BHP profits up despite flooding April 19, 2011 BHP Billiton, the world’s biggest mining house, last night reported a seven per cent jump in iron ore production for the third-quarter, but warned persistent rains in Australia continued to curtail its coking-coal operations. It has production centres in Queensland, which was inundated by record floods in the March quarter.
…as surveys highlight two tier economy in Eurozone April 19, 2011 GROWTH in the Eurozone’s economy has accelerated this month despite escalating fears over sovereign debt in several member states. An initial index reading of business output came in at 57.8 for April, up from 57.6 in March and the second highest since June 2007. All scores over 50 in the purchasing managers’ index (PMI) indicate [...]
Nomos shares close up on day one April 19, 2011 Russian private bank Nomos successfully closed its first day as a London-listed company yesterday, with its share price up ten cents to $17.60 (£10.80) per global depository receipt (GDR). Full unconditional trading of the shares is expected to start next Wednesday, after an initial period of conditional trading.
Profits propped up at Goldman April 19, 2011 GOLDMAN Sachs saw earnings and revenues drop compared to last year, with the financial advisory division of its investment bank losing market share and its brokerage seeing revenues fall by more than a fifth. Pre-tax profits fell by 22 per cent to $4bn (£2.45bn) despite a smaller fall of seven per cent in revenues, which [...]
BNY Mellon sees its revenues jump but misses some forecasts April 19, 2011 BANK of New York Mellon (BNY Mellon), the world’s largest trust bank, saw its first-quarter fee revenue rise 12 per cent year-on-year to $2.8bn (£1.7bn), a slip of five per cent from the last quarter. Its profits climbed to $625m, up from $559m the year before but lagging behind some analysts’ expectations. Its assets under [...]
Surge in State Street earnings put down to acquisition drive April 19, 2011 State Street, one of the world’s largest institutional investors, reported a 19 per cent rise in first-quarter operating profit as improved financial markets and acquisitions boosted revenue. The firm, which provides services such as record-keeping for mutual and hedge funds, said excluding special items, profits rose to $444m (£273m), up from $371m a year earlier. [...]
Uncertainty hangs over the prop desk April 19, 2011 GOLDMAN beat expectations yesterday, but its shares dropped and were down by more than two per cent by lunchtime in New York. But it wasn’t just because traders were feeling uncharitable. The bank only beat analysts based on what many see as unreliable profits from its propriety investing and lending division, the part of the [...]
ABI: Barclays cocos a no go April 19, 2011 SHAREHOLDERS should be wary of waving through a new form of compensation for top Barclays executives, an influential investor advisory grouped warned yesterday. The Association of British Insurers (ABI), whose members own 15 per cent of Barclays stock, has issued an “amber” traffic light warning to members regarding Barclays’ annual report. City A.M. understands that its [...]
Cameron says Brown is not the right man to lead IMF April 19, 2011 DAVID Cameron effectively ended Gordon Brown’s hopes of leading the IMF yesterday after a scathing attack on his economic record. The Prime Minister said: “It does seem to me that if you have someone who didn’t think we had a debt problem in the UK, when we self-evidently do have a debt problem, then they [...]
IS DAVID CAMERON RIGHT TO BLOCK GORDON BROWN AS CHIEF OF THE IMF? April 19, 2011 MATTHEW PARTNER | PROVIDIO “Yes. Gordon Brown got the UK into enough trouble and he doesn’t have a good track record. Why would Cameron allow Brown to come back and make something else worse?” SIMON PENDREICH | HEATH LAMBERT “Yes, Gordon Brown put this country in its current financial state, so he certainly shouldn’t be [...]
