What the other papers say this Morning October 17, 2012 FINANCIAL TIMES Paris steps in over Peugeot unit The French government has been forced to step in with a rescue package for troubled carmaking group PSA Peugeot Citroën’s financing arm, which is threatened with a credit rating downgrade. The government said it will seek a solution “using the French banking system and the support of [...]
BlackRock gets lift as demand for ETFs surges October 17, 2012 THE world’s biggest money manager, BlackRock, yesterday said global profits rose eight per cent year on year as investors funnelled billions more into its exchange traded fund range. The firm, led by combative chief executive Larry Fink, said investors poured $25.2bn (£15.6bn) into its iShares ETF range – the highest level since it took over [...]
BNY Mellon earnings boosted by rising management fees October 17, 2012 TOP CUSTODY bank BNY Mellon joined the industry’s profits boom yesterday reporting strong investment management and asset servicing revenues. Profits came in at $720m (£445.4m) in the third quarter, up 11 per cent on the same period of 2011. Assets under management hit a record $1.4 trillion, up 13 per cent on the year, driving [...]
Bank of America profits take a tumble on huge legal costs October 17, 2012 PROFITS were battered by litigation payouts dating from acquisitions made at the height of the financial crisis, Bank of America said yesterday. Last month it agreed to pay $2.4bn to settle claims it hid crucial information from shareholders when it bought Merrill Lynch. But despite the $1.6bn charge booked in the quarter, the bank still recorded [...]
Growing market for cut-price funds looks a mixed blessing October 17, 2012 WHILE yesterday’s figures beat analysts’ expectations, BlackRock’s share price still hasn’t fully recovered from its 20 per cent slide across April and May, remaining some $17 below its $207 peak in early April. One area of concern is exchange-traded funds (ETF). This looked superficially like a success yesterday – with iShares generating $25.2bn in net [...]
Employment soars to new all-time high October 17, 2012 EMPLOYMENT in the UK rose to an all-time high in the three months to August, data showed yesterday, while unemployment dived, continuing the buoyant – but puzzling – trend in the labour market. Employment grew 212,000 compared to the previous three months to hit 29.6m, a new all-time high, data from the Office for National [...]
MPC split over effect of future stimulus October 17, 2012 BATTLE lines were drawn at the Bank of England’s last rate-setting meeting, the minutes released yesterday showed, with some members arguing a case for more quantitative easing (QE) and others believing that the steam was coming out of the asset purchase scheme. Though the vote was unanimous on keeping rates and QE constant, with policymakers [...]
Law set to cut energy prices October 17, 2012 ENERGY companies will be forced by law to put their customers onto the cheapest possible tariff, David Cameron said yesterday. “We will be legislating so that energy companies have to give the lowest tariff to their customers,” he told parliament at Prime Minister’s Questions. The new rules will ensure consumers enjoy the cheapest possible gas and [...]
City Views | Is London’s labour market improving? October 17, 2012 SIMON WILLIAMS HYDROGEN GROUP I’ve seen a lot more activity in the City and with corporates. I mainly deal with M&A. It’s probably due to more confidence, and in my case with the corporates not wanting to be so reliant on banks. MARTIN SMITH SIX DEGREES I think it’s improving in London as we expand [...]
Progress for RBS as it drops state insurance cover October 17, 2012 STATE-BACKED bank RBS yesterday exited the scheme set up to insure its toxic assets at the height of the financial crisis, indicating the lender and regulators have confidence that it is moving back to health. The Asset Protection Scheme (APS) was established to backstop a £282bn portfolio of risky loans and investments, as part of [...]
