Profits slide at News Corp May 4, 2011 RUPERT Murdoch’s News Corp revealed a 24 per cent fall in profits last night, weighed down by weakness at its film and publishing units. The media conglomerate saw third-quarter operating income drop to $1bn (£605m), down from $1.25bn a year earlier. A legal charge for $125m hit its publishing division, while faltering advertising revenues at [...]
KKR’s earnings boosted as assets hit $61bn May 4, 2011 PRIVATE equity behemoth KKR has revealed higher-than-expected earnings for the first three months of this year, pushing the value of its private equity investments sky high. KKR said yesterday its economic net income was up to $742.5m (£449m) for the first-quarter. Total assets under management for the firm hit $61bn, up from $54.7bn a year [...]
Recruitment slows down at StanChart May 4, 2011 STANDARD Chartered’s headcount fell by 800 during the first-quarter of this year as the bank slowed hiring to control costs, the firm revealed in a trading update yesterday. However, overall expenses rose and headcount increased in its wholesale division. “We are maintaining a firm grip on expenses,” the bank said, adding that the increase is [...]
BNP’s strong first quarter profit sets pace for rivals May 4, 2011 BNP Paribas, France’s biggest listed bank, beat first-quarter forecasts yesterday, driven by strong retail growth and resilient investment banking that bolstered investor confidence and set a high bar for rivals. BNP’s quarterly net income rose 14.6 per cent to €2.62bn (£2.36bn), compared with a a consensus forecast for €2.25bn. Revenue grew 1.3 per cent to [...]
Sir David Walker to assist in RBS probe May 4, 2011 BRITAIN’S financial watchdog has called on Sir David Walker to intervene in a row between the regulator and the Royal Bank of Scotland (RBS) over the publication of the long-awaited report into the lender’s collapse. The City grandee, who led a government inquiry into bank pay in 2009, will help to steer the Financial Services [...]
Silver takes biggest tumble in five years as investors exit long holds May 4, 2011 SILVER prices tumbled to their biggest three-day losses in five years yesterday, with a five per cent slide on the day also dragging down the price of gold. Silver has now lost 20 per cent, the conventional criteria for a bear market, since it rallied to a record high near $50 (£30.31) an ounce last [...]
CANDY BROTHERS TUNE IN TO FOLLOW THEIR REAL-LIFE GOSSIP GIRL May 4, 2011 PROPERTY developer Nick Candy famously revealed his guilty pleasures as “fine wine, good Italian pasta, massages and Starbucks coffee”. But from next Monday, no doubt the One Hyde Park developer will be adding new reality show Made in Chelsea – the West London answer to hit show The Only Way is Essex – to his [...]
Henderson assets dip in first quarter May 4, 2011 BRITISH fund manager Henderson Group has reported a slight dip in assets under management in the first-quarter, but said the integration of rival Gartmore, which it took over last month, is ahead of schedule. In its first trading statement since confirming the takeover, Henderson said Gartmore staff have moved to its offices and now operate [...]
Legal & General misses forecasts as annuities slide May 4, 2011 BRITISH insurer Legal & General narrowly missed sales forecasts for the first-quarter yesterday, held back by a weak annuities market, and said it was on course to beat its 2011 cash generation target. L&G had total sales of £433m in the first-quarter, an increase of 12 per cent on the same period last year, Britain’s [...]
Numis eyes rosy future as first half profits slide May 4, 2011 STOCKBROKER Numis revealed a slide in profits over the six months to 31 March, but said it remained bullish for the year ahead. Pre-tax profits fell to £4.1m from £9.4m a year earlier. Revenues fell to £26.5m from £31.3m. However, profits and revenues were up on the figures Numis posted for the second-half of last [...]
