Theo brace as Arsenal romp past Magpies October 27, 2010 NEWCASTLE UTD0 VS ARSENAL4 ARSENAL manager Arsene Wenger tipped Theo Walcott to go from strength to strength after the fit-again forward struck twice to book a Carling Cup quarter-final spot. Striker Nicklas Bendtner also notched and the Gunners benefited from a Tim Krul own goal as they ruthlessly swept past Newcastle and continued their scoring [...]
Man Group to axe up to 200 jobs next year October 27, 2010 MAN Group will axe up to 200 jobs over the next year, according to sources close to the firm. The world’s largest listed hedge fund has already identified $50m (£32m) of cost savings and a company spokesman told City A.M. it was inevitable some of this would be achieved by reducing headcount. However, he declined [...]
AZ Electronic to all but double IPO stock on offer October 27, 2010 AZ Electronic Materials is set to hike the amount it will raise in its London listing. The specialist technology company, led by boss Geoff Wild, which produces chemicals used in Apple’s iPad and iPhone, was planning to offer $400m (£254m) of new shares and $100m of existing stock. However, this will now rise to $490 [...]
Online economy in UK is now worth £100bn October 27, 2010 THE UK’s internet economy is now worth a staggering £100bn a year, according to a landmark survey commissioned by search giant Google. The online economy now represents 7.2 per cent of UK GDP – more than construction, transport or utilities. The report shows this share is likely to grow by about 10 per cent a [...]
Lazard posts surprise gains October 27, 2010 LAZARD posted better-than-expected quarterly results yesterday, as the New York-based firm enjoyed a boom in its asset management unit but slower gains in advisory revenue. Net profit for the third quarter jumped 18 per cent on last year to $62.2m (£39.5m), or 46 cents a share, while revenue rose 11 per cent to $462.4m. Analysts [...]
Coalition splits over plans to cap housing benefit at £400 a week October 27, 2010 COALITION tensions over plans to reduce Britain’s ballooning welfare bill threatened to turn into a full-scale split last night, after Vince Cable said the government was “open to suggestions” on how to improve the proposals just hours after the Prime Minister insisted they were non-negotiable. Some Liberal Democrats have indicated they will vote against plans [...]
BoE says it can’t predict slumps as Posen warns of more pain to come October 27, 2010 THE Bank of England cannot predict major recessions with any “precision”, the deputy governor admitted yesterday. Conceding that the Bank failed to forecast the “great contraction” of 2008 and 2009, Charles Bean said that only policy-induced recessions, such as those introduced to reduce inflation, were predictable, while in other cases the best policymakers can hope [...]
Deutsche in the red after Postbank buy October 27, 2010 A ONE-OFF €2.3bn (£2bn) charge on Deutsche Bank’s acquisition of Postbank pushed Germany’s biggest lender into the red in the third quarter, though underlying results held up strongly when compared to the bank’s peers. Deutsche Bank posted a pre-tax loss of €1bn for the quarter, compared to a profit of €1.3bn in the third quarter [...]
Mortgage-related legal claims hit $780m as backlash begins October 27, 2010 DEUTSCHE Bank yesterday said it faces less than $1bn (£635m) of claims over mortgage-related securities it helped arrange, amid a growing backlash by clients seeking to recoup losses tied to the credit crisis. The bank’s chief financial officer Stefan Krause told a conference call that Deutsche currently has “approximately $780m of pending mortgage repurchase demands”, [...]
Swann in lost passport Ashes drama as England fly to Oz October 27, 2010 SPINNER Graeme Swann gave England chiefs an almighty scare yesterday ahead of the team’s departure for the Ashes when he lost his passport. Swann feared he may have to miss the flight to Australia, where England will be defending the urn, after mislaying the travel document. The star of England’s bowling attack revealed his desperation [...]
