HSBC seals sale of card arm for £20bn August 10, 2011 HSBC clinched the sale of its US credit card business to lending and banking group Capital One for a better than expected $32.7bn (£20bn) yesterday. The deal hives off the capital-intensive credit card division of the bank and leaves HSBC with just its core private and premier banking businesses in the US, part of the [...]
Three US flotations pulled as volatile markets hit pricing August 10, 2011 THREE US companies became the latest to postpone their planned initial public offerings (IPOs) yesterday, as American floats struggle to get away in volatile markets. Employee benefits provider WageWorks has indefinitely delayed its $49m (£30.3m) float, while Loyalty Alliance Enterprise’s listing has also been sidelined. The marketing and data analytics company was slated to raise [...]
Commerzbank in Greek hit August 10, 2011 COMMERZBANK investors looked beyond a €760m (£666.6m) writedown on Greek debt yesterday to the lender’s strong earnings from corporate lending and securities trading. Germany’s second-biggest lender said that second-quarter operating profit shrank to €55m from €210m a year earlier, well below the €105m average estimate, thanks to the Greek debt writedown. Analysts said results at [...]
Profits shrink at Bank of Ireland August 10, 2011 BANK of Ireland’s underlying operating profit shrank by two-thirds in the first half of 2011 on steeper funding costs, a signal the country’s top lender has not fully recovered despite a fresh investor base and healthier loans book. Operating profit before provisions fell two-thirds to €163m, but its underlying pre-tax loss nearly halved to €723m [...]
Man Group up after share buy August 10, 2011 MONEY manager Man Group saw its shares jump 7.76 per cent yesterday after its management added to their stakes. Chief executive Peter Clarke, finance director Kevin Hayes and chief operating officer Emmanuel Roman each spent £92,000 on a block of 50,000 shares. Man also said its fund was up seven per cent over the past [...]
Swiss attempt to anchor franc August 10, 2011 THE Swiss National Bank announced additional measures to counter a new jump in the safe-haven Swiss franc yesterday, including increasing liquidity to the money market and conducting foreign exchange swap transactions. “However, with liquidity already ample in Switzerland, the Swiss authorities could be doing little more than pushing on a string,” said Jane Foley of [...]
Apple is now world’s most valuable firm August 10, 2011 APPLE yesterday closed as the most valuable company in the world for the first time, surpassing oil giant Exxon. The Cupertino-based company slipped 2.8 per cent in a tough market to close at $337bn, with Exxon dropping 4.41 per cent to finish at $331bn. Apple had briefly passed Exxon on Tuesday, ending the oil major’s [...]
ANALYSIS: HOW APPLE SIZES UP TO EXXON August 10, 2011 Apple • Founded with the launch of the Apple 1 in April 1967 by Steve Jobs, Steve Wozniak and Ronald Wayne. Officially incorporated 3 January 1977 • 49,400 employees worldwide as of 2010 • Reported net income of $7.31bn for the quarter to 25 June 2011, on revenues of $28.57bn. • Floated on Nasdaq on [...]
Walmart to sell iPad films August 10, 2011 WALMART has launched a video service for iPad users in a bid to offset sliding sales of DVDs in its stores. The retail giant’s Vudu video streaming platform will be available on the iPad from today, allowing customers to buy or rent films and TV episodes on a pay-as-you-go basis. The US-only service operates online, [...]
Groupon in IPO change August 10, 2011 DEAL website Groupon has ditched a controversial accounting method that appears to eliminate marketing and subscriber-acquisition costs ahead of its multi-billion dollar flotation. The changes more than double Groupon’s second quarter loss to $102.7m (£63m), up from the $36.8m last year. The firm filed plans to raise $750m in June in an IPO that could [...]
