Apple and Yahoo see profits surge April 20, 2010 APPLE results blew past Wall Street expectations on the back of record iPhone sales, and the company gave a surprisingly strong revenue forecast, sending its shares to a record high yesterday. Apple, which typically offers conservative forecasts, projected revenue of $13bn (£8.4bn) to $13.4bn in the current, June quarter. Wall Street had been targeting revenue [...]
CASE AGAINST EX-AIG CHIEF “DEVASTATING” April 20, 2010 NEW York state prosecutors have “a devastating case” against Maurice ‘Hank’ Greenberg, the former American International Group chief executive accused of fraud over a reinsurance transaction 10 years ago, the presiding judge said in court yesterday. Greenberg has asked for the case to be dropped.
Evercore increases profit April 20, 2010 US merger advisory boutique Evercore Partners reported quarterly profit slightly below analyst expectations yesterday as expenses rose due to business expansion and deal-related activities. For the first quarter, net income attributable to common shareholders was $2m (£1.3m), or nine cents a share, compared with $191,000, or one cent per share, in the year-ago quarter. Net [...]
Bancorp reports strong results April 20, 2010 Bancorp joined Bank of New York Mellon in posting encouraging first quarter results yesterday, with profit increasing almost 27 per cent. The results were helped by higher revenue from its fee-based businesses and slowing consumer loan losses. The Minneapolis-based bank reported earnings of $669m (£436m), or 34 cents a share, compared with $529m, or 24 [...]
LSE changes tariff structure April 20, 2010 The London Stock Exchange last night changed its tariff structure to attract high-frequency traders. The move is seen as a way of stopping traders defecting to rival platforms. The scheme offers free trading to certain groups that post large volumes of orders to the LSE. It will start on a trial basis next month.
SEC division seen as boost for Goldman April 20, 2010 US lawyers said yesterday that Goldman Sachs has been boosted by news of a split at the Securities and Exchange Commission (SEC) over whether or not to pursue a civil fraud action against the giant investment bank. The SEC announced its intention to pursue Goldman on Friday but it has since emerged that two out [...]
Goldman nets $3.5bn profit April 20, 2010 GOLDMAN Sachs momentarily shifted attention away from its legal wrangle with the US securities regulator yesterday when its first quarter results smashed Wall Street forecasts. The embattled behemoth almost doubled its net profits to $3.5bn (£2.3bn) or $5.59 per share, up from $1.8bn or $3.39 per share this time last year. Revenues rose 36 per [...]
Embattled bank’s top lawyer shines spotlight on third party April 20, 2010 THE top lawyer at Goldman Sachs yesterday laid out the meat of the bank’s defence against allegations of complex derivatives fraud. The Securities and Exchange Commission accuses Goldman of deceiving investors in 2007 by allowing Paulson & Co, the hedge fund, to help design an instrument it intended to sell short. The mortgage-based collateralised debt [...]
FSA investigation to open floodgates for UK claims April 20, 2010 LAWYERS yesterday warned that the Financial Services Authority’s decision to formally launch an investigation into Goldman Sachs would open the floodgates for a raft of investors here in the UK to launch lawsuits against major institutions. The FSA said yesterday it will liaise closely with the Securities and Exchange Commission (SEC) on the investigation, which [...]
Fixed income is the star of show April 20, 2010 WE LIVE in strange times. News that Goldman has yet again smashed analyst expectations is a mere sideshow to the crisis that engulfs the bank. It was strong trading at the bank’s fixed income, currency and commodities (FICC) unit that boosted profitability, with revenues up to $7.4bn, against $4bn in the last quarter of 2009 [...]
