S&P revises Lloyds TSB rating outlook due to profit forecasts November 8, 2012 CREDIT rating agency Standard & Poor’s (S&P) yesterday downgraded its outlook on Lloyds TSB to negative from stable, citing the additional £1bn provision for payment protection insurance (PPI) mis-selling claims which the bank made at last week’s third quarter results. S&P said the additional provision makes it likely that Lloyds will see a pre-tax loss [...]
SocGen profits demolished by Greek writeoff November 8, 2012 THE SALE of Greek lender Geniki wiped out Societe Generale’s profits in the third quarter, according to the French bank’s financial results published yesterday. Profits plunged 86.3 per cent to €85m (£67.8m), from €622m in the third quarter of 2011. That takes profits for the year to date to €1.25bn, 45.3 per cent below the [...]
Market doubts Commerzbank shakeup will boost prospects November 8, 2012 GERMAN lender Commerzbank swung back to profits in the three months to September, with commission income growing, according to figures published yesterday. The bank made a profit of €78m (£62.2m) in the quarter, compared to a loss of €687m a year earlier. Commerzbank said it will invest €2bn by 2016 to refocus on areas like [...]
Was the Boe right to hold interest rates and QE? November 8, 2012 CHARLES DAVIES | DBS VICKERS No. I don’t think it’s right. I think for the economy to function correctly interest rates should be kept around four per cent.” TERAS ULAKHOVICH | BARCLAYS CAPITAL I don’t know. Whatever you do with the interest rates, it won’t change the economy.” JOHN STAMPER | JUDICIUM I don’t know. [...]
Dexia gets a new capital boost from French and Belgian states November 8, 2012 THE FRENCH and Belgian governments agreed to pump billions more into bailed-out bank Dexia yesterday, after a year of wrangling with the European Commission over how best to manage the lender. The states also arranged an €85bn (£67.8bn) liquidity guarantee, on top of the €5.5bn capital hike. Belgium will put in 53 per cent of [...]
Banco Popular appoints STJ to key rights issue November 8, 2012 BANCO Popular Espanol, the Spanish lender that is seeking to raise as much as €2.5bn (£2bn) in a make or break share sale, has appointed STJ Advisors, the London-based equity advisory group, to advise on the deal. The Spanish bank is believed to have hired STJ to help it draw up a syndicate of banks [...]
Rise in value of assets boosts Carlyle’s profit November 8, 2012 US investment firm Carlyle Group yesterday swung into the black in the third quarter after firing on all cylinders to boost fundraising, investor returns and carry fund values. The Washington DC based company, which previously owned Dunkin’ Donuts in the US and Le Figaro newspaper in France, posted a three per cent increase in returns [...]
RSA relies on emerging markets as European sales continue to struggle November 8, 2012 THE PARENT company of insurer More Than yesterday announced flat sales of £2.7bn in the UK and western Europe, where it has been forced to do less business in the hope of remaining profitable. But RSA said its performance in emerging markets – including Latin America, Asia and the Middle East – is a cause [...]
Lancashire Holdings warns of premium pressure in January November 8, 2012 LLOYD’S of London insurer Lancashire Holdings said yesterday that premium rates will be squeezed in January – and expressed “surprise” at the optimism exhibited by some of its rivals. Nonetheless a quiet third quarter, largely unaffected by major catastrophes, enabled the firm to announce a special dividend of around 56p a share – with a total [...]
JP Morgan can start buybacks post Whale loss November 8, 2012 JP MORGAN Chase & Co revealed yesterday that US regulators have approved a plan for the bank to use its capital to buy back as much as $3bn (£1.87bn) of its stock in the first quarter of 2013. The company also disclosed that it has reached “an agreement in principle” with the Securities and Exchange [...]
