Former head of McKinsey surrenders himself to FBI October 26, 2011 A FORMER Goldman Sachs director, who was once the global head of elite consultancy McKinsey & Co, yesterday surrendered to the FBI to face criminal charges related to insider trading. Rajat Gupta, one of the most prominent business executives to be caught up in the government’s wide-ranging insider-trading probe, had been named by prosecutors as [...]
Handelsbanken shows Swedish bank strength October 26, 2011 SWEDEN’S Handelsbanken bucked a slowing economy as it unveiled rising income and lower loan losses in the third quarter at a time when many of Europe’s banks are being shaken by debt woes across the region. Sweden’s second-biggest bank by market capitalisation and traditionally the most conservative, Handelsbanken’s operating profit was 4.4bn crowns (£420m) against [...]
NBNK puts in a bid for the Rock October 26, 2011 NBNK Investments, the buy-out vehicle led by Lord Levene, sent in a first-round bid for nationalised lender Northern Rock yesterday. City A.M. revealed that NBNK was exploring a bid in August when it became clear that the auction would not get off the ground before the bank’s prohibition on bidding expired. It had agreed a [...]
Asia presses the brakes on Ford recovery October 26, 2011 THE UNCERTAIN nature of the recovery in the global car market was underlined yesterday as Ford posted a dip in third-quarter profit. America’s number two car-maker also cut its profit margin forecast for this year after racking up losses in Europe and Asia. It said it had been hit by slowing growth in China and [...]
Amazon to open massive new London warehouse October 26, 2011 AMAZON says it will create an eighth high-tech warehouse on the outskirts on London as it prepares to increase its product range and meet an expected rise in demand for online shopping. The plans will see the retailer create up to 4,000 new jobs in the UK by Christmas next year, with its core market for [...]
Cameron warning over QE con October 26, 2011 David Cameron has warned that bankers could face criminal charges if they are found manipulating the market to cash in on quantitative easing. He said it is important to “send a message” about the severity of financial services crime. The Bank of England has reportedly reprimanded one commercial bank already.
Gucci owner shows off growth October 26, 2011 French luxury and retail group PPR yesterday said it saw no sign of a slowdown as it posted third-quarter sales that comfortably beat expectations, pulled by strong growth at brands Gucci, Bottega Veneta and in markets such as China. The group’s luxury sales soared 24.6 per cent at constant exchange rates in the three months [...]
US durable goods orders rebound October 26, 2011 The US economy should start the fourth quarter with solid momentum, official data yesterday suggested. Orders for durable goods, excluding transportation items, rose a stronger-than-expected 1.7 per cent last month after falling 0.4 per cent in August. The gain was the largest since March. A second report showed that new home sales increased 5.7 per [...]
Peugeot to cut 6,000 jobs October 26, 2011 France’s PSA Peugeot Citroen plans to cut 6,000 jobs in a bid to slash costs after warning that pricing pressure meant its core car making business would barely make a profit this year. PSA pledged to reduce costs by €800m (£697m) next year, including the job cuts. It also expects 2011 free cash flow to [...]
BAT in sales rise as price hikes kick-in October 26, 2011 BRITISH American Tobacco (BAT) lifted its sales by seven per cent in the first nine months of the year as the firm saw price rises and recovering volumes in the third quarter. The London-based maker of Kent, Dunhill, Lucky Strike and Pall Mall cigarettes said a good performance from these top four brands would help [...]
