Blankfein bearish on outlook as Goldman names new partners November 13, 2012 THE INVESTMENT banking downturn does not look like coming to an end any time soon, Goldman Sachs boss Lloyd Blankfein warned last night, ahead of the bank today trimming partner numbers to save costs. “Sometimes cycles can last a very long time,” he told a banking conference, according to Bloomberg. But Blankfein also warned the [...]
Libor could hit banks’ ratings November 13, 2012 LAWSUITS against banks over Libor manipulation could be so expensive that their credit ratings get cut, leading ratings agency Moody’s warned yesterday. It came as it emerged 10 senior traders at RBS are being investigated by US authorities for fixing the bank’s submission to the key inter-bank lending rate. Moody’s said the combination of regulatory [...]
Inflation flies further away from 2pc target November 13, 2012 CONSUMER price inflation rocketed higher in October, due to tuition fee hikes and booming food prices, data revealed yesterday. The jump defied Bank of England expectations that inflation would fall towards its two per cent target. This jump might have been a factor in the Bank’s decision to hold fire on more quantitative easing (QE) [...]
EU waters down gender quota plans after business opposition November 13, 2012 THE EUROPEAN Union yesterday significantly softened its plans to force more equal representation on non-executive boards. This came after the plans to force strict 40 per cent quotas were met with fierce opposition from firms, womens’ groups and member states including the UK. The new plans will only require member states to impose sanctions on [...]
Vodafone falls to loss as European troubles mount November 13, 2012 VODAFONE swung to a shock loss in the first six months of the financial year, the mobile telecoms giant revealed yesterday, as recessions in southern Europe hit its bottom line. The firm’s shares fell four per cent to yearly lows, with the group’s performance missing forecasts. The fall came despite the firm announcing a share [...]
Top City figures are dropped as Cameron’s trade ambassadors November 13, 2012 DAVID Cameron has decided to drop several leading City figures from the list of UK business ambassadors, it was revealed yesterday. Those told their services will no longer be required include Sir Victor Blank, the former Lloyd’s chairman who oversaw the bank’s disastrous merger with HBOS. Ex-Merrill Lynch banker Bob Wigley and Baroness Hogg, chairman [...]
ITV shares soar as advertising bounces back November 13, 2012 A RECENT recovery in the TV advertising market cheered ITV investors yesterday, sending shares in the broadcaster up nine per cent. The company said a recent decline in ad revenue had been halted in September. Although ad sales had fallen six per cent year-on-year in the third quarter, there was only a one per cent [...]
Downton’s high-profile fan proves studio is booming November 13, 2012 AFTER months and months spent out on the campaign trail supporting husband Barack Obama, no one could begrudge the newly elected First Lady of the United States a little downtime. Particularly not ITV, which yesterday said it had been only too happy to send Michelle Obama preview copies of Downton Abbey, so eager was she [...]
Belgium grills bwin co-chief November 13, 2012 BWIN’S co-chief executive was yesterday questioned by Belgian gambling authorities over the firm’s activities in the country. Norbert Teufelberger was speaking at a gaming conference in Brussels when officers from the Belgian gambling commission approached him. Bwin is disputing an internet block on its Belgian operations, which is costing the company £560,000 a month in [...]
Chip firm AMD considers sale November 13, 2012 CHIPMAKER AMD has hired JP Morgan Chase to explore options which could include a potential sale, according to people familiar with the situation. One of Silicon Valley’s oldest chip firms, AMD is laying off engineers and some analysts are concerned it may not find new markets for its chips in time to reverse a declining [...]
