Mexico props up slump at Spain’s BBVA May 5, 2011 BBVA, Spain’s second-biggest bank, posted a 7.3 per cent drop in first-quarter net profit, with margins squeezed by high funding costs and a price war for deposits in its sluggish home market. BBVA’s Latin American units, especially Mexico, helped mitigate the slump in Spain. Net profit came in at €1.15bn (£1.02bn), marginally above forecasts. Net [...]
Yorkshire eyes role in return of Northern Rock May 5, 2011 YORKSHIRE Building Society, one of Britain’s biggest mutually owned financial companies, supports putting Northern Rock back into the hands of its customers and wants to work with government on the issue. “Re-mutualisation of Northern Rock provides a real opportunity to create a more vibrant and sustainable financial sector,” chief executive Iain Cornish said. Northern Rock [...]
HSBC plans to reveal earnings every quarter May 5, 2011 HSBC is planning to start reporting its earnings quarterly, and has released its first-quarter earnings for 2010 to aid comparison ahead of next Monday’s financials. Net profit at the bank for the three months to 31 December was $3.24bn (£1.97bn), rising 2.8 per cent from the third-quarter. Loan impairment charges were up 7.1 per cent [...]
Lisbon to get more lenient bailout rate May 5, 2011 PORTUGAL looked likely to get more generous terms on its €78bn (£69.2bn) bailout than either Ireland or Greece yesterday, as the IMF and EU unveiled a package that they warned would “involve sacrifice from the Portuguese people”. However, the accompanying fiscal squeeze, which aims to reduce Lisbon’s deficit from 9.1 per cent of GDP last [...]
UK now paying less than Germany for borrowing May 5, 2011 THE cost of Britain’s borrowing has sunk below that of Europe’s “safe haven”, Germany. Britain is now paying 68 basis points less for its two-year debt, 50 basis points less for five-year debt and 28 basis points less for ten-year notes. Most economists attribute the crossover to the hawkish stance of the European Central Bank [...]
KENNY ANGLES FOR BETTER TERMS May 5, 2011 IRISH Prime Minister Enda Kenny (pictured) yesterday said that he would press for lower interest rates for Dublin’s EU/IMF bailout but insisted that higher corporate taxes would not be part of any such deal. Kenny said an accord had already been reached in principle to lower the 5.8 per cent interest rate on the €85bn (£75.4bn) [...]
Vale posts a record $6bn profit May 5, 2011 Vale, the world’s biggest producer of iron ore, yesterday posted a record $6.83bn (£4.2bn) profit in the first-quarter, according to a regulatory filing. The company was expected to earn $5.75bn in the quarter, according to the average estimate of nine analysts. Revenue more than doubled and the company booked a one-off gain after the sale [...]
Kraft beats results forecasts May 5, 2011 Kraft Foods reported a better-than-expected first-quarter profit yesterday, helped by price increases and cost cuts, but it tempered its full-year outlook after losing the contract to sell Starbucks coffee in US grocery stores. The maker of Cadbury chocolate, Oreo cookies and Philadelphia cream cheese said net revenue rose 11 per cent to $12.6bn (£7.7bn), though [...]
Domino’s US restaurants prosper May 5, 2011 The US business of Domino’s Pizza posted a big quarterly profit yesterday, beating forecasts, as sales at restaurants open at least a year were stronger than expected and costs for commodities like cheese and meats rose less than feared. Net income for the three months to the end of March rose 10.6 per cent to [...]
SIR TOM HUNTER TAKES TOP SCOTTISH HONOUR May 5, 2011 A VERY unusual thing happened earlier this week, according to motor racing legend Jackie Stewart: “A Scotsman did quite well.” Stewart was referring to the emotional moment when the Wizard of Wishaw John Higgins lifted the Snooker World Championship trophy for the fourth time on Monday night after narrowly beating newcomer Judd Trump. But he [...]
