Lego builds on sales growth August 30, 2011 Sales of Lego increased by 25 per cent in the first half of the year, driven by new products and classic ranges such as Star Wars. The Danish firm said net sales were DKK 7.355bn (£873m) compared with DKK 5.863bn in the same period last year. Operating profit was DKK 2.03bn compared with DKK 1.47bn [...]
BofA shares slide on fresh lawsuit fears August 30, 2011 BANK of America Merrill Lynch saw its shares fall again yesterday over a backlash against its plan to settle $8.5bn (£5.2bn) of mortgage disputes. The Federal Deposit Insurance Corporation, which manages failed US banks, and dozens of other investors objected to BofA’s plan to resolve huge claims from investors sold subprime bonds by mortgage lender [...]
Icahn lets go of Lionsgate but battles on for Clorox August 30, 2011 ACTIVIST investor Carl Icahn picked his battles yesterday, admitting defeat in his attempt to win control of studio Lionsgate but renewing his efforts to overhaul bleachmaker Clorox. Lionsgate said yesterday that the billionaire and his son Brett Icahn had agreed to sell up to 44,161,971 shares of its common stock, representing most of the studio [...]
Lehman’s $65bn payout plan to go to final vote August 30, 2011 CREDITORS of failed US investment bank Lehman Brothers were granted approval to vote on its $65bn (£40bn) payback plan, clearing a major hurdle to ending the biggest bankruptcy in US history. Bankruptcy judge James Peck overruled a handful of objections from corporate creditors and agreed to enter an order approving the outline of the plan [...]
ECB fails to lift demand for Italian debt auction August 30, 2011 ITALY finally returned to debt markets yesterday with a sale that saw weak demand despite European Central Bank (ECB) efforts to keep yields down. Rome sold €7.75bn (£6.86bn) of long-term debt, but the bid-to-cover ratio on a new ten-year bond slumped to 1.27, below the 1.4 average for this year. There was speculation that the ECB [...]
IN NEED OF A STIMULUS August 30, 2011 ITALY’S central bank warned yesterday that government efforts to cut debt were at risk from weak growth. Ignazio Visco, deputy director-general of the central bank, said growth was likely to be under one per cent in 2011 and warned that market tensions remained high. “The problems of economic growth are perceived as a strong limit [...]
Banks rally but City frets over ringfence August 30, 2011 BRITISH banks’ share prices rallied dramatically yesterday as London played catch up with world markets after Monday’s holiday. Analysts said that investors were pricing in the possibility of further quantitative easing due to the Federal Reserve’s September meeting being extended from one to two days. But UK lenders were also helped by a bullish note [...]
Osborne must try to sit on the fence August 30, 2011 A S GROWTH slows and the chorus of criticism swells, chancellor George Osborne might wish he had kept his cards a little closer to his chest at Mansion House in June. His endorsement of the Independent Commission on Banking’s (ICB) proposal for a ringfence around banks’ retail operations before the Treasury could even say anything [...]
Will the Vickers reforms help or hinder the economic recovery? August 30, 2011 Back in April, we asked members of our readers’ panel about the impact of the interim Vickers report on the banking sector. With the final report due in a fortnight, we want to know if opinions have changed following the recent market turmoil. Will plans for a ringfence, which requires banks to run their retail [...]
PPI fine payments hit £215m in first six months of 2011 August 30, 2011 BANKS have paid out a total of more than £215m in compensation so far this year to clients that were mis-sold payment protection insurance (PPI), figures published by City regulator the FSA revealed yesterday. The data released showed that 16 banks – representing 92 per cent of all PPI claims made – had so far [...]
