Ex-Northern Rock chair joins Lords February 6, 2013 The 5th Viscount Ridley, chairman of Northern Rock when the bank collapsed in 2007, was yesterday elected to the House of Lords after an unusual by-election vote. There are 92 hereditary peers left in parliament’s upper chamber and when one dies – as Earl Ferrers did last year – a vote is held to replace [...]
JP Morgan pares back wages February 6, 2013 JP Morgan is reported to be paying its investment bankers and trading staff three per cent less for 2012 as a lack of large deals dented the bank’s fees. The bank, which was also knocked by the London Whale trading loss, will impose a larger share of the bonus pain on more senior staff, according [...]
Anglo Irish Bank to be liquidated February 6, 2013 The former Anglo Irish Bank is expected to be liquidated in order to reduce the Republic of Ireland’s debt burden. The move, subject to ECB backing, would mean that Ireland no longer has to make €3.1bn annual payments on a €28bn note used to bail out the bank in 2008. Instead the debt will be [...]
Markets cheer bumper profits at Hargreaves February 6, 2013 FINANCIAL adviser Hargreaves Lansdown was the FTSE’s biggest blue chip riser yesterday after reporting record revenue and profit for the second half of last year. However it warned a new government initiative to boost lending would compress revenue margins for the outfit over the rest of this year. The company, co-founded by Peter Hargreaves and [...]
Analyst Views | What’s in the pipeline for hargreaves lansdown? February 6, 2013 ROBIN SAVAGE CANACCORD GENUITY While first half profit is very close to our forecast, revenues are £2m higher and importantly, assets under administration are £1.5bn (i.e. four per cent) above our expectations. In addition, the equity market has been very strong year to date. We are revising our forecasts upwards. MIKE VAN DULKEN ACCENDO MARKETS [...]
SFO faces £200m Tchenguiz claim February 6, 2013 VINCENT Tchenguiz yesterday released details of his claim for over £200m of damages against the Serious Fraud Office (SFO) over its botched investigation into him. The court filing, which relates to a high profile raid on Tchenguiz and his brother Robert in 2011 over their dealings with failed Icelandic bank Kaupthing, accuses the SFO of [...]
Handelsbanken UK profits leap February 6, 2013 SWEDISH group Handelsbanken recorded solid growth in 2012 with international expansion driving profits, the institution’s annual results showed yesterday. Post-tax profits jumped 18 per cent to SEK14.5bn (£1.46bn) with a 10 per cent rise in interest income providing much of the boost. Expenses increased five per cent with staff costs up eight per cent. UK [...]
Internet boom leads growth in sales at DMGT February 6, 2013 THE SUCCESS of the MailOnline website has led to a boom in digital advertising revenues at the owner of the Daily Mail newspaper. Daily Mail & General Trust (DMGT) said yesterday that advertising revenues at its national newspaper websites had grown 51 per cent year-on-year in the three months to 30 December. This made up [...]
Rupert Murdoch’s News Corp sees quarterly profits double February 6, 2013 MEDIA giant News Corp last night reported a jump in quarterly profits thanks to strong growth at its cable networks. Total revenue at the Rupert Murdoch-controlled business rose five per cent to $9.43bn (£6bn) for the final three months of 2012, while profits more than doubled to $2.4bn. However it spent a further $56m covering [...]
Capex splurge hopes fading February 6, 2013 EUROPEAN firms’ €1 trillion (£863m) cash pile will not be invested in a splurge on capital expenditure thanks to recent improvements in confidence, ratings agency Standard and Poor’s warned yesterday. Fears of years of weak growth in the periphery and the continued chance of a Eurozone break up or collapse continue to plague firms who [...]
