NO YOU CAN’T August 4, 2009 DISAGREEMENT within the Obama administration over reshaping US financial regulation flared yesterday, with top bank regulators defending their turf. Obama plans to create a national bank supervisor by merging the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS). But John Bowman, acting director of the OTS, refused to [...]
Lower profit is odds-on for William Hill August 4, 2009 WILLIAM Hill yesterday warned its full year profits would miss previous forecasts after it lost money on a series of horse racing events. The bookie yesterday said that pre-tax profits had fallen to £91.5m in the half to June 30, down from £111.1m a year earlier. William Hill said that, as a result of the [...]
THE LONDON REPORT August 4, 2009 WEAKNESS in miners and banks sent the FTSE 100 0.2 per cent lower yesterday, retreating from the 2009 of the previous session. The index closed 11.09 points lower at 4,671.37, after ending at 4,682.46 on Monday. “When you’ve had such a strong run since March and after such a strong July, you can’t expect to [...]
Ex-Ford boss named as the new chairman of BHP Billiton August 4, 2009 BHP Billiton, the world’s largest miner, yesterday said that ex-Ford chief executive Jac Nasser would be its new chairman. Nasser, who has been a non-executive director at BHP since 2006, will step into incumbent Don Argus’ shoes when he steps down next year after a decade at the helm. He beat off competition from John [...]
Polar Capital calls bottom as assets start increasing August 4, 2009 HEDGE fund Polar Capital yesterday went out on a limb, calling a bottom for the industry as it posted a rise in assets under management. “It is encouraging to note that the anticipated drying up of redemption requests has materialised,” the firm said in a statement. “There are now some positive signs that the industry [...]
Moneysupermarket founder in 17m windfall despite 90 per cent profit dive August 4, 2009 MONEYSUPERMARKET.COM yesterday shocked the market when it announced a “special dividend”, despite a profit drop of nearly 90 per cent, landing its former chief executive a cool £16.8m. The price comparison website reported a first-half pre-tax profit of £1.9m, down from £14.4m in the same period last year, but moved to soften the blow by [...]
Munich Re results beat forecasts August 4, 2009 REINSURANCE giant Munich Re has reported a 14 per cent rise in second-quarter net profits, up to €691m (£588m) from €608m in the same period last year. The world’s biggest reinsurer beat forecasts on the back of solid growth in premiums, strong investment returns and a one-off gain from the sale of a stake in [...]
We want Freddie to play, insists Australia’s North August 4, 2009 AUSTRALIA batsman Marcus North insists the tourists are rooting for England’s Andrew Flintoff to be fit for the rest of the Ashes – because they want the satisfaction of beating a full-strength side. All-rounder Flintoff is a doubt for the fourth Test, which starts at Headingley on Friday, with the ongoing knee problem that has [...]
WHERE DO YOU STAND AFTER L&G’S HALF-YEAR RESULTS? August 4, 2009 BARRIE CORNES PANMURE GORDON“The dividend cut was anticipated. Key takeaways for us are capital strength, increased new business margins and bond default provisioning, good cash flow and Legal & General Investment Management remains core to the business. We maintain our “buy” stance.” TONY SILVERMAN S&P EQUITY RESEARCH“L&G will trade at a discount until reporting uncertainty [...]
Trott in line as fears grow for Flintoff August 4, 2009 ENGLAND selectors yesterday handed uncapped Warwickshire batsman Jonathan Trott a shock call-up for the fourth Test amid mounting concerns over the fitness of all-rounder Andrew Flintoff. Nottinghamshire seamer Ryan Sidebottom was also drafted into the 14-man squad, in place of spinner Monty Panesar, for the match at Headingley, which starts on Friday. But it is [...]
