, 2012 Q. WHAT’S THIS ABOUT ECB DEPOSITS BEING AT ANOTHER RECORD HIGH? A. Everyday we are treated to a new run of stories about a record amount of cash being “hoarded” in vaults at the European Central Bank (ECB). They are based on daily statistics put out by the Bank on the amount in its “deposit [...]
