Santander in £426m profit April 29, 2010 SANTANDER, the eurozone’s largest bank, grew its UK profits by more than 15 per cent in the first quarter as it bit off a greater market share in mortgage lending. The Spanish giant yesterday said trading profits were £426m in the three months to March. In a challenge to Britain’s high street players, Santander expanded [...]
Don’t forget about Spain April 29, 2010 IT SEEMS too good to be true. Spain has suffered one of the worst housing downturns in the world, yet its biggest bank is booming. Santander has its Latin American operations to thank for that, in particular its Brazilian bank. Cherry-picking the best bits of Britain’s mortgage books during the depths of the financial crisis hasn’t [...]
Chinese banks face slowdown after record start to the year April 29, 2010 CHINESE banks, flush from record profits in a first quarter boosted by a year-long loan binge, face a slowdown as Beijing tries to cool their breakneck lending and keep the economy from overheating. Industrial and Commercial Bank of China (ICBC), China Construction Bank and Bank of Communications, some of China’s largest lenders, posted their best-ever [...]
OFT immunity policy means truth unclear April 29, 2010 JURORS trying the case of four senior British Airways executives, including one from London, who are alleged to have taken part in a price-fixing cartel with Virgin Atlantic, have been warned that the prospect of immunity may taint the evidence of Virgin staff. The court heard yesterday that Virgin Atlantic had received immunity from the [...]
Volcanic ash cost Heathrow and Stansted £28m in losses April 29, 2010 AIRPORTS operator BAA took a £28m one-off hit from the six-day flight disruption caused by the Icelandic volcano. The group, which owns six airports in the UK including Heathrow and Stansted, said despite the impact of the volcanic ash, which forced them to close both London airports, it remained financially resilient. First quarter figures for [...]
Lufthansa says it plans to return to dividend payments in 2010 April 29, 2010 LUFTHANSA told its shareholders it should be able to resume dividends this year due to planned cost cuts and said demand for its flights and cargo services was improving. The German airline did not pay a 2009 dividend — the first time it has not given its shareholders a payout since 2003 — after posting [...]
BIG CURRY FETCHES A FORTUNE FOR ARMY April 29, 2010 OFF to the Guildhall yesterday for the Lord Mayor’s annual “Big Curry”, a Bacchanalian feast in aid of ABF The Soldiers’ Charity. City types in attendance dug deep into their pockets for Britain’s brave soldiers – the event’s committee featured such business luminaries as Lloyd’s of London chairman Lord Levene, Bernard Cazenove, Sir Trevor Chinn [...]
Standard Life boosted by a return to risk April 29, 2010 STANDARD Life said high street savers’ appetite for equities and fixed income would continue to return this year as it beat market expectations to deliver a 30 per cent rise in sales. The Edinburgh-based insurer posted first quarter sales of £4.6bn, nearly £1bn more than analysts expected. Other stocks in the sector were buoyed as [...]
Raymarine set to reveal formal takeover offer April 29, 2010 ELECTRONICS maker Raymarine was last night locked in talks with a mystery third party over the possible sale of its main holding company. An announcement of a concrete offer from the unknown suitor, thought to be a private equity firm, could be made to the stock exchange as early as this morning. Raymarine says the [...]
Exxon profit buoyed by higher oil prices April 29, 2010 Exxon Mobil yesterday said first-quarter profit rose 38 per cent on higher crude prices and output, but the results missed Wall Street expectations as recently enacted US healthcare legislation took a toll on results at the largest US oil company. “Our results reflect higher crude oil realisations and stronger chemical margins while the downstream industry [...]
