Goldman cuts EU banks view July 27, 2011 TOP analysts at Goldman Sachs added to the gloom plaguing European banks yesterday by downgrading the sector to “neutral” from “overweight”. The bank cited creeping doubts over the Eurozone’s most recent rescue plan for Greece as well as rising funding costs as reasons for the move. And it added that markets are still anxious about the prospect [...]
Lending to euro nations slumps July 27, 2011 OVERSEAS lending to Eurozone countries fell in the first quarter of this year amid worries about the health of Greece and other peripheral countries, in contrast to a rebound in bank lending across the rest of the world. Lending to Eurozone countries dipped by $77bn (£47bn), or 0.4 per cent, in the January-March quarter, according [...]
Tesco law delayed as UK parliament takes holiday July 27, 2011 LEGISLATION to liberalise the UK’s legal market looks set to be delayed by several months, after parliament failed to agree key parts of the reforms ahead of its summer break. The Legal Services Act was due to come into force on 6 October, but the body set to license the new alternative business structures, the [...]
ConocoPhillips tops expectations July 27, 2011 ConocoPhillips, which has plans to spin off its refining business, reported a lower quarterly profit that topped Wall Street expectations as higher crude oil prices helped its exploration and production business. The third-largest US oil company reported a second-quarter profit of $3.4bn, or $2.41 per share, compared with $4.2bn or $2.77 per share a year [...]
Sportingbet mulls Turkish sale July 27, 2011 Sportingbet, the British online gaming firm, is considering the prospects for its Turkish language website business. Bookmaker Ladbrokes had previously made an offer for Sportingbet, but analysts suggested legal restrictions over the Turkish website could hold them back. The firm is reviewing strategic options in relation to the Turkish website and future prospects with Ladbrokes.
BANK’S MILES STICKS UP FOR CAPITAL RULES July 27, 2011 Higher capital requirements need not weaken the economic recovery, Bank of England rate-setter David Miles said last night. So long as requirements “are phased in gradually” they should stabilise the bank system without undue harm, he argued. Miles also warned of a double dip but said: “I do not believe this is the most likely [...]
Lancashire in deal to move tax HQ to UK July 27, 2011 LLOYD’S insurer Lancashire set a high bar for its peers yesterday as it reported a market-beating quarterly profit and said it would return its tax base to the UK from Bermuda. Lancashire, which insures property, oil rigs, aircraft and ships, said it made a $91m (£55.6m) second-quarter pre-tax profit, ahead of consensus expectations for $70m, [...]
ArcelorMittal says both demand and costs rising July 27, 2011 THE WORLD’S largest steelmaker ArcelorMittal forecast a seasonal dip in the third quarter yesterday, but said there would be no repeat of the pronounced slowdown seen towards the end of last year. ArcelorMittal reported a 21.5 per cent rise in quarterly profit, crediting higher commodity prices for much of the gain. The company, which makes [...]
Cox & Kings agrees to buy Holidaybreak July 27, 2011 TOUR operator Cox & Kings has agreed to buy the specialist travel group Holidaybreak in an all-cash deal worth £312m. The Indian-based company is offering 432.1p per share, a premium of 54.2 per cent to the average closing price for the three-months to 22 July. Cox & Kings, which offers luxury holidays, was founded more [...]
Who’s to blame for US debt crisis? July 27, 2011 This week, we’re asking our readers’ panel who is to blame for the US debt crisis. We also want to know what effect a US default would have on the world economy. To have your say on these questions, and others like them, apply to join the panel today at www.cityam.com/panel
