Obama upbeat over bipartisan debt plan July 19, 2011 POLITICIANS in Washington DC appeared to be edging closer to a resolution on raising the US debt ceiling yesterday, after President Barack Obama described a bipartisan proposal by six senators as “broadly consistent” with his own approach. The “Gang of Six” senators tabled a plan to cut $3.7 trillion (£2.3 trillion) from the US governments [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 19, 2011 THE WALL STREET JOURNAL ANGLO IRISH’S US PORTFOLIO DRAWS INTEREST Several banks, including Deutsche Bank AG, Goldman Sachs Group, J.P. Morgan Chase and Wells Fargo, are weighing bids for parts of nationalized Irish lender Anglo Irish Bank Corp’s US real-estate portfolio, according to people familiar with the matter. NOKIA EXPECTED TO GIVE DOWNBEAT FORECAST When [...]
Goldman hit by slump in bond division July 19, 2011 GOLDMAN Sachs yesterday rattled investors with earnings that fell far short of analysts’ estimates because of sharp declines in trading revenue. Goldman, once Wall Street’s largest bond trading house, reported its sixth consecutive quarterly decline in that business, making bond trading smaller than its traditionally low-margin equities trading business. Its fixed income, currency and commodities [...]
It’s a tough time to be running a toll booth July 19, 2011 Markets are right to be worried about America’s biggest lenders. While investors are sitting on their hands waiting for crisis after crisis to blow over, there’s little chance of returning to the days when banks like Goldman could rake in billions simply by presiding over monstrous trading flows. The same malady has hit other investment [...]
BofA falls to worst loss in its history July 19, 2011 BANK of America yesterday reported its biggest-ever quarterly loss – $8.8bn (£5.46bn) – as low interest rates squeezed lending margins at the largest US bank. The loss was widely expected after the bank said in June that it settled with mortgage bond investors for $8.5bn and was taking more than $14bn of other home loan-related [...]
Bonuses in the City level out at £14bn July 19, 2011 BONUSES in financial services were unchanged in the year to March 2011, totalling £14bn – the same as the previous 12 month period. The level of bonus awards paid out across the whole of the British economy was also unchanged from the previous year at £35bn, the Office for National Statistics (ONS) said. The average [...]
Basel warns that top 28 banks must pay its capital surcharge July 19, 2011 BANK regulators started consulting yesterday on two proposals to make the world’s biggest banks bear a new compulsory capital surcharge and draw up living wills to make them safer. The Basel Committee has proposed that globally systemically important banks (G-SIBs) set aside equity worth one to 2.5 per cent of their risk-weighted assets, depending on [...]
Vacancy rate falls at Land Securities July 19, 2011 LAND Securities, the UK’s largest real estate investment trust by value, said vacancy rates fell in the past quarter as it confirmed it was stepping up its development activity as stronger retailers look to take new floor space. The firm said yesterday it had cut its vacancy rate to 3.9 per cent at the end [...]
Apple crushes profit forecast July 19, 2011 APPLE’S quarterly revenue again crushed Wall Street expectations yesterday, driven by blockbuster sales of its hot iPhones and iPads. Its flagship products all exceeded forecasts. It sold 20.34m iPhones during the quarter along with 9.25m iPads and 3.95m Mac computers. Gross margin for the quarter came to 41.7 per cent. The Cupertino, California company said [...]
Yahoo revenues slide as display advertising wanes July 19, 2011 ONLINE group Yahoo’s net revenue declined slightly in the second quarter, it said last night, on weakness in its display advertising business. Shares of the internet search company dropped around two per cent in after-hours trading. Yahoo reported net income of $237m (£147m), or 18 cents a share, compared with $213m, or 15 cents a [...]
