BNY Mellon’s results tasty April 20, 2010 BANK of New York Mellon (BNY Mellon) saw its first quarter profits rocket 74 per cent year-on-year. Recovery in the market sent the bank’s asset and wealth management business into overdrive as it clawed back business lost during the downturn. BNY Mellon said the first-quarter profit was even higher than its expectations. The trust bank [...]
Credit Suisse buys Prudential shares ahead of Asian listing April 20, 2010 CREDIT Suisse, Prudential’s lead adviser on its forthcoming takeover of Asian insurer AIA, has amassed a stake in the British company worth £106m in the past month. The investment bank bought 15.9m shares in Prudential at the start of April, bringing its total holding to just over 18m. The numbers will fuel expectations that Prudential’s [...]
Bank of America hires Nomura’s Meissner to head EMEA banking April 20, 2010 ONE of Nomura’s top European bankers quit the Japanese brokerage yesterday to join rival Bank of America Merrill Lynch as head of its European investment banking. Bank of America named Christian Meissner as head of investment banking for Europe, Middle East and Africa (EMEA) just hours after Nomura said he had quit as deputy global [...]
FULD INSISTS LEHMAN WAS RISK ADVERSE April 20, 2010 FORMER Lehman Brothers chief executive Richard Fuld, appearing before a Congressional committee yesterday, acknowledged that people were hurt in the collapse of the ex-Wall Street giant. He insisted the bank was risk adverse, and said he had no knowledge of a technique known as “Repo 105” – used to temporarily remove some assets from its [...]
Consumer inflation rises in March due to fuel costs April 20, 2010 ANNUAL consumer price inflation rose more than expected in March, pushed up by higher petrol prices and air fares, as well as by household gas bills, which failed to repeat last year’s record drop. The Office for National Statistics yesterday said consumer price inflation increased to 3.4 per cent last month from three per cent [...]
CITY VIEWS: WHAT IS THE OUTLOOK FOR INFLATION? April 20, 2010 PHIL MARTIN | ARIEL COMMUNICATIONS “Inevitably inflation is going to go up because that is the cyclical trend during a recession. Inflation might go into a standstill but will eventually go up and when it does, interest rates will also go up to compensate.” DON MACFARLANE | LDM GLOBAL “In the short term inflation will [...]
SAB Miller boosted by Latin America April 20, 2010 BREWING giant SABMiller saw its shares rise yesterday after it said its Latin American operation was helping to boost sales amid a sluggish period in the UK and US. The shares climbed three per cent to 1,996p featuring among the top gainers on the benchmark FTSE 100 index. It said lager volumes grew two per [...]
Burberry expects profits to top hopes as rich spend again April 20, 2010 LUXURY goods group Burberry yesterday added to evidence the wealthy are spending freely again, forecasting annual profit slightly above market expectations and further progress next year. Chief executive Angela Ahrendts said: “While the pace and level of the global economic recovery remain unclear, we remain confident that our strategies will continue to build momentum in [...]
ANALYST VIEWS: WHAT DO YOU MAKE OF SABMILLER’S TRADING UPDATE AND THE COMPANY’S SHARE PRICE? April 20, 2010 ANDREW BLAIN | SHORE CAPITAL “SAB has issued something of a mixed trading update. For the 12 months to 31 March organic volumes were flat, which we view as unimpressive given the stock rating and association with emerging markets. However, this is marginally ahead of our forecast.” SAM HART | CHARLES STANLEY “These figures are [...]
NEVER KNOWINGLY UNDERSOLD April 20, 2010 RETAIL partnership John Lewis is rolling out a new £6m advertising campaign – its most expensive ever – as it returns to its roots by emphasising its “never knowingly undersold” proposition. The campaign features a woman progressing through the key phases of her life and how the John Lewis brand accompanies her at every stage.
