JPMorgan profit beats forecasts July 14, 2011 JPMorgan Chase & Co posted a higher-than-expected jump in second-quarter profit as it wrote off fewer bad mortgages and credit card loans. The bank managed to make more loans during the quarter than in the first quarter and added staff, signs that bright spots are emerging in a sector long plagued by credit losses and [...]
Rebekah Brooks to be quizzed by MPs over hacking scandal July 14, 2011 Rebekah Brooks will attend the Culture, Media and Sport Select Committee next week and answer questions from MPs on the phone hacking scandal. Rupert and James Murdoch have said they are unavailable to attend. The committee are to issue a summons for both to attend the hearing. Brooks, chief executive of news International’s newspapers, has [...]
Indian firms top global sales growth table July 14, 2011 Indian companies’ sales growth has soared past the rest of the world in the past five years, posting annual average rises of 27 per cent compared to just five per cent for firms in developed countries, an Ernst and Young survey found. Indian sales growth was also far higher than the average of 16 per [...]
UBS and Credit Suisse to axe thousands of jobs July 14, 2011 UBS is set to cut around 5,000 jobs to save 1 billion Swiss francs (£761m) while rival Credit Suisse is planning to axe about 1,000 staff, Swiss newspapers reported. Citing an unnamed UBS insider, the Tages-Anzeiger daily said the precise details of the cost-cutting programme still had to be agreed and approved by the board, [...]
Daily Mail hikes cover price as ad revenue falls July 14, 2011 The publisher of the Daily Mail will hike the cover price of the newspaper to 55 pence from 50 pence as it grapples with falling advertising revenues and rising costs. “The continuing high cost of newsprint means it is necessary to increase the cover price of the newspaper,” Daily Mail & General Trust said in [...]
Primark shores up ABF earnings July 14, 2011 Associated British Foods remains on track to deliver flat earnings this financial year as rising sales at its Primark discount clothing chain offset pressure on profit margins from higher cotton prices. The food and retail group, which markets Silver Spoon sugar, Mazola vegetable oil, Ovaltine drinks and Twining tea, said on Thursday sales from continuing [...]
Asos in sales jump July 14, 2011 Online fashion firm ASOS posted a leap in first quarter sales and said it was confident about the outlook, showing there are still winners in the retail sector, even in straitened times. ASOS, which targets internet-savvy 16 to 34-year-old women looking to emulate the designer looks of celebrities such as Kate Moss, Sienna Miller and [...]
Sports Direct profit up 25pc July 14, 2011 Sports Direct HAS posted a 25 per cent rise in underlying year profit as it won market share from stricken rival JJB Sports. The firm, controlled by Newcastle United owner Mike Ashley, said It made underlying earnings before tax, interest, depreciation and amortisation (EBITDA) of £200.4m in the year to 24 April, after taking a [...]
MURDOCH RETREATS July 13, 2011 TYCOON ABANDONS SKY BID – FOR NOW RUPERT Murdoch’s bid for BSkyB came crashing to earth yesterday after News Corp caved in to intense political pressure and ended its pursuit of the broadcaster. The shock decision marks Murdoch’s darkest day in his 42 years in the British media industry. News Corp acknowledged that proceeding with [...]
Moody’s puts US on review for downgrade July 13, 2011 MARKETS dropped after Moody’s put the US on review for a downgrade last night, citing a lack of “meaningful” progress in negotiations to raise the debt ceiling. Analysts said that any US default due to a failure to take the legal cap off its spending would turn financial markets upside-down, turning the world’s “risk-free rate” [...]
