CITY VIEWS: WOULD YOU BANK WITH TESCO? April 20, 2011 RAFE HEYDEL-MANKOO | MERCER “Yes – the ease of having the bank on site with the supermarkets makes it convenient. Also, because of its volume it has the ability to cut costs compared to other banks, which makes it attractive.” ALASTAIR GRAHAM | GARP “Yes, it has simple and straightforward products that are understood by [...]
E*Trade profit up on market unrest April 20, 2011 ONLINE broker E*Trade Financial swung to a profit and beat expectations in the first-quarter, it announced yesterday. Loan loss provisions fell 40 per cent from the previous quarter to $116m (£70.7m), suggesting the US firm is more confident about its mortgage loan performance and the economy. Daily trading, meanwhile, jumped 14 per cent from last [...]
High expenses take shine off earnings rise at AmEx April 20, 2011 FIRST-quarter profit at American Express rose 33 per cent from a year ago, beating expectations, the firm said yesterday. But its expenses soared 19 per cent to $5.2bn (£3.2bn), knocking shares in the credit card lender and processing network down 1.8 per cent. The company’s wealthy customers spent more on their credit cards than a [...]
Marriott falls short despite revenue boost April 20, 2011 HOTEL chain Marriott International reported a bigger quarterly profit as a more robust global economy boosted demand for lodging yesterday. The company, which operates the Marriott, Courtyard and Residence Inn brands, reported earnings of $101m (£61.6m), compared with profits of $83m last year. Revenue per average room rose 6.5 per cent during the quarter, the [...]
Nasdaq could spend a year on NYSE fight April 20, 2011 NASDAQ OMX chief executive Robert Greifeld said he was willing to fight for a year to gain his prize of a merger with the NYSE Euronext yesterday. Speaking at Nasdaq OMX’s first-quarter results, Greifeld said it and partner IntercontinentalExchange would pursue their bid, a rival to NYSE Euronext’s planned tie-up with Deutsche Boerse, to the [...]
The City still prefers high-rise April 20, 2011 PROPERTY developers and architects across the City yesterday refuted architect Ken Shuttleworth’s comments that the “age of bling” for skyscrapers is over. Shuttleworth, who designed the Gherkin building in 2004, created a stir by saying the 40-story tower would never get off the ground today. “Money now drives everything, so if you can build something [...]
Banks defend dark pools in row with bourses over trading share April 20, 2011 INVESTMENT banks yesterday launched a fresh defence of “dark pool” share trading, saying the practice is not nearly as widespread as suggested by Europe’s stock exchanges and should therefore pose few regulatory concerns. Only 16 per cent of trading takes place in European off-exchange trades, according to the Association for Financial Markets in Europe (AFME), [...]
Fresh lawsuit a year after BP Gulf spill April 20, 2011 THE ONE year anniversary of the Deepwater Horizon disaster was yesterday marked by a minute’s silence and a fresh round of legal action against oil major BP. BP’s 80,000 employees held a minute’s silence at 10am yesterday to commemorate the 11 workers who died in the blast last April, which spewed an estimated 5m barrels [...]
Wells Fargo hit as drop in its revenues disappoints April 20, 2011 WELLS Fargo, the fourth-largest US bank, posted a decline in revenue sending its shares down 4.9 per cent as a bank known for outsmarting rivals turned in an average performance. Net earnings rose 50.5 per cent, but gains were driven mainly by setting aside less money to cover bad loans. The bank’s loan book shrank [...]
Allied Irish Bank haircut protested April 20, 2011 BONDHOLDERS of Allied Irish Banks yesterday launched a challenge against Irish government plans to cut 80 per cent of the bonds’ value. Ireland’s government won a High Court order last week to change the terms of €2.6bn (£2.3bn) worth of AIB’s subordinated bonds. Investors including Carlos Abadi, director of Abadi & Co Securities, plan to [...]